Roof Replacement: How do you know when you'll have to replace your roof? And who should pay for it?
The whole point of owning a home is to put a roof over your head, but how do you know how long that roof will hold up?
As someone who has been in the insuretech industry for a long time and sold to both roofing contractors and insurance adjusters, I can tell you that a lot goes on with your roof that you might not be aware of. If your home inspector isn’t a roofing expert, it might be wise to hire a roofer or at least get up on a ladder to take a look yourself. An untrained eye is better than nothing, and you will certainly be able to spot moderate and major damage to your shingles at a glance. If you want to have a good shot at getting the seller to replace the roof for you, hire a roofer to provide an official opinion. If you’re planning on shouldering the cost of replacing the roof yourself, see if you can get an independent adjuster to give you an unbiased assessment of the condition of the roof.
Questions to Ask
Knowing a thing or two about the roof on the home you’re touring can potentially save you 10s of 1,000s of dollars. You should be asking: What is the roof made out of? Was it installed by a licensed contractor? What year was it installed? Has it sustained any major damage? Does this area frequently experience high wind or hail storms? Knowing the answers to these questions can help you understand how long the roof will last and budget for replacement cost.
Roofing Material Type
If you’re like most people, you probably have asphalt shingles on your roof. Asphalt shingles come in a number of different forms, and they should last about 15-30+ years if they’re well maintained. Of course, areas with a lot of wind or hail storms might not enjoy the same longevity as other areas. Asphalt shingles tend to be on the cheaper end to replace (they cost about $90 per square on average). On the other hand, if you have concrete or tile/clay shingles, your budget should be considerably higher (about $650 per square on average for concrete shingles, $975 per square for clay). Metal roofs will also have a longer lifespan - up to 75 years! However, like tile roofs, they are much more expensive to replace than asphalt (about $300 per square on average). Keep in mind that none of these cost estimates include the structural enhancements you may need to consider if you switch from a lighter roofing material, such as asphalt, to a heavier roofing material, such as concrete.
Who will pay for roof repairs or replacement?
The good news about roof repairs and replacements is that they are often covered by insurance, provided the damage was caused by a covered event. Read your insurance policy carefully so that you know what’s covered and call your insurance company if you have any questions. Most home insurance plans will repair/replace roofs that are damaged due to inclimate weather or fire. However, an old roof that just has some wear and tear from holding up over the years probably won’t be covered. Also, old damage that was caused by events that would otherwise be covered by insurance won’t be covered years later; it will be considered to be general wear and tear. The lesson here is that if the roof is damaged or old when you buy it, you should expect to pay for the cost to repair or replace the roof yourself.