If you have homeowners insurance, you may be wondering if it covers hail damage. In most cases, yes it does. Your homeowners insurance can help pay for the costs of repairing or replacing parts of your home damaged by hail. This includes, but is not limited to your roof, siding, windows, and even decks!
The big question: how much of the cost will my insurance pay? If your roof is new, likely it will pay for replacement cost minus your deductible. But what if your roof is older (our magic number is 15 years)? This is when you want to read your policy documents. There are companies will only pay ACV (acutal cash value) on any roof over 15 years. Everybody is different, but an average ACV calculation is replacement cost minus depreciation (average depreciation is $1,000 per year).
What else should I have to protect me from hail?
We may have established now that you have replacement cost on your roof, now what else is recommended to have?
Matching Coverage. Your typical homeowners policy will repair the damaged portion of your home. What if it doesn’t match? Matching of roofing, siding, even sometimes windows coverage will replace the undamaged portions to match the new material.
If you don’t know if you have these coverages and struggle with interpreting your Product Guide (hey, even we struggle to decipher them some days), call your agent. If you don’t have an agent, give us a call or text at (763) 497-0722 and we will ensure you have the proper coverage. You can also email us at firstname.lastname@example.org