The question should be: How much can my homeowners insurance go down after making a roof hail claim…
It’s an odd perspective but it’s one of the best reasons to work with us. Most new customers to our agency have seen a reduction in their home insurance costs due to a recent hail claim.
Almost all Northern Colorado was affected by the hail storm of 2016…or was that 2018…or 2019? In the last 10 years, hailstorms have caused more than $5 billion in insured damage in Colorado. [Source] Yes, we’ve had an incredible amount of damage caused to roofs in the Fort Collins, Greeley, Loveland, etc, caused by mother nature. This has translated into thousands of home insurance claims.
Most new customers come to us and say, “I want a quote on my home insurance, but I had a roof claim last year”. Our response is “GREAT! Let’s see how much money we can save you now.” What most clients don’t understand is that due to the number of new roofs and hail claims in Larimer and Weld counties, the insurance companies have adapted their rates, deductibles and underwriting guidelines.
Staying with your current company, you’ll likely have an experience rating upon renewal. They won’t immediately change your current rate, but upon renewal you will probably see the impact. This is the perfect reason to work with an independent insurance agent or broker. Just a few minutes on the phone could save you hundreds yearly on your home insurance..
Almost all companies now carry a $2500, 1%, or even 2% deductible for wind/hail damage. And, while prior claims will likely impact rates when switching to a new company, you also get huge discounts with most carriers for having a new roof. We’ve seen discounts in the hundreds on a homeowners policy, just because of a new roof.
Here is a recent example of the impact of a new roof on home insurance rates; Our client was purchasing a home and they were told it was the original roof, about 18 years old. The client was proceeding with the policy when they were advised that the seller has agreed to replace the roof as a term of sale. This new roof alone gave a $799 discount on the homeowners insurance!
If you combine that new roof discount with a multi-line discount for bundling your auto insurance, the home rate just keeps going down.
Another misconception is that you have to wait until your policy expires in order to change insurance companies. That’s just not true. It’s your policy and your insurance, you can change anytime you want. If you have any other insurance questions, please feel free to call. We’re here to help whenever possible.