A roof leak can lead to major structural damage if it’s not addressed right away. Water can also damage belongings that you keep in your attic and create a breeding ground for mold. When it comes to homeowners insurance coverage for roof leaks, misunderstandings abound. Knowing what is and isn’t covered and how filing a claim can affect your rates can help you save money and avoid undue stress.
Misunderstanding #1: Homeowners Insurance Covers All Roofing Problems
This is one of the most widespread misconceptions. A homeowners insurance policy will cover a roof leak under some circumstances, but not others. A policy might only cover a specific set of events, or perils, or it might cover damage caused by anything that isn’t specifically excluded.
Homeowners insurance is meant to cover repairs associated with events that a homeowner could not have foreseen or prevented. For example, if a storm rips shingles off your house or topples a tree onto your roof, your insurer will pay for repairs.
Insurance won’t cover problems that occur because of neglected maintenance. If you don’t have your roof inspected for years, and you don’t have minor repairs made when they’re needed, your insurance company won’t pay to have the roof repaired or replaced when it eventually starts to leak.
Misunderstanding #2: Homeowners Insurance Won’t Cover Mold
It’s true that homeowners insurance often excludes coverage for mold damage. If, however, a covered peril causes a roof leak, and water that enters the house as a result of the leak causes mold, an insurance company will likely cover the cost of mold removal and remediation and pay to replace personal belongings damaged by mold.
Misunderstanding #3: You Should Always File a Claim for a Roof Leak
Depending on the cause of the leak, your homeowners insurance company might refuse to cover the cost of repairs. Review your policy to find out which perils are covered and which are excluded. If the damage to your roof was caused by an excluded peril, then it won’t make sense to file a claim.
Even if a leak was caused by a covered peril, filing an insurance claim might not be your best move. Get an estimate for repairs from a local contractor and compare that amount to your deductible. If the cost of repairs isn’t significantly more than your deductible, you can be better off paying the entire bill yourself.
Misunderstanding #4: Filing a Claim Will Make Your Premiums Skyrocket
There’s a strong likelihood that your rates will rise after you file a homeowners insurance claim. Several factors will determine how much your premiums will change. One factor is your claims history. If you submit multiple claims in a short period of time, the insurance company might hike your rates. If you haven’t filed a claim in years, you might see a more modest increase in your premiums.
