The greatest liability for insurance companies is the roofing system. Billions of dollars is spent annually due to covered losses. The roof is a major component and is the primary weapon to secure a house from strong winds, hail, rain and flying debris and is very susceptible to structural damage. Once its integrity is jeopardized, the cost to repair can result in a premium increase for that coverage.
Hail Damage
An increase in premium cost can happen, usually when a particular geographic area is subject to frequent hailstorms in various areas as reported by the Insurance Information Institute, showing that almost fifty percent of claims in some parts of United States are caused by hailstorms alone. This particular type of damage is considered the most expensive risk across the country.
Texas has been noted as receiving the greatest number of such storms annually and devastating effects are common during the spring storm season. To reduce rising premiums, the roofing industry along with insurance companies continue to look for ways to keep damage from such incidents to a minimum by utilizing impact-resistant roofs.
Discounts
When thinking about insurance premiums, claims cost is commonly the main issue. Hail damage to some places in United States, specifically in Texas, is one of the main reported causes of higher insurance claims, followed by automobile accidents. Every year, Texas has the highest number of such catastrophic events compared to other states with an estimated one billion dollars of covered insured losses occurring. To counterbalance such high costs, the Department of Insurance has started a plan to offer deductions on the total cost of premiums to homeowners who install impact-resistant roofs and there are some good annual discounts being received as an incentive to install this durable material.
In Texas, residents who substitute old roofs with class three or four material will ultimately qualify for and receive premium discounts as well as other possible financial incentives. The discounted rate depends on the class rating and on the companies that are part of the Texas rate regulations. Those who install the lowest rated material can get approximately a one percent discount and it scales on up to the installation of a class four rating, where there is approximately a thirty-five percent deduction on annual premiums.
Damage Reduction
Hail and storm damage cannot be completely eliminated; however, it can be minimized when these incidences occur if homeowners are proactive in strengthening their roofs. Many insurance companies advocate the use of hail-resistant material, which is very effective in deterring such impact damage. This is a result of years of research and standard testing using the latest innovations in technology. The Underwriters Laboratory (UL) 2218 classification set the standard for impact-resistance on behalf of building owners to ensure that the product delivered lives up to certain acceptable stands in the industry for resistance to hail damage. The classification ranges from one to four, with one the lowest and four the highest in delivering the best resistance to impact. The test is conducted by dropping steel balls in various diameters and heights onto the material.
If this type of roofing material were more widely used, large savings on premium dollars could be realized. Hail damage could be minimized, contractors would have fewer complaints and maintenance problems, and policyholders could pay less for their homeowner’s insurance!
Schulte Roofing – Your Professional For Any Conroe Roof Necessities!
Do you need a Conroe roof company to help with the installation of an impact-resistant roof? Schulte Roofing at 800-367-7663 is the professional to handle this and other such needs for Conroe area customers!