Hail is a major event for anyone who has experienced it. Not only does it cause damage to your home and vehicle, but a hail damage claim can also significantly raise your homeowner’s insurance premium. Let’s take a look at how this works:Read more: Will A Hail Damage Claim Raise My Homeowner’s Insurance?
Hail Stones Cause Significant Damage To Roofs
Hail is a type of storm that can cause significant damage to roofs, depending on the size and velocity of the hailstones. Here are some common ways that hail can damage roofs:
Shingle Damage: Hail can crack, split, or break roof shingles. This can result in the loss of protective granules on the surface of the shingles, leaving them vulnerable to further damage from the sun’s UV rays and other weather elements. Over time, this can lead to shingle deterioration and leaks.
Bruising: Hail impact can cause bruising on asphalt shingles. Bruises may not be immediately visible but can weaken the shingles’ structure. Over time, bruised shingles may lose their functionality, making them more susceptible to leaks and further damage.
Granule Loss: Hailstones can dislodge or remove the protective granules on asphalt shingles. Granules act as a shield against UV rays, provide fire resistance, and help with water runoff. Granule loss compromises the shingles’ effectiveness and reduces their lifespan.
Holes and Cracks: Large and intense hailstones can cause holes or cracks in roofing materials, including shingles, metal panels, and tiles. These openings allow water to penetrate into the underlayment and attic space, leading to leaks and potential water damage inside the home.
Damaged Flashing: Hail can dent, bend, or crack flashing, which is the metal or other material used in junctions, transitions, or edges of the roof. Damaged flashing can lead to water infiltration under the roof and cause leaks and moisture-related problems.
Gutter and Downspout Damage: Hailstones can dent or even puncture gutters and downspouts, preventing proper water drainage from the roof. This can result in water overflow, leading to potential water damage to the walls, foundation, and landscaping.
It is important to note that the severity of hail damage can vary depending on factors such as the size and density of hailstones, the quality of roofing materials, and the age of the roof. Regular roof inspections and prompt repairs after hailstorms are essential to mitigate further damage and maintain the integrity of your roof.
Will a Hail Damage Claim Raise Home Insurance Rates?
If you’ve ever been through a hail storm and had your roof or siding damaged, you know how frustrating it can be. Not only do you have to pay for repairs, but there’s also a good chance that your insurance company will raise your premiums after paying out on the claim.
If you have a hail damage claim on your homeowner’s insurance, it will likely raise your premium. As a matter of fact, this is one of the biggest sources of homeowner’s insurance premium increases for insurers.
A recent study by the Insurance Research Council indicated that there was a 30% rise in homeowners’ policies’ rates due to hail claims in recent years. Hail claims are a major reason behind the rise in homeowner’s insurance premiums. In fact, according to the Insurance Information Institute, hail damage claims account for more than one-fifth of all homeowners’ insurance payments.
What Are The Factors That Increase Your Premium?
Your insurance company will consider the severity of your claim before determining whether or not to increase your premium. If the damage is over $5,000, then it’s likely that the insurance company will consider it severe and raise your premiums accordingly. If you have multiple claims on record with them, they may also consider this a sign of being a high-risk customer and raise your rates accordingly. Some customers will see the rate increase for one year, while others will have a permanent rate change.
If you haven’t had any claims recently but are worried about future hail storms affecting your home, consider purchasing additional coverage from an independent agent who can help find an insurance plan that fits both your budget and needs as well as provides adequate protection against future damages from Mother Nature’s fury!
The Size of Your Deductible is Important
If you have insurance, your homeowner’s policy is probably the most important one to understand. It protects you against hail damage and losses you might suffer from fire, theft, and other hazards.
Your homeowner’s policy has two elements: coverage and a deductible. Your coverage pays for losses above your deductible amount. Your deductible is simply the money you’ll pay before coverage kicks in. The larger your deductible, the lower your premium will be — but it’s essential to know how much damage could be covered by that amount.
If you have a high-value home or one that’s particularly vulnerable to certain types of losses — say flooding — a large deductible could prove costly in the end if disaster strikes and your insurer doesn’t pay out enough to cover what you lose after paying out so much up front in deductibles.
Multiple Claims Lead to Higher Rates Increase
If you have multiple claims on your homeowner’s policy, you can expect a higher rate increase. Insurance companies consider multiple claims an indication that the homeowner is taking more risks than the average homeowner and may not be as careful when maintaining their property.
Who to Call:
In general, hail claims are a big deal for insurance companies. They are one of the most common reasons for homeowners to file a claim on their policy, and they can result in significant increases in premiums, but you have to take care of your roof.
If you notice any signs of hail damage that weren’t there before the storm, it’s time for an inspection. Moss Roofing is the top roofing contractor in the Indianapolis area, and to help you through the claim process, we’ve created 9 easy-to-follow steps to help you. Contact us today for a free estimate!