If you are buying a new house or have no idea why your neighbor is paying less than you for homeowners insurance, the simple answer could be something as simple as your roof shape.
What is a Hip roof?
It is a roof shape where all sides slope downwards towards the gutter or the walls. A square shape hip roof will look like a pyramid, but your house could still have a few gables and still qualify for a hip roof credit. The company will usually state a % of the roof must be hip such as 60%-80% to qualify for a full hip roof credit. Some insurance companies may offer a partial hip roof credit.
Why do insurance companies like hip roof shape?
The thinking is a hip roof will perform better in high winds because the wind is deflected because there are fewer sharp corners and has a lower profile.
What is a Gable roof?
Usually a triangle or “A” frame in the roof structure. Often will have a gable wall or gable end in the roof wall.
Insurance companies believe the gable roof design to have a lower rating performing design in extreme wind conditions.
Gable roofs create lift during hurricane winds and are more likely to peel off than a Hip Shape Roof.
How much can you save on a hip shape roof credit?
Let’s look at a house located in New Orleans with the following features
- House built 1990
- Hip Roof
- One story
- 1800 square feet
- average credit tier
- $180,000 replacement cost value
- 2% Hurricane Deductible
- Monitored Central Burglar and Fire Alarm
- 2500 All other perils deductible (damages not the result of a hurricane)
The premium with a Gable Roof $2,145
The premium with a Hip Roof $1,886
The annual savings on this one is $259
$259 x 5 years is $1,295
This amount can add up so if you are considering buying a house in New Orleans, you may want to look at the house with the Hip Shaped Roof.
You will pay less if all things/features on the house are equal.
If your current homeowners insurance company is not giving you a credit for a hip roof and you have one, you could be missing out on just another discount that will help lower your homeowners insurance premium.
Two roof credits to consider if you are trying to lower your homeowners insurance premium.
If you have a hip roof make sure you are getting the hip roof credit.
If you replaced your roof since Hurricane Katrina, make sure you are getting an updated roof replacement credit.
These two credits could reduce your homeowners insurance premium as much as 20%.
If you ready for us to take a look at your homeowners insurance protection, we make it easy.
Our team of home insurance advisors are ready to get you the protection you need for the value you want.
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