New roof - should we use insurance?

[Anonymous]

We have a 15-year-old roof that was damaged in a recent storm. We have a reasonable quote, and the roofing company said they'd be happy to submit it to insurance and they think insurance would pay for it. My question is whether the claim would increase my rates to a point where it makes more sense to pay out of pocket. First time homeowner here so pardon the dumb question!

[Anonymous]

Many of my neighbors seem to have done this successfully. We chose not to because we have a high deductible, could pay out of pocket and didn’t want to be dropped if we had a serious issue come up.

[Anonymous]

Yes, I used a roofing company that specializes in working with insurance. No problems whatsoever and I saved myself apx $15k.

(I never made home insurance claims in 20 years I've lived there, until the roof damage.)

[Anonymous]

Do you have an independent insurance agent (who works for their own company, not directly for one insurance company)? If so, I'd ask their advice on it. They'll probably have a good sense of the different insurance companies they carry and how likely each one is to raise rates under what circumstances.

[Anonymous]

I doubt insurance will pay but just remember your rates can go way up.

[Anonymous]

We did this. Got a brand new cedar roof for the deductible (quote for a new roof was $96,000). Rates went up slightly.

[Anonymous]

Anonymous wrote:Yes, I used a roofing company that specializes in working with insurance. No problems whatsoever and I saved myself apx $15k.

(I never made home insurance claims in 20 years I've lived there, until the roof damage.)

Same. Quote was $16k. We paid $1k deductible. New roof was covered by insurance because of damage to old roof caused by high winds and the fact that the existing shingles had been discontinued, and therefore a patch job wouldn’t match. You generally have one year after storm damage occurs to file a claim if you want insurance to cover it. I’m not sure how much our rates went up, but nowhere near $15k. I don’t think there was a huge increase. Your insurance agent should be able to give you guidance. Keep in mind that if you’re getting a new roof, it’s a great time to replace your gutters and downspouts too if that’s in your budget.

[Anonymous]

Making a claim makes it more difficult to get insurance if you make a claim. I had agree call on my house and 9 years later I had trouble getting insurance. It never falls off your record and it follows the house as well.

I don’t know whether it makes sense to file a claim or not - I’d check with my insurance agent. I also don’t get why you’d replace a 15 year old roof instead of repair it.

[Anonymous]

A bit off topic; get Solar - on your tax you can write-off 25% on both: roof and solar.