How does your roof affect your insurance rates?

Your roof’s health and structural integrity is crucial to your home, as it protects it against harsh weather and other potentially damaging events. Did you know it can also influence the amount you pay for your home insurance?

When first getting insured, you’ll be asked for plenty of details about your home including its age, size, location, and roof. Your roof’s age, material, and even type factor into your insurance rates. Here’s why.

The age of your roof is generally a good reflection of how capable it is of handling extreme weather or other potentially damaging events. The older it is, the greater the risk of damage. Insurance companies generally look more favourably upon homes with recently renovated roofs versus those that haven’t been updated in two or more decades. 

From an insurance perspective, roofs that are 25 years or older can be challenging to insure. Some carriers may not insure homeowners with roofs older than 25 years due to the increased risk of damage, whereas others will so long as a professional inspection has been carried out – but at a higher rate. In other instances, insurance companies will insure older roofs but will cover them for their actual cash value (the roof’s value minus depreciation).  

Of course, it always depends on the provider, and different insurance companies have different rules. When looking for a new policy, make sure to openly discuss details about your roof and home with your insurance broker to avoid misinformation. Exaggerating or lying about the condition of your roof could result in future claims being denied, or your coverage being voided altogether.

Depending on the carrier, the material your roof is constructed from may be just as important as how old it is. Some insurance providers offer “preferred” rates for homes constructed of certain materials that are under a specific age. 

The material of your roof can also improve its durability in the long haul, saving you from having to make unexpected claims and preventing your rates from rising.  

Depending on the insurance company, you – as the homeowner – may be required to replace a roof type at a certain time based on the material.  

For example, some insurers will require replacement for asphalt, plastic, tar, gravel, or mineral fiber shakes roofing by 15-25 years, whereas other insurance companies do not differentiate by material and will require replacement by 20-25 years regardless. Some insurers may consider these roofs too risky to insure without replacement if a professional inspection (including photos) has been submitted.  

Work with a broker or ask your insurance provider to determine what is required of you based on your specific roof type.  

Insurance companies may prefer one material over another as the risk of damage may increase or decrease depending on what your roof is constructed from. Wood shingles and shakes are often looked upon less favourably than, say, asphalt because of their fire risk.  

Metal is also considered quite a favourable material in Ontario due to its high durability against things like windstorms and hail. But again, it depends on the insurance company. If you’re considering a roof replacement, talk with your insurance broker about roof requirements or preferred materials. Who knows? You might be able to save on your home insurance rates! 

It depends on the provider. Some insurance companies offer a “preferred” rate for roofs under a certain age and a regular rate for homes over that age, whereas some treat all roofs under the designated replacement age (if applicable with that company) the same.  

From a purely practical point of view, replacing a roof that is actively past its prime and/or even decaying and having some recurring issues, is wise. A poor roof is likely to cause damage elsewhere in your home, such as allowing water/snow to enter in through your attic, or even cause ice damming. The better your home is looked after, the less likely you are to make a claim – which overall will save you on your home insurance. 

There are so many more ways to save on your home insurance with Mitch – and you don’t need to tear up your current roof to do it! Ask us about home and auto bundle discounts and other options; a broker will be able to discuss all the best solutions for you and your situation.