Insure the Roof (wind/hail) in OK? Or just pay out of pocket?

[Ian Verzoni]

Wondering what the best strategy is.  Do I put a low deductible on my wind/hail and then use insurance to pay for a new roof once it fails?  I'm worried about how much penalty I'll have for using my insurance.

Or, do I save on monthly premium and hold a high deductible, and pay for a new roof out of pocket once it fails?  That way I don't get penalized for using the insurance.  I hold enough to cover a roof out of pocket if needed.

I appreciate what thoughts/insight/experience folks have had, thanks.

[Jerry V.]

You are in the same boat as we down here in the Dallas, TX areas... rates and the base % of Deductables are going up!  While yes, companies are pulling out there, here, and FL.  And also as mentioned, if you make claims now, even Zero Paid Claims (they say there is no damage and/or they don't pay you anything) it still counts against you now!

But one point that wasn't made ... if a storm comes through, and even if YOU don't make a claim but most everyone else does, YOUR rates will still go up too. (95% of the time) Because they gauge the rates not only by personal details but also by the claims in that coverage area/zip code.  So if most others made claims, everyone's rates will be increasing.  Sorry for the bad news, but just stating facts.

So balance the costs of things, as previously said, then also think about the cost of any potential rate increase that will probably happen IF a good storm comes through.

= You make a claim, yes your rates will most likely go up.

= You don't make a claim, but most others do ... your rates will probably go up!

AND AND AND ... for a few years now, they have been going to NOT covering roofs older than 15yrs old! (that's for another discussion... Insurance & Roofing industries)  BUT now, one of the Brokers we chat with, say that many of the companies they deal with, are now saying they're not writing policies for roofs older than 8yrs old! :(