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3 new key changes for roofing deductibles

By October 22, 2024Insurance

 

Key Changes to the roof deductible:

  • Increased Deductible Amount:  the deductible for roof claims may increase from the previous amount. This means that in the unfortunate event of a roof-related damage, a higher out-of-pocket expense will be required before your insurance coverage takes effect.

  • Introduction of a Percentage-Based Deductible: The deductible for roof claims will now be calculated as a percentage of your home’s insured value rather than a fixed dollar amount. This change ensures that the deductible adjusts with the value of your property, potentially leading to a more significant deductible amount for higher-valued properties.

–    Wind/hail deductibles: Some insurers will change the wind/hail flat deductible also to a percentage of the home value. This percentage may increase as the age of the roof increases

  • Exclusions and Limits: Certain conditions will now apply to the new deductible structure, including limitations on coverage for roofs that exceed a specific age threshold or have pre-existing damage. It’s important to review these exclusions to understand the full scope of your coverage.

If you have any questions about your roof or any other insurance needs Merit Insurance Group is here to help! Call us at 708-845-5466 or visit our website at www.meritinsurancegroup.com