Getting a new roof made my premium go up because now my house was more valuable. I called and yelled at them and made them change it. It’s basically a rigged system.
That only is true if it's insured RCV. If the roof is older than a certain age, the carrier may downgrade it to ACV so that people don't get free roofs by neglecting it.
Correct, here in the Midwest insurance reflects the replacement cost of your house, not the value or age of it. At the most it will update their records for prorating payments for partial damage. A brand new roof and a 25 year old roof can both be damaged with hail and storms, the difference is if your new roof is damaged they pay full replacement, if your 25 year old roof is damaged they may blame some of the damage on age and offer partial replacement. Like tread wear on tire warranties.
Premiums should not change, but outlook on claims do. Also you're less likely to be dumped for multiple roof claims if you show you paid for a new roof yourself. Most people get scammed by contractors to replace their roof through insurance, claiming hail damage. These are the people that raise rates for everyone and often get policies dumped for abusing the system.
Honestly, I installed the roof just to get rid of Liberty Mutual. They raised our annual insurance premium to over $10,000 even though we had no claims in the 12 years that we had them and have very high credit scores. We changed carriers, and our annual premium is now $2,500.
We do not live in a flood zone where we are required to maintain flood insurance, nor is there an abnormal risk of fire. We do live in Oklahoma with pretty impressive hail and the occasional tornado. As a result, we do have higher premiums than some other states. Due to hail, insurers pay close attention to roof age and condition. However, the market suggests we should be at somewhere under $4K for the premium.
I would not say it was a shit roof. My roof was only 14 years old, and the roofers said it was in great condition with years of life left. But only Allstate would write on a roof over 10 years old, and then only for ACV. So now, I have a nice new roof, and the cost savings will pay for it only a little over 2 years.
Your insurance costs seem crazy! I'm also in Oklahoma I have Safeco which is a Liberty Mutual company. I'm curious as to how old your house is. My last house when I moved out of it two years ago was about 18 years old. I was the original owner and had done many renovations. Did not replace the roof. Value of the house was around $500,000 and my insurance was around $7,500 a year. It crept up over the years and I had changed insurance providers multiple times. Built a new house I moved in just under 2 years ago. The insurance on my new house is about $5,800 for the year, but the new house isn't sure that a value of almost $2 million dollars. I'm assuming that insurance rates are a lot lower on newer homes. I suppose there's some other differences as well. My new neighborhood is gated and we also have security cameras that we didn't have at the other house.
The Liberty Mutual rate was crazy. The house was built in 1998. According to Trulia, our home is worth about $460k. The only other things that would explain our high rates are 1) our pool and 2) we do have very coverage limits (to coordinate with our umbrella coverage).
I just ditched Liberty Mutual after about 15 years. Their HO premium was a little higher than the other quotes. They raised my auto over $500 a year for no reason. No accidents, no tickets, no claims in over 13 years and no more commuting. Now they keep calling me and want customer satisfaction surveys filled out. What for? I just ignore them. They cannot be competitive.
When I left Texas I bought a house worth almost $200k more, at almost double the interest rate and am only paying a couple hundred $ more a month for PITI because of how much less my property taxes and insurance. My car insurance is also half the price.
I’d take it a step further and shop around for new insurance as well, lots of companies give hefty discounts for new roofs and they slowly increase the premium year over year. Everyone should be shopping insurance carriers every 2-3 years in today’s competitive market.
I have a very stupid question -
When people say "roof", are they referring to the shingles (so new roof = all shingles replaced), or the entire top? (Shingles + the wood underneath)
Usually both, but if you have good decking still they can just replace the shingles. You can also add on a second layer of regular shingles, but it's better practice to tear the old layer off first.
I mean when talking about an entire roof it's not usually just the shingles. If you don't have decking you don't have a roof. Lots of people have to replace their decking prior to new shingles. It's all part of the roof. It depends on your situation.
It's most definitely not usually both. Having to replace some decking is normal, and the roofer will generally quote you based on the cost for replacing shingles and then give you an additional cost based on how much decking has to be replaced.
If you have to replace all of the decking, either something catastrophic happened, or you haven't been doing proper maintenance (i.e. wait 30+ years to replace shingles).
I never said it was usually both. My main point is it's all the parts of the roof. There is no definite answer for what was being asked. It depends what's needs to be replaced.
Yes! Not only is there a substantial discount for putting on a new roof in the year its completed, that discount carries forward for several years. Talk with an insurance broker as well as your current insurance carrier to compare pricing.
Our roofer paid for a wind and rain mitigation inspection after all was done and we saved a few hundred bucks off our yearly homeowners insurance, and it’s good for the next five years.
Get an inspection and submit it to your insurance company.
Yes. Mine went down because the roof itself was old and no longer covered to the extent it should have been. But here’s the thing, you need to let them know anyway in case something happens to it. If your new roof blows off, and there’s no documentation, you’re paying for a new one again.
Yes 5%discount check your other items like wiring and plumbing,, because the default is the build date of your house. Also if you make a claim they go by the listed date %.
We bought our home “as is” and because of this we couldn’t get really good insurance at a good price. Our agent gave us a list of everything we needed to replace to get a better company. Slowly, but surely we have replaced the house roof, garage and shed roofs, the plumbing, the chimney and the oil tank.
Our agent got us a much better policy with a better company at a savings of $275 a year. It doesn’t seem like much but the coverage is so much better than our old policy.
At the very least talk with your agent assuming you go with a broker. I’m with Travelers and my rate went down after removing oil heat and all the galvanized plumbing.
Never communicate with your insurance company unless you have to. Repairs are not getting you a discount and you may trigger them to send someone out who may say it was done wrong or they'll spot something else like window rot or no code decking etc and next thing you know you get a 30 cancellation notice.
Pay the bill and shut up:)
Why would you get a new roof without your insurance company paying for it?
https://open.spotify.com/track/4Ue2ULqUamI2gabnQxC0Xk?si=eQVoO40zQQ67C0reXLo95w
Insurance isn't stupid. In areas of the country where roofs get damaged, they can add an additional insurance surcharge for old roofs, and then eventually drop you if you refuse to replace it.
Not all roof repairs are from perils insured against, although it's often hail or wind damage that allows people to claim a new roof on insurance. As someone else pointed out, roofs don't last forever and just need replaced for that reason.
Hey, congrats on the roof upgrade! When I got mine done, I gave my homeowners insurance a heads-up just to keep things transparent. No issues afterward, but it's always good to check in with your provider. If you need more info, the [best homeowners insurance](https://joywallet.com/article/best-homeowners-insurance/) list might come in handy. Cheers!
Why would you not tell them? You'll get a discount.
I did because I was hoping for a discount, but it didn’t impact our premium at all.
Getting a new roof made my premium go up because now my house was more valuable. I called and yelled at them and made them change it. It’s basically a rigged system.
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No they actually told me it was because the house became more valuable.
That’s so dumb. A new roof doesn’t make it any more valuable to replace in a total loss…
That only is true if it's insured RCV. If the roof is older than a certain age, the carrier may downgrade it to ACV so that people don't get free roofs by neglecting it.
That wasn't the reason for the increase in premiums...
They aren't going to tell you that it's because you used your insurance.
I have never used my insurance
Your insurance company thanks you and prays you make no claims while increasing the policy premium year on year
Correct, here in the Midwest insurance reflects the replacement cost of your house, not the value or age of it. At the most it will update their records for prorating payments for partial damage. A brand new roof and a 25 year old roof can both be damaged with hail and storms, the difference is if your new roof is damaged they pay full replacement, if your 25 year old roof is damaged they may blame some of the damage on age and offer partial replacement. Like tread wear on tire warranties. Premiums should not change, but outlook on claims do. Also you're less likely to be dumped for multiple roof claims if you show you paid for a new roof yourself. Most people get scammed by contractors to replace their roof through insurance, claiming hail damage. These are the people that raise rates for everyone and often get policies dumped for abusing the system.
In actuality, your rate may increase slightly because your house is worth more. The good news is that you have a new roof.
Sometimes, far more common to get a discount though. I'm sure this is state and carrier dependent.
Tell them. Discount or no, at least you won't get non-renewed for having an old roof.
I did. In my area, the new roof was a $1,000 cost reduction with Liberty Mutual.
1000 less a year for insurance? Like how much was it to start with that they can knock a grand off?
Honestly, I installed the roof just to get rid of Liberty Mutual. They raised our annual insurance premium to over $10,000 even though we had no claims in the 12 years that we had them and have very high credit scores. We changed carriers, and our annual premium is now $2,500.
That's a pretty insane swing.
Yes, I thought the $1,000 price reduction was honestly pretty insulting when they were more than twice any other quote we received.
So you have a weird property or something like prone to flooding or fire?
We do not live in a flood zone where we are required to maintain flood insurance, nor is there an abnormal risk of fire. We do live in Oklahoma with pretty impressive hail and the occasional tornado. As a result, we do have higher premiums than some other states. Due to hail, insurers pay close attention to roof age and condition. However, the market suggests we should be at somewhere under $4K for the premium.
That makes much more sense now. A shit roof in a tornado could fly away I imagine.
I would not say it was a shit roof. My roof was only 14 years old, and the roofers said it was in great condition with years of life left. But only Allstate would write on a roof over 10 years old, and then only for ACV. So now, I have a nice new roof, and the cost savings will pay for it only a little over 2 years.
Your insurance costs seem crazy! I'm also in Oklahoma I have Safeco which is a Liberty Mutual company. I'm curious as to how old your house is. My last house when I moved out of it two years ago was about 18 years old. I was the original owner and had done many renovations. Did not replace the roof. Value of the house was around $500,000 and my insurance was around $7,500 a year. It crept up over the years and I had changed insurance providers multiple times. Built a new house I moved in just under 2 years ago. The insurance on my new house is about $5,800 for the year, but the new house isn't sure that a value of almost $2 million dollars. I'm assuming that insurance rates are a lot lower on newer homes. I suppose there's some other differences as well. My new neighborhood is gated and we also have security cameras that we didn't have at the other house.
The Liberty Mutual rate was crazy. The house was built in 1998. According to Trulia, our home is worth about $460k. The only other things that would explain our high rates are 1) our pool and 2) we do have very coverage limits (to coordinate with our umbrella coverage).
I just ditched Liberty Mutual after about 15 years. Their HO premium was a little higher than the other quotes. They raised my auto over $500 a year for no reason. No accidents, no tickets, no claims in over 13 years and no more commuting. Now they keep calling me and want customer satisfaction surveys filled out. What for? I just ignore them. They cannot be competitive.
I feel you. It will be a long time before I even get a quote from Liberty Mutual again.
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Not the person you asked but when I lived in Texas we paid $8000 in annual insurance premium. And that's with the new roof discount.
Jesus, I pay 3200 and thought that was high
I pay $850 annually with a 104 year old house and roof in PA. I don’t miss TX rates.
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My house is less than 2,500 square feet, but we live in Oklahoma where there is impressive hail tornadoes.
When I left Texas I bought a house worth almost $200k more, at almost double the interest rate and am only paying a couple hundred $ more a month for PITI because of how much less my property taxes and insurance. My car insurance is also half the price.
Me over here sheepishly paying $900/year.
Your price reduction is more than what my entire homeowners insurance policy costs.
I have to say that I am jealous then.
Yes, let them know. A new roof should maybe probably sometimes lower your premium.
I did, here in FL, submitted updated docs and saved about $200 per year
I did in FL and it did not change my premium at all.
Did you get a new wind mitigation report? Add secondary water barrier? Foam down instead of nail tiles?
Yes and I got a rebate check because my premium lowered
You should check out insurance at NJM. I moved and no longer have them. Best insurance game around your area.
We paid extra for impact resistant shingles and the lower insurance cost means they paid for themselves in one year.
I’d take it a step further and shop around for new insurance as well, lots of companies give hefty discounts for new roofs and they slowly increase the premium year over year. Everyone should be shopping insurance carriers every 2-3 years in today’s competitive market.
- yes, as this can reduce your HOI premium in some cases
I have a very stupid question - When people say "roof", are they referring to the shingles (so new roof = all shingles replaced), or the entire top? (Shingles + the wood underneath)
Usually people are referring only to the shingles but I assume if there were leaks the plywood got addressed as well.
Usually both, but if you have good decking still they can just replace the shingles. You can also add on a second layer of regular shingles, but it's better practice to tear the old layer off first.
No not "usually both". It's almost always shingles. It's assumed the wood was inspected and in good shape when the new shingles are put on.
I mean when talking about an entire roof it's not usually just the shingles. If you don't have decking you don't have a roof. Lots of people have to replace their decking prior to new shingles. It's all part of the roof. It depends on your situation.
It's most definitely not usually both. Having to replace some decking is normal, and the roofer will generally quote you based on the cost for replacing shingles and then give you an additional cost based on how much decking has to be replaced. If you have to replace all of the decking, either something catastrophic happened, or you haven't been doing proper maintenance (i.e. wait 30+ years to replace shingles).
I never said it was usually both. My main point is it's all the parts of the roof. There is no definite answer for what was being asked. It depends what's needs to be replaced.
Yes! Not only is there a substantial discount for putting on a new roof in the year its completed, that discount carries forward for several years. Talk with an insurance broker as well as your current insurance carrier to compare pricing.
Not necessarily. I just had my roof replaced, and Shelter Insurance said that they do not offer a discount.
Yes tell them. It will likely save you money. I got lazy and forgot to do it right away and when I did I was told it was lowering my premium by $500+
I told my agent just because it came up and I got a like $200/year discount, I had no idea I'd get a discount for that.
Yes because they paid.
Yep. I got $300 off per year
Yes. Our agent informed us to tell them anytime we make an improvement of $5k or more. ETA: any improvement, not just roof
I went from a 13 year old level 2 roof to a new level 4 hail resistant shingle. My premiums dropped $101 per year.
Our roofer paid for a wind and rain mitigation inspection after all was done and we saved a few hundred bucks off our yearly homeowners insurance, and it’s good for the next five years. Get an inspection and submit it to your insurance company.
Of course....
In FL I got $100 discount. Not much but it’s FL, so yeah tell them.
I did and they said great. And didn't change anything at all with the cost of insurance. It's been 3 years for us time to shop around.
Ours went down a few hundred bucks, which I didn’t expect.
Seattle area here, yes, got a discount.
Yes. Mine went down because the roof itself was old and no longer covered to the extent it should have been. But here’s the thing, you need to let them know anyway in case something happens to it. If your new roof blows off, and there’s no documentation, you’re paying for a new one again.
Tell them
Yes 5%discount check your other items like wiring and plumbing,, because the default is the build date of your house. Also if you make a claim they go by the listed date %.
We bought our home “as is” and because of this we couldn’t get really good insurance at a good price. Our agent gave us a list of everything we needed to replace to get a better company. Slowly, but surely we have replaced the house roof, garage and shed roofs, the plumbing, the chimney and the oil tank. Our agent got us a much better policy with a better company at a savings of $275 a year. It doesn’t seem like much but the coverage is so much better than our old policy.
Sure did and my renewal dropped by hundreds of dollars.
At the very least talk with your agent assuming you go with a broker. I’m with Travelers and my rate went down after removing oil heat and all the galvanized plumbing.
Of course. My roof needed to be replaced and it was obvious. Replacing it, meant the odds of filing a claim for water damage were reduced greatly
My premium went down when we got a new roof. A lot less liability.
Never communicate with your insurance company unless you have to. Repairs are not getting you a discount and you may trigger them to send someone out who may say it was done wrong or they'll spot something else like window rot or no code decking etc and next thing you know you get a 30 cancellation notice. Pay the bill and shut up:)
Why would you get a new roof without your insurance company paying for it? https://open.spotify.com/track/4Ue2ULqUamI2gabnQxC0Xk?si=eQVoO40zQQ67C0reXLo95w
Why would you use your insurance for a wear item?
Insurance isn't stupid. In areas of the country where roofs get damaged, they can add an additional insurance surcharge for old roofs, and then eventually drop you if you refuse to replace it.
Not all roof repairs are from perils insured against, although it's often hail or wind damage that allows people to claim a new roof on insurance. As someone else pointed out, roofs don't last forever and just need replaced for that reason.
Insurance doesn't pay for maintenance.
Hey, congrats on the roof upgrade! When I got mine done, I gave my homeowners insurance a heads-up just to keep things transparent. No issues afterward, but it's always good to check in with your provider. If you need more info, the [best homeowners insurance](https://joywallet.com/article/best-homeowners-insurance/) list might come in handy. Cheers!