Oklahoma homeowners know severe weather is part of life, and hail is one of the biggest threats to a home’s roof. After a major storm, roofing companies often move quickly through neighborhoods offering free inspections and promising a “new roof through insurance.” But before signing anything, it’s important to understand that visible damage does not automatically mean a full roof replacement is covered. Your insurance company will typically inspect the roof, determine whether covered hail or wind damage occurred, and calculate the settlement based on your policy terms, deductible, roof age, and type of roof coverage.
One of the biggest surprises for homeowners is the deductible. Many policies now use percentage-based wind and hail deductibles instead of a flat amount such as $1,000 or $2,500. Some insurance companies now offer wind and hail deductibles of 3%, 4%, or even 5%. While choosing a higher deductible can save money on your premium up front, it also means a much higher out-of-pocket cost when a wind or hail claim occurs. For example, if your home is insured for $400,000, a 2% deductible would be $8,000, a 3% deductible would be $12,000, and a 5% deductible could leave you responsible for $20,000 before insurance pays its portion of a covered claim. Some policies may also settle older roofs on an Actual Cash Value basis, meaning depreciation is deducted based on the roof’s age and condition.
The best time to understand your roof coverage is before the storm hits. Review whether your deductible is flat-dollar or percentage-based, whether your roof is covered at Replacement Cost or Actual Cash Value, and whether your policy includes special roof payment schedules or cosmetic damage limitations. A lower premium may look attractive at renewal, but saving a few hundred dollars a year can become very expensive if it comes with a deductible you cannot comfortably afford after a major storm. If you’re unsure how your current policy would respond to a hail claim, contact our office and we’ll help you understand what you actually have.
Stay Tuned For Other Great Reads In This Month’s Newsletter
Connect with us Oklahoma Insurance Group