Roof claims have become a significant concern for homeowners and insurers alike, with costs escalating dramatically in recent years. According to Verisk’s “U.S. Roofing Realities Trend Report,” roof repair and replacement costs reached nearly $31 billion in 2024, marking a 30% increase since 2022.
The Rising Tide of Roof Claims
Several factors contribute to the surge in roof claims:
- Wind and Hail Damage: These elements were the primary drivers of loss costs, accounting for over half of all residential claims in 2024.
- Aging Roofs: Approximately 38% of U.S. homes have roofs in moderate to poor condition, leading to 60% higher loss costs compared to homes with roofs in good condition.
- Shortened Roof Lifespans: In hail-prone states, the average roof lifespan is just 15 years, increasing the frequency of claims.
Implications for Homeowners and Insurers
The increase in roof claims has several implications:
- Higher Insurance Premiums: Insurers may raise premiums to offset the rising costs of claims.
- Longer Claim Resolution Times: The average claim cycle time has reached 32.4 days, the longest ever recorded.
- Need for Proactive Maintenance: Homeowners should regularly inspect and maintain their roofs to prevent damage and reduce the likelihood of filing a claim.
Conclusion
The landscape of roof claims is evolving, with significant increases in both costs and claim frequencies driven by aging infrastructure, extreme weather, and shorter roof lifespans. For homeowners, this means staying proactive—regular roof inspections, timely repairs, and understanding your insurance policy are more critical than ever.
At TGS Insurance Agency, we make it easy to find the right homeowners insurance policy that offers the roof coverage you need—whether you’re concerned about storm damage, aging shingles, or anything in between. Our team compares quotes across multiple top-rated carriers to ensure you’re protected without overpaying. Because when the next storm hits, you deserve peace of mind—not surprise expenses.
This blog post is based on information from Verisk’s “U.S. Roofing Realities Trend Report,” as reported by IA Magazine.