On average, if you install a new roof on a home in Colorado, you can save 20% on your homeowners insurance. However, this will depend on your home, carrier, and a variety of factors. This could mean savings that are even higher than 30% on your premium.
The average cost of a new roof in Colorado can cost you around $5 per square foot. This can really add up, depending on the size of your home. Yet, it’s important to protect your home and it’s also important to home insurance companies who will charge you more if you have an aging or damaged roof.
Worst of all, beyond expensive premiums, you can simply be denied coverage if you don’t have adequate roofing. Some of the factors that go into the cost of a new roof in Colorado include the following:
- The materials you use will affect not only the cost of your roof but how much money you save. If you use a material that can withstand more abuse, such as a metal roof, it can protect your home better and it will provide you a higher discount on your premium as a result.
- The location of your home is also going to be a factor in the discount you receive. For example, if you live in a portion of the Centennial State that has more hail risk, you can expect a lesser discount than those that live in areas where roof damage is less likely.
- The company you are enrolled with is also going to be a considerable factor. Each brand is going to provide differing levels of discounts for having a new roof. Every brand is going to also assess the condition of your roof differently, which will also affect your premium.
To reduce your home insurance costs, replacing your roof presents an excellent opportunity. By installing a new roof, you can not only enhance the protection of your home but also enjoy substantial savings on your home insurance through both discounts and your premium. This can mean the potential annual savings of hundreds or even thousands of dollars.
Aging Roofs in Colorado and Your Home Insurance Premiums
Insurance companies evaluate the condition and age of your roof as key factors. Newer roofs in good condition are considered lower risk and offer homeowners the greatest savings. On the other hand, older roofs may result in higher premiums, and if your roof reaches a certain age, you may be obligated to replace it or risk losing your insurance coverage entirely.
Depending on the age of your home, further complications can occur. There are stipulations that come with insuring older roofs in Colorado but it’s important to maintain your roof nonetheless.
Further damage can occur when roofs are not up to par and this can create further losses for homeowners. Failing to maintain your roof could mean a lack of coverage as a result.
Insuring a 20-Year-Old Roof in Colorado
Insuring an older roof (15-20 years) can be complicated. Insurance companies typically require a roof inspection for homes with roofs older than two decades. Passing the inspection may allow you to obtain coverage, while failing it may require a roof replacement or potential loss of coverage.
Even if the inspection is passed, premiums tend to increase as the roof ages. In Colorado, due to weather perils such as hail and heavy snow, maintaining the roof is crucial for affordable rates, with some insurers covering replacement for up to 15 years and adjusting coverage afterward.
Roof Replacement and Home Insurance Coverage in Colorado
Your home insurance policy can pay for a roof replacement, but it’s going to depend on the cause of your damage. For example, if you are looking to replace your roof after a hailstorm or the weight of snow, your policy will cover you. However, if it’s simply an old roof that has been neglected, you’ll need to pay out of pocket.
For most homeowners, a standard home insurance policy (HO3) will suffice in protecting their homes. Here are common perils that you are protected from that may otherwise cause harm to your roof:
- Damage from windstorms and tornadoes
- Damage from rail and hail
- Damage caused by lightning and/or fire damage
- Falling objects causing damage that may come from an aircraft or tree branches
- Vandalism or riots
- The weight of ice, snow, and/or sleet
To receive coverage for a new roof, the damage to your home must be significant. If the damage is limited to a specific area and doesn’t warrant a full replacement, your insurance may only cover the damaged portion. It’s important to prioritize roof maintenance and rely on your coverage for adequate protection in case of a covered loss.
The roof deductible for an HO3 policy in Colorado is typically a percentage of the dwelling coverage. For instance, if your home is insured for $300,000 and you have a 1% wind and hail deductible, your deductible for a claim would be $3,000. This is the amount you need to pay out of pocket before receiving reimbursement from your insurance provider.
In terms of roof replacement costs for homeowners in Colorado, the average expense for a 2,000 sq ft home is approximately $12,000. Therefore, most homeowners will need to pay a $1,000 deductible from their policy before receiving $11,000 from their home insurance provider. Please note that actual costs may vary based on factors such as home size and roofing materials required.
What To Know Before Filing a Roof Replacement Claim in Colorado
Damage to your roof is a serious thing and understanding that there are several factors that will go along with your claim, is important. There are roof ratings that each insurance company is going to look at which grade how durable a roof is when dealing with damage that goes from Class 1 through Class 4.
The testing used to measure your roof’s durability is its ability to withstand damage from a metal ball being dropped on it without having a crack at different heights. Class 4 roofs in Colorado will be able to avoid cracking even after having a 2-inch steel ball dropped on it from a height of 20 feet.
If you have a higher class of roof, you can see savings on your insurance premiums but the materials you use and the shape of your roof are also going to affect how much you pay. Roofs with more durability often take more to install and cost more as well. Here are the several factors that can raise the average cost of a new roof in Colorado:
Generally speaking, there are three main types of new roofs that you’ll get to choose from when you are installing a new roof for your home. Each is going to affect your protection and premiums:
- Flat Roofs- Not a favorite for home insurance companies as water can pool in places due to the lack of slopes. The risk of damage is high regardless of the material you use and when possible, other roof types are preferred. This a very important consideration seeing as Coloradans will need to remember the risks that come from snow in the colder months.
- Gable Roofs- Gables are just a fancy word for peaks and having them allows runoff for water from rain and snow. This is great, but they come with a tradeoff: a vulnerability to damage from wind. During intense weather storms that produce high winds, you may have to deal with your roof flying off, collapsing, or some other form of damage.
- Hip Roofs- When it comes to saving on premiums, homeowners insurance carriers in Colorado favor hip roofs above all other shapes. This is because they drain well, don’t damage easily due to wind, and are typically the best form of protection for your home.
Stronger materials are going to provide you with better protection, but it’s also not that simple. Home insurance companies are also going to look at the durability of your roof’s material in terms of whether or not it can rot and also the risk of fire they pose:
- Wood- It can rot, become infested, and is easily lit on fire. Overall, wood isn’t a realistic option. Even if a homeowners insurance company does write you a policy, it will be so highly-priced, getting a new roof to save on home insurance may even be cheaper.
- Asphalt Shingle- Every 20 to 30 years, you’ll need to change this material, but it’s a great way to secure affordable, durable roofing. Asphalt shingles as roofing are the most popular type of roofing in the Centennial State.
- Slate or Tile- The good news is that for several decades, three to five, you’ll be able to enjoy protection from your roof. But the bad news is that cracks will likely come over time. Both are better than asphalt shingles against fire damage and rot, however.
- Metal- a favorite among insurance companies, metal roofing doesn’t just last for as long as 70+ years, but it holds up against the many perils your home may face very well, including the risk of fire.
Getting the Most Out of Your Roof in Colorado
You may be able to save on the cost of home insurance with a new roof in Colorado, but they are still costly to replace. Furthermore, failing to maintain your roof in good condition can result in some very negative consequences, including additional damage to other parts of your home.
Here are some important tips to keep your roof in the best possible shape:
- Small problems will become big problems if not taken care of as soon as possible. It’s important to address the little things to avoid larger issues down the road.
- If repairs become necessary, be sure to only work with contractors that are licensed and insured. Be sure to conduct due diligence beforehand and only hire trusted professionals for repairs to avoid shotty work or being scammed.
- Taking care of the exterior of your home matters. Those tree limbs that are long overdue for a trim can easily become hazardous if trying to hold too much snow or during a windstorm. Be sure to conduct routine maintenance and schedule regular roof inspections.
- If you’re reroofing your home, it’s important to remember that the shape you choose and the materials used are going to play a role in the protection of your home and the maintenance you’ll need to conduct in the future.
- Things that are preventive are your responsibility and you’ll need to take care of them. This includes doing the little things, such as spraying your home for termites to protect its structural integrity.
- When you receive repairs, be sure to keep track of accurate documentation. You’ll need this for your home insurance company. In the event repairs are necessary, always do what you can to limit damage from spreading. In some cases, failing to do so can mean excess damage and the denial of your claim.
How To Save on Home Insurance After Roof Replacement in Colorado
It’s not very practical to get a new roof to save money on home insurance, but it is important to take advantage of your roof replacement to explore cheaper premiums. There are several factors that go into your premium, and your roof is one of the key factors. When undergoing repairs or replacement, be sure to shop around for your home insurance coverage.
Many homeowners miss out on saving money even after they enroll in coverage as there are changing factors that could create opportunities for savings even with the same level of coverage. In other words, every so often, it can save you considerably to shop around for your home insurance coverage.
Such is the case when you are getting a new roof and on top of it all, because you have a new roof, you can become eligible for discounts and lower rates right off the bat!
Facing up to the average cost of a new roof in Colorado can be daunting, but maintaining your home’s roof is non-negotiable. To elevate some of the financial pain, be sure to on homeowners insurance in the process and Freedom Insurance is here to help. Call an agent today to save more or use the homeowners insurance quote tool for a free quote online.