Will insurance company contribute to cost of new roof?

[HereOnThePrimalEdge]

Someone suggested that a homeowner’s insurance company may partially contribute to the cost of a new roof, as it may reduce potential costs of claims in the future.  Has anyone else heard of this? Or experienced this?  Ive never heard of such a thing, but the person I spoke with seemed knowledgeable.

[leilanidude]

Never heard of this either.

[Durian Fiend]

Unlikely. Let us know what a representative from your insurer has to say about this.

[BlackAkita]

Someone suggested that a homeowner’s insurance company may partially contribute to the cost of a new roof, as it may reduce potential costs of claims in the future.  Has anyone else heard of this? Or experienced this?

Replacing a roof for preventative issues, such as age or wear and tear, is not covered by HO insurance.
The only roof I have ever heard of being replaced by an insurer was in Minnesota. The event that caused the insurer to replace it was an ice storm. Throughout the United States, roofs have been replaced due to hurricanes, but the homeowner must have a policy which states that this is covered. Also, coverage may be limited by a deductible, and a host of other gotchas. There are a lot of arcane hoops the homeowner must jump through, including whether the storm can be classified as a hurricane vs. rainstorm (not wind driven).

AI searches seem to include the following link, as an authoritative source of information:

https://www.billraganroofing.com/blog/wh...-insurance

FEMA is in a state of flux, and the next few years could introduce a lot of uncertainty about what we (on the islands) can expect in terms of disaster relief, from government and insurance companies.

[HereOnThePrimalEdge]

Thanks for all the feedback.
I’m cautious about calling the insurance company cold, without there being some possibility that they might contribute to the cost of a new roof. Even if it’s lower premiums for a number of years.
If I call them, they might tag my account as “guy said he needs a new roof “ and then follow up in a year or two, if I haven’t replaced it, then they drop coverage.

I’ll let you know if there’s any updates.

[Chas]

Yeah, I had a friend who had a neighbor's tree fall on their property. Standard procedure is that your insurance company pays for the damage even though it's not your fault. Now they are having trouble getting insurance because of the claim 4 years ago. Doesn't matter that they were with the company for over 30 years with no claims.

And yes, even just calling the agent to ask about something can trigger a raise in rates. It happened to me.

I kind of look at like it's for if your house is completely destroyed. Other than that, it's probably not worth it. In my friend's case, they would have been better off just eating the 8k worth of damage.

[terracore]

The insurance company is not going to contribute to a new roof. If they think you need one, they will cancel your policy through the non-renewal process.

Insurers are doing roof inspections right now...here in Hawaii.... to find out which customers they may consider dropping. Some customers are getting contacted ahead of time and getting informed it "may" happen, others only find out when they see somebody drive by and take a picture of their roof using a camera at the end of a long telescoping pole (like a really long 'selfie stick'). They can do it from the street so they don't need consent or permission. In some markets they use drones, but I've only heard of the camera-on-a-stick process here.

When Dung Boo cancelled our policy "because Lahaina fires" we had to send prospective new insurers pictures of our roof even though it's steel and only 15 years old. One of the insurers told us 15 years was the cutoff- any older and they wouldn't insure us, so I guess it was fortuitous that Dung Boo didn't cancel us a year later than they did.

[Durian Fiend]

When Dung Boo cancelled our policy "because Lahaina fires" we had to send prospective new insurers pictures of our roof even though it's steel and only 15 years old.  One of the insurers told us 15 years was the cutoff- any older and they wouldn't insure us, so I guess it was fortuitous that Dung Boo didn't cancel us a year later than they did.

Dung Boo is the name of an insurer?   

Very interesting about the 15 year old or younger roof requirement.  Seems like this could cause completely unwarranted replacements in many cases. I've seen roofs along highway 11 above Keaau that look to be at least 50 years old!

[terracore]

I saw a news segment where they interviewed a homeowner in Florida who got flagged by his insurance company as requiring a new roof.  

The problem was that his roof was brand new.  Just a few months old.  The insurance company decided they were no longer insuring homes with terracotta tile roofing, so they gave him a choice: Either replace the brand new roof with a new one with an approved material, or find another insurer.  

He couldn't find another insurer.  This is pretty much the stranglehold the insurance companies are using on everybody.  Enough of them are leaving higher risk areas, leaving the ones left behind to write whatever rules they want.  And if the regulators try to put pressure on them like California did, they stop issuing new policies or leave the state entirely.  

A new type of homeowner's insurance has entered some markets.  It's issued similar to a life insurance policy where the objective isn't to make one whole after a disaster, just give them a big enough payout they don't have to start over with nothing.  People can buy as much or as little as they want depending on the premium they want to pay. It doesn't require any claims adjusters.  "Unlike traditional homeowner’s insurance, which reimburses policyholders for specific losses after a claims adjustment process, parametric insurance provides a predetermined payout based on whether a triggering event meets specific, objectively measurable criteria (e.g., wind speed, earthquake magnitude, or rainfall levels).

[*]Payout Formula: If the trigger is met, the policyholder receives a predetermined payout, calculated based on the policy’s coverage amount. For example, a $50,000 policy might pay 100% for a Category 4 hurricane or 50% for a Category 3.

[*]Data Sources: Independent organizations like the National Hurricane Center or USGS provide the data to confirm the trigger event, eliminating disputes."

This can also mean a person gets paid even if there is little or no damage, because the insurance is based solely on a triggering event.  But likewise, if one's house has category-5 level damage and the NHC classified the event as a "tropical storm", the payout may be nothing.

[Iju]

I had a new roof for my home here two years ago for a total cost of $27K. State Farm did not cover at all, the agent said it was part of wear and tear.

Last year I also had a new roof and new gutter for my old home on the mainland that was damaged by hail storms. I only paid for the deductible portion and State Farm paid the remaining of the cost. The total was almost $20K.