Homeowners insurance protects your home from damage caused by perils like fire, wind, and theft. But what about damage caused by wear and tear? For example, let’s say you need a new roof. Can your homeowners insurance policy help pay for it?
The answer is maybe- homeowners insurance policies typically cover sudden and accidental damage. So if a storm damages your roof, your policy should pay for the repairs, but most policies will not pay for damage that occurs over time, such as wear and tear or poor maintenance. That means if your roof needs to be replaced because it’s old and worn out, your homeowners insurance won’t help pay for the repairs. Now, some homeowners insurance policies include replacement cost coverage for the dwelling, not personal belongings. This coverage will help pay to repair or rebuild your home if it’s damaged or destroyed, regardless of the cause. So if you have replacement cost coverage and your roof needs to be replaced, your policy should kick in and help pay for the repairs.
Replacement cost coverage is not included in all homeowners insurance policies, so if you’re unsure whether you have it, check your policy documents or call your agent to ask. It’s also important to remember that replacement cost coverage has limits like every other type of coverage in a homeowner’s insurance policy. So even if you have this type of coverage, your insurer will only pay up to the limit stated in your policy. That’s why it’s always a good idea to ensure you have enough coverage to rebuild your home entirely if it’s ever destroyed.
We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.