It’s very common for homeowners not to know what their insurance policy covers. A 2017 J.D. Power survey found 53% of homeowners don’t have a clear understanding of their coverage. Part of that is not realizing your homeowner’s insurance policy comes into play when a disaster happens. Many insurance policies do not cover natural wear, and if your policy only covers the current value and not the replacement cost, the amount the policy covers will go down every year.
Each policy is different, so you need to take time to read yours. Even your neighbor with the same insurance carrier may have things covered in their policy that are not in yours. The only way to find out is to read.
Common items not covered by homeowner’s insurance
Here are some recent examples of non-covered items from our Peak Roofing & Construction customers.
Leak due to aging. When a corroded pipe caused a leak that damaged a floor in Plano, the wooden floor replacement was covered but not the cost to repair the leak inside the wall.
Failure to maintain the property. Standard policies we see frequently exclude repairs resulting from neglect. There was an older home in Highland Park with damage to the roofing structure from years of rot from a very small leak. The carrier denied the claim saying the owner should have properly maintained it.
Cosmetic damage. This is becoming more common. Many insurance policies only cover higher-end roofing materials for failure. Insurance companies require policyholders to sign a waiver or exclude cosmetic damage from the policy. This keeps insurance companies from having to replace the costlier roofing materials. I see this even with some Class 4 shingles as well as tile and metal roofs. Some companies also charge a premium for coverage of more expensive roof materials.
Read the fine print
Although homeowner’s insurance provides some peace of mind, don’t assume your policy is all-inclusive for damages. At Peak Roofing & Construction, we see more exceptions and exclusions than we have in the past. When shopping for a new homeowner’s insurance policy, avoid making your decision based on price and reputation. Take time to dig into the document’s guts and see what you are receiving for the premiums you are paying.
The Peak team is ready to help. Our certified roof inspectors offer free inspections to help make sure your roof is properly maintained, and those small problems are taken care of before they become big expenses.
About Peak Roofing & Construction
Peak Roofing & Construction is family-owned, with 30-years of experience. Bonded, insured, and accredited, we provide roofing, gutter, fence, window, and exterior facelift services. Guaranteed. Call (972) 335-7325 in Dallas-Fort Worth (residential & commercial), including Euless, Arlington, and Irving.