“If it isn’t broken, don’t fix it.” Just because your mother said it doesn’t make it good advice.
Communities continue to look at ways to be cost effective in the face of rising inflation. Have you heard these in your meetings?
- “The roof doesn’t leak – so why replace it?”
- “I think we can get a few more years out of it.”
- “The shingles have a life of 25 years.”
In reality, roof replacement is critical when securing insurance in a coastal environment. The age of the roof could have considerable impact on your insurance policy.
Every carrier will consider the buildings construction and roof, but in a coastal climate where wind is the prevelant reason for large lossees, the age and the condition of the roof is a leading factor.
Shingles
Architectural shingles come with all types of expected life and warranties. There are several things that could affect the life of a shingle:
- Slope of roof to divert water quickly
- Ice damming
- Mold or moss growth
- Salt air/water
Flat Roof
There are different types of flat roofs and design can change from flat roof over concrete, metal, or wood framing structures. A roofer can look at the top of the roof to determine if it is in good condition and make minor repairs to extend the life of the roof.
A roofer will not be able to see the connections of the roof to the building to make sure there is not deterioration. This is one reason why a “coating” will extend the warranty of the roof from leaks – but it will not stop the roof from blowing off the building.
Metal Roof
Metal roofs boast a life of 50 years. Most metal roofs have the ability to check the framing under the roof to make sure that the connections from the roof to the building are secure and not deteriorated. Roof inspections should be implemented.
When to Replace Your Roof
When determining when your roof needs replacement, consult these items:
- Reserve Study – which should note the estimated time left on your roof
- Annual roof inspection
- Insurance carrier requirements
Carrier Coverage Review
Carriers will annually review the insurance product they offer and modify the program to minimize large losses. Some changes we have seen:
- Larger deductibles – all perils and wind deductibles
- Actual Cash Value on the roof (value minus depreciation) versus Replacement Cost Value
- Adding Cosmetic Roof Damage Restrictions
- Declining or Non renewing communities with older roofs (25+)
- Requiring annual roof inspections on properties older than 15 years old
- Requiring increases in replacement cost value on properties or adding coinsurance clause
Determine when you will replace your roof and budget funds yearly to prepare for that expense!
