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Homeowners Insurance

wooden house during day with roof coverage under homeowners insuranceHomeowners insurance is a crucial aspect of owning a home, providing multifaceted financial protection against unexpected damages. One of the key elements of these policies is roof coverage, as it can provide financial security from perils that may damage one of your home’s most vulnerable and essential components.

What Is Roof Insurance Coverage?

Insurance for a roof may generally be included under the dwelling coverage part of your homeowners insurance. Dwelling coverage may provide financial protection against damages to the physical structure of your home—including your roof—caused by covered perils outlined in your policy. Covered perils often include fire, wind, hail and falling objects.

However, it’s important to note that coverage may vary depending on the age and type of your roof, as well as your location and the specifics of your policy. Certain perils may be excluded in some locations or come with a specific deductible, such as for hurricanes. Your agent can help explain any coverage exceptions to your policy and may recommend additional insurance to fill the gap.

Generally, home insurance may offer financial protection for sudden, unexpected perils as explained in the policy. If your roof becomes compromised due to neglect or normal wear and tear, home insurance likely won’t provide coverage.

What Is Extended Roof Coverage?

Extended roof coverage may also be known as extended replacement cost coverage. This coverage can offer additional financial protection within your homeowners insurance policy. Often, this coverage adds higher limits on your homeowners insurance replacement costs—usually a percentage above the total cost of rebuilding your home.

This coverage may help if the cost of rebuilding a roof exceeds a standard policy’s limits, such as if building material costs rise unexpectedly. However, extended coverage also comes at an additional cost, meaning your premiums are likely to be higher. Additionally, extended coverage may only be available to newer homes and through some insurers. Talk to your agent to learn more.

Types of Roof Coverage

There are primarily two types of roof coverage: replacement cost value (RCV) and actual cash value (ACV). RCV can cover the cost to replace your damaged roof with a new one of similar quality and type, without factoring in depreciation. ACV typically takes into account the age and condition of your roof at the time of damage, paying only for its depreciated value. While having RCV as part of your homeowners insurance policy may offer more comprehensive coverage, it also generally entails higher premiums.

It’s important to note that both forms of compensation may be subject to policy limits. Additionally, policyholders may be subject to a deductible prior to any payouts.

We’re Here to Help

At , our knowledgeable and experienced staff is committed to helping homeowners and families in the Charlotte, North Carolina, area ensure they have appropriate coverage for their homes and roofs. Contact us today to learn more about your options or to get a personalized quote.