Insurance safeguards your business, family, and personal welfare in case something bad happens. And most would agree that the worst event that can occur is the loss of life. Having insurance policies in place that can protect your employees, their families, and your business at these unfortunate times can become a little solace in a tragic situation that makes the event a bit less damaging for all.
As a business owner, you have options when it comes to purchasing life insurance. You can provide policies to all employees, but there is more you can do. But what policies should you get key man insurance vs life insurance?
Key person insurance, previously referred to as key man insurance–snaps for the insurance industry’s wokeness–is a special kind of insurance that can be purchased for select individuals. We’ll break down the differences between traditional life insurance and this specified kind of coverage. Let’s start with the kind you likely already know something about:
What is Life Insurance?
A standard life insurance policy is something that practically all employers offer. Life insurance is a contract between a person and an insurance company. If an employer offers life insurance, it is seen as an employee benefit, as policies may be available at a lesser rate when purchased in bulk as opposed to when bought as a single entity.
If death occurs, the insurance company will pay beneficiaries a lump sum known as a death benefit. There are two primary kinds of classifications of life insurance:
- Term life insurance: This kind of life insurance provides coverage for a specific period of time, usually between 10-40 years, the term is typically tied to the anticipated date of retirement.
- Permanent or whole life insurance: Permanent policies provide coverage for the lifetime of the insured and accumulate in value as a portion of the premiums is deposited into a cash-value account overtime.
What Does Life Insurance Cover?
Life insurance usually covers most causes of death, including: natural causes, accidents, homicide and suicide. In the event of death, money will be paid directly to beneficiaries. They can use the money how they like, but common uses include things like:
- Estate taxes and funeral expenses
- Covering basic living expenses
- Paying household debts
- Replacing lost income
- Funding a child’s education
- Supplementing retirement savings
What Doesn’t Life Insurance Cover?
Under some circumstances, life insurance policies will withhold a payout to beneficiaries. Reasons may include things like:
- A life insurance policy is expired
- There was fraudulent or criminal activity committed on behalf of the policy holder
- The policy holder’s death involved risky behavior, like partaking in extreme sports
What is Key Person Insurance?
Somewhat similar to life insurance in practice–it’s a policy that is paid out at the time of an employee’s death–key person insurance is paid out to the business–as they are the policy holder in this case. It is a form of company-owned life insurance (COLI). There are times though, when both the business and the family members receive a pay out.
Plainly put, the business owns the policy, pays the premiums and is the beneficiary. Key person insurance is a life insurance policy that a business takes out on its most valuable employee or employees.
The employee does have to provide consent. In addition to coverage in case of a death, a policy can also include a rider for disability coverage. If a key person dies, the business then collects a death benefit. The purpose of this kind of insurance protects a business in the event that they lose an invaluable person to their business due to death–and not a termination or voluntary exit.
What Does Key Person Insurance Cover?
Key person insurance can be used by a business to rebound after the loss of a key contributor. This individual had a direct line to the company’s overall success and therefore the funds can be used to:
- Ramp up recruitment of high-performing and competitive candidates to fill the vacant role
- Make up for lost sales, productivity and operational disruption costs
- Aid in funding rebranding efforts if the individual had a consumer-facing role
- Provide money to the family of the deceased
What Doesn’t Key Person Insurance Cover?
These policies will not cover contractors or freelancers and payouts are only made when the person dies and will not provide funds in the event of a retirement or termination.
What Does a Key Person Look Like?
A key person is an employee that is considered irreplaceable. In some cases, it can be a business owner, especially if the business or brand is named after that person. Policies can also be taken out for C-suite individuals or niche product developers. Those in highly specialized roles or those who are superior in their field and drive revenue in exceptional capacities can also be considered key people.
What’s the Cost of Life and Key Person Insurance?
While any cost of an insurance plan will take certain factors into consideration, typically, insurance companies base group life premiums on the overall risk of the company or group. Term life insurance is typically less costly than permanent or whole insurance. Generally, a good rule of thumb is that the higher the death benefit, the higher the cost of the policy.
As for determining the cost of key person insurance, cost will also differ case by base, but to get an idea of the expense you can add the person’s salary to their direct financial contribution to your company’s bottom line per year, then multiply the result by five. Insurance companies will also consider additional factors like: the time and effort it will take to find and recruit a replacement, the cost of recruitment, operational disruption costs, lost productivity and lost sales.
Should Your Business Get Key Man Insurance vs Life Insurance?
Outside of having the assurance that your company won’t incur great financial loss concurrent with the loss of a human life, another reason you may be interested in key person insurance could be because you are applying for a business loan or other financing. In these cases, a lender or investor may require a key person policy as collateral.
But ultimately, when deciding between the two kinds of insurance, you may find that you’ll end up with both. As noted earlier, key person insurance doesn’t cover all employees–so even if you do have a person in mind, it won’t cover all of your staff. Group life insurance is a type of personal life insurance employers can offer to all their workers at lesser rates and can be available to the entire company.
Source: https://www.embroker.com/blog/key-man-insurance-vs-life-insurance/
Key Person Insurance vs Life Insurance
Insurance safeguards your business, family, and personal welfare in case something bad happens. And most would agree that the worst event that can occur is the loss of life. Having insurance policies in place that can protect your employees, their families, and your business at these unfortunate times can become a little solace in a tragic situation that makes the event a bit less damaging for all.
As a business owner, you have options when it comes to purchasing life insurance. You can provide policies to all employees, but there is more you can do. But what policies should you get key man insurance vs life insurance?
Key person insurance, previously referred to as key man insurance–snaps for the insurance industry’s wokeness–is a special kind of insurance that can be purchased for select individuals. We’ll break down the differences between traditional life insurance and this specified kind of coverage. Let’s start with the kind you likely already know something about:
What is Life Insurance?
A standard life insurance policy is something that practically all employers offer. Life insurance is a contract between a person and an insurance company. If an employer offers life insurance, it is seen as an employee benefit, as policies may be available at a lesser rate when purchased in bulk as opposed to when bought as a single entity.
If death occurs, the insurance company will pay beneficiaries a lump sum known as a death benefit. There are two primary kinds of classifications of life insurance:
What Does Life Insurance Cover?
Life insurance usually covers most causes of death, including: natural causes, accidents, homicide and suicide. In the event of death, money will be paid directly to beneficiaries. They can use the money how they like, but common uses include things like:
What Doesn’t Life Insurance Cover?
Under some circumstances, life insurance policies will withhold a payout to beneficiaries. Reasons may include things like:
What is Key Person Insurance?
Somewhat similar to life insurance in practice–it’s a policy that is paid out at the time of an employee’s death–key person insurance is paid out to the business–as they are the policy holder in this case. It is a form of company-owned life insurance (COLI). There are times though, when both the business and the family members receive a pay out.
Plainly put, the business owns the policy, pays the premiums and is the beneficiary. Key person insurance is a life insurance policy that a business takes out on its most valuable employee or employees.
The employee does have to provide consent. In addition to coverage in case of a death, a policy can also include a rider for disability coverage. If a key person dies, the business then collects a death benefit. The purpose of this kind of insurance protects a business in the event that they lose an invaluable person to their business due to death–and not a termination or voluntary exit.
What Does Key Person Insurance Cover?
Key person insurance can be used by a business to rebound after the loss of a key contributor. This individual had a direct line to the company’s overall success and therefore the funds can be used to:
What Doesn’t Key Person Insurance Cover?
These policies will not cover contractors or freelancers and payouts are only made when the person dies and will not provide funds in the event of a retirement or termination.
What Does a Key Person Look Like?
A key person is an employee that is considered irreplaceable. In some cases, it can be a business owner, especially if the business or brand is named after that person. Policies can also be taken out for C-suite individuals or niche product developers. Those in highly specialized roles or those who are superior in their field and drive revenue in exceptional capacities can also be considered key people.
What’s the Cost of Life and Key Person Insurance?
While any cost of an insurance plan will take certain factors into consideration, typically, insurance companies base group life premiums on the overall risk of the company or group. Term life insurance is typically less costly than permanent or whole insurance. Generally, a good rule of thumb is that the higher the death benefit, the higher the cost of the policy.
As for determining the cost of key person insurance, cost will also differ case by base, but to get an idea of the expense you can add the person’s salary to their direct financial contribution to your company’s bottom line per year, then multiply the result by five. Insurance companies will also consider additional factors like: the time and effort it will take to find and recruit a replacement, the cost of recruitment, operational disruption costs, lost productivity and lost sales.
Should Your Business Get Key Man Insurance vs Life Insurance?
Outside of having the assurance that your company won’t incur great financial loss concurrent with the loss of a human life, another reason you may be interested in key person insurance could be because you are applying for a business loan or other financing. In these cases, a lender or investor may require a key person policy as collateral.
But ultimately, when deciding between the two kinds of insurance, you may find that you’ll end up with both. As noted earlier, key person insurance doesn’t cover all employees–so even if you do have a person in mind, it won’t cover all of your staff. Group life insurance is a type of personal life insurance employers can offer to all their workers at lesser rates and can be available to the entire company.
Source: https://www.embroker.com/blog/key-man-insurance-vs-life-insurance/
Sun Safety: Tips for Protecting Your Skin from Harmful UV Rays
With summer fast approaching, it’s important to keep in mind the risks of sun exposure and take steps to protect your skin from harmful UV rays. Exposure to ultraviolet (UV) radiation from the sun can cause a variety of skin problems, including premature aging, skin cancer, and eye damage. In this blog post, we’ll share some tips on how to stay safe in the sun and protect your skin.
Sunscreen is a crucial part of sun safety. Choose a broad-spectrum sunscreen with an SPF of 30 or higher that protects against both UVA and UVB rays. Apply sunscreen generously to all exposed skin 30 minutes before going outside and reapply every two hours or immediately after swimming or sweating.
When the sun is at its strongest between 10 am and 4 pm, seek shade whenever possible. This can include staying indoors, sitting under an umbrella, or finding a tree to sit under. Keep in mind that UV rays can still reach you even when you’re in the shade, so it’s still important to wear sunscreen.
Wearing protective clothing can help shield your skin from the sun’s rays. Choose long-sleeved shirts, pants, and wide-brimmed hats made from tightly woven fabrics that provide a barrier between your skin and the sun. Darker colors tend to offer more protection than lighter colors.
Sunglasses protect your eyes from UV rays, which can cause cataracts and other eye problems. Choose sunglasses that block at least 99% of UV rays and cover your entire eye area, including your eyelids.
The UV Index is a measure of the strength of UV radiation from the sun. Check the UV Index before heading outside and take appropriate precautions based on the level. When the UV Index is high, take extra care to protect your skin, and avoid spending too much time outside.
Tanning beds use UV radiation to darken your skin, which can increase your risk of skin cancer. If you want a tan, consider using a self-tanning product instead.
In conclusion, protecting your skin from harmful UV rays is essential for maintaining healthy skin and avoiding the risk of skin cancer. By following these simple tips, you can enjoy the outdoors while keeping your skin safe from sun damage. Remember, it’s never too late to start protecting your skin, so start implementing these tips today!
Grilling Tips for Safety
As the weather warms and summer returns, it’s time to GRILL! There are risks that come along with grilling, regardless of which type of grill you are using. Every year, 7,000 Americans are injured while using barbecue grills. It’s usually a case of good products used incorrectly. You can prevent grilling accidents and insurance claims by ‘brushing up’ on these tips.
Keep in mind that when you grill, you are playing with fire. Thousands of residents each year learn this the hard way, suffering damage to their homes or even serious injuries in grilling accidents. The National Fire Prevention Association says an average of 8,800 home fires are caused by grilling each year. There’s good news, though: You can prevent grilling accidents by taking these simple precautions. The grilling safety tips above can help ensure you cook only your burgers — and not your house — the next time you fire up the grill. We love grilling and hearing about the fond memories that are created spending family time together. We are happy to be your local independent agent and take pride in your insurance coverage. You can reach us by phone or online.
Source: https://www.usfa.fema.gov/downloads/pdf/publications/grilling_fire_safety_flyer.pdf and https://abcnews.go.com/Business/ten-tips-safe-summer-barbecues-learn-dos-donts/story?id=13918382 and https://www.lawleyinsurance.com/personal/12-grilling-safety-tips-now-that-summer-is-upon-us/
Make Your Beach Day SAFE!
Ahh – The beach! We love the water, the sand, the sun and the family time to unwind and have FUN!
Staying safe at the beach is very important. Weather and water conditions can change rapidly. In the blink of an eye someone could be caught in a rip-current.
Be sure to:
● Follow all beach rules and regulations.
● Swim only in areas where there are life guards.
● Avoid drinking or the overconsumption of alcohol, especially if you’re swimming or boating.
● Keep an eye on your children at all times.
● Safely secure all umbrellas in place to prevent injury to yourself or others.
At the beach, it’s important to find and follow posted signs and flags. This is for your safety. And as your insurance agent, we strongly encourage you to do so!
There may be lifeguards or other beach patrol officers on duty. They may make announcements over a loudspeaker, or you can ask them about beach conditions.
Follow their guidance and instructions. This applies to when you’re on the sand or in the water. They are there to help keep your family safe and ensure everyone has a good time.
You can typically find beach rules posted at the entrance or near the lifeguard stand or tower. The following are rules that you may see posted:
● Look for flags set up on the beach
● Know where lifeguard stations are
● Look for signs and postings near the entrance or lifeguard tower
● Talk with lifeguards for tips and information about the beach and water conditions
Everyone in your party should be a strong swimmer. They should also have experience swimming in the ocean or other large body of water before entering the water.
Beach safety swimming courses may be available at your local Red Cross chapter or YMCA.
When you enter the water, always go in feet first. Avoid diving. Don’t dive off of cliffs, bridges, or other high surfaces.
Swimming in the ocean or a large body of water is different than swimming in a pool or most small lakes. You’ll need to watch out for:
● tides and undercurrents
● unexpected changes
● water depths at drop-offs
● rocks, debris, and other hazards and obstacles
● whether there’s local marine life that can sting or bite
● boats, ships, and other watercraft that may be in the water at the same time
● bad weather in the area, such as lightning or thunderstorms
● tsunami warnings
Please watch these Beach Safety Tips from the American Red Cross!
Whether you live close or far from the beach, swimming in the ocean is almost certainly part of most families’ summer plans. While some prefer to stay in the sand, many of those visiting the beach plan on going for a swim in the salty waves. The ocean can be a great time filled with laughter and fun if you follow the proper safety guidelines. Engaging in unsafe or reckless behavior could put you or a family member in a potentially disastrous situation.
If you decide to purchase a home at the beach, we can insure it. If you decide to take a trip to the beach, we can insure your trip. Have a great, fun, summer!
Source: https://www.healthline.com/health-news/going-to-beach-pool-what-to-know-covid19-risk and https://www.guard.com/blog/2019/07/17/beach-safety/
National Safe Boating Week: Staying safe on the waters this Memorial Day
Water Safety: How to Stay Safe in Pools, Lakes, and Oceans
Water can be a great source of fun and relaxation, but it can also be dangerous if you don’t take proper precautions. Whether swimming in a pool, lake, or ocean, it’s important to be aware of potential hazards and to take steps to stay safe. Here are some tips for water safety that you should keep in mind.
1.Learn to Swim
The first and most important step to staying safe in the water is to learn to swim. Everyone should learn to swim, regardless of age or ability. If you need to learn how to swim, enroll in a swim class to learn the basics. Even if you’re already a strong swimmer, it’s a good idea to brush up on your skills and take a refresher course occasionally.
2.Never Swim Alone
Never swim alone, whether in a pool, lake, or ocean. Always have someone with you who can keep an eye on you and call for help if necessary. If you’re swimming in a public place, make sure there’s a lifeguard on duty.
3.Know Your Limits
It’s important to know your limits when it comes to swimming. Don’t push yourself too hard or try to swim too far if you’re not a strong swimmer. If you’re tired, take a break and rest. Please don’t drink alcohol before swimming, as it can impair your judgment and reaction time.
4.Check the Water Conditions
Before swimming, always check the water conditions. If you’re swimming in a pool, make sure the water is clear, and the pool is properly maintained. If swimming in a lake or ocean, check for signs of pollution, strong currents, or dangerous marine life. Don’t swim in areas that are marked as off-limits.
5.Wear a Life Jacket
If you’re boating or kayaking, always wear a life jacket. Even if you’re a strong swimmer, a life jacket can help you stay afloat if you become tired or injured. Make sure your life jacket fits properly and is in good condition.
6.Stay Hydrated
Staying hydrated is essential when you’re swimming, especially in hot weather. Drink plenty of water before, during, and after swimming to avoid dehydration. Please don’t drink alcohol or caffeine, as they can dehydrate you.
7.Know What to Do in an Emergency
Finally, it’s important to know what to do in an emergency. If someone is in trouble in the water, call for help immediately. If you’re a strong swimmer and you feel comfortable doing so, try to help the person while you wait for help to arrive. If you’re not a strong swimmer, don’t attempt a rescue yourself, as you could put yourself in danger.
In conclusion, water can be a great source of fun and relaxation, but it can also be dangerous if you don’t take proper precautions. By following these tips for water safety, you can help ensure that you and your loved ones stay safe in the water. Always be aware of potential hazards and take steps to stay safe.
Home Fire Escape Plans
Fire can spread rapidly through your home, leaving you as little as one or two minutes to escape safely once the smoke alarm sounds. Your ability to get out of your home during a fire depends on advance warning from smoke alarms and advance planning.
Why do you need a home escape plan?
In the event of a fire, time is the biggest enemy and every second counts. In less than 30 seconds, a small flame can turn into a major fire. Having an escape plan will help you and your family to get out of your home quickly. Practice E.D.I.T.H. — Exit Drills in the Home — with your family.
A closed door may slow the spread of smoke, heat, and fire. Install smoke alarms in every sleeping room and outside each separate sleeping area. Install alarms on every level of the home. Walk through your home and inspect all possible exits and escape routes. Pull together everyone in your household and make a plan. Below are guidelines on how to write your home fire escape plan. As your insurance agent, we strongly encourage you to follow these steps and create a plan for your own home.
meeting place.
According to an NFPA survey, only one of every three American households have actually developed and practiced a home fire escape plan. While 71% of Americans have an escape plan in case of a fire, only 45% of those have practiced it. One-third of American households who made an estimate thought they would have at least 6 minutes before a fire in their home would become life-threatening. The time available is often less. And only 8% said their first thought on hearing a smoke alarm would be to get out!
Taking time to review these safety precautions and write your home fire escape plan might just save a life! We look forward to helping keep you and your family safe by providing the insurance coverage for all your home needs. You can reach us by phone or online. A.C. Marmo & Sons at https://www.acmarmo.com/homeowners-renters-condo-insurance/ or call us at Fairfield Office at (973) 340-9100 or Lavallette Office at (732) 793-7530
Source:
https://www.nfpa.org/-/media/Files/FPW/Educate/2019/FPW19Grid.ashx
https://fire.arlingtonva.us/safety/escape-plans/
https://www.nfpa.org/Public-Education/Staying-safe/Preparedness/Escape-planning
https://www.gohealthuc.com/library/does-your-family-have-fire-escape-plan
https://www.mass.gov/service-details/create-and-practice-a-home-escape-plan
What is Business Owner’s Insurance and When Do You Need It?
Your company may need insurance to survive certain unexpected—but possible—challenges. Nobody likes buying insurance. It can be confusing and expensive, and you won’t see any benefit unless you have a loss, accident, or claim. But insurance can make or break your business. Without the right insurance, a theft or fire can cause devastating losses. A personal injury lawsuit can leave you struggling just to pay the legal fees and yet many small business owners don’t take the time to evaluate their needs and get appropriate coverage.
Business Owner’s Insurance, also known as a business owner policy (BOP), combines protection for all major property and liability risks in one insurance package. This type of policy assembles the basic coverages required by a business owner in one bundle. However, it is usually sold at a premium that is less than the total cost of the individual coverage. BOPs include:
BOPs do NOT cover professional liability, auto insurance, worker’s compensation, or health and disability insurance. You’ll need separate insurance policies to cover professional services, vehicles, and your employees. To decide whether you need business insurance, ask yourself two questions:
If you answered “yes” to either of these questions, business insurance will help you minimize your risks.
However, not all businesses qualify for business owner’s policies. Eligibility requirements differ among providers. Insurance providers may have requirements regarding business location, the size of the location, revenue, and class of business. Typically, businesses classes eligible for BOPs include retail stores, apartment buildings, small restaurants, and office-based businesses.
The key takeaways to BOPs:
Contact A.C. Marmo & Sons at https://www.acmarmo.com/business-insurance/ or call us at Fairfield Office at (973) 340-9100 or Lavallette Office at (732) 793-7530 today to discuss your Business Insurance needs with an agent!
Source: https://www.iii.org/article/what-does-businessowners-policy-bop-cover and https://www.investopedia.com/terms/business-owners-policy.asp and https://www.legalzoom.com/articles/business-insurance-when-you-need-it-and-when-you-dont
How to Change a Tire
Knowing how to change a tire is a necessary skill for all drivers. You might be thinking, “I pay for a AAA membership so that I get roadside assistance and don’t have to worry,” or “I have a cell phone, I can just call someone to help.” Even if this is the case for most situations, there are still plenty of situations where these reasons don’t cover you. At A.C. Marmo & Sons, your friends, and your family’s safety on the road is very important to us.
WHY SHOULD YOU KNOW HOW TO FIX A FLAT TIRE?
In this day and age, we depend heavily on our cell phones, but cell service doesn’t always cover what it says it will. Landscape, weather, the locations of antennas and the cell network capacity all play a factor in you getting your service when you need it.
Even more serious would be finding yourself in a remote, secluded area with a flat tire. People can be dangerous, so we recommend getting help from a source you trust, if possible, like your roadside assistance. But sometimes roadside assistance cannot reach you within a reasonable amount of time. If you’re out on the road, it may take several hours to get help. In the meantime, you are putting yourself at risk by staying in this spot.
Other danger factors include weather conditions and where you had to park your vehicle (like a spot that slows down or blocks traffic). This isn’t to mention if you are in a rush: say you are on the way to an important meeting or need to catch a flight – knowing how to change the tire yourself can get you back on the road quickly.
Aside from saving time, you might save yourself some money. If you don’t have roadside assistance or a friend who can help, your only other option may be to call a towing company to take it to a nearby repair shop. Needless to say, this is much more time and money than simply doing the job yourself.
Thankfully, changing a tire isn’t all that hard! Just adhere to the following guidelines to be prepared in case you have a flat.
ITEMS YOU’LL NEED TO FIX A FLAT TIRE
These items should have come with your vehicle: jack, lug wrench, fully inflated spare tire, and a vehicle owner’s manual.
If you have misplaced any of these items, or if your car did not come with these items, you should purchase new ones right away. And be sure you’re regularly inflating the spare tire to your vehicle manufacturer’s recommended PSI. You should check the spare’s air pressure every time you check your other tires. Remember to check pressure every month and before long trips or carrying extra load.
Here are some items that don’t come with your vehicle but that you should stow in your trunk or glove box in case you have to change a flat tire: flashlight with working batteries, rain poncho, small cut of 2″x6” wood to secure the jack, gloves, and wheel wedges.
HOW TO CHANGE A TIRE
The long and short of this process can be found in the list below. For a full video on step-by-step directions, visit Bridgestone Tires.
At A.C. Marmo & Sons, your road safety is very important to us. Call us at Fairfield Office (973) 340-9100 Lavallette Office (732) 793-7530 or visit our website at https://www.acmarmo.com/auto-insurance/ to discuss your auto insurance needs. We can provide coverage from many insurance carriers so you receive the insurance for your budget and needs!
Source: https://www.bridgestonetire.com/tread-and-trend/drivers-ed/how-to-change-a-flat-tire#
Why It’s Important to Replace Your Roof for Your Homeowners Insurance
Whether it’s raining, hailing, or windy outside, your roof takes the brunt of all the harsh elements. However, if your roof has been neglected and isn’t in tip-top shape when bad weather hits, then you could be putting your home at risk for leaks or other potential severe damage. If your roof is old, faulty, or on its last leg, your home may be categorized as high risk. This also means you may be paying a higher premium for your policy. Here, we’ll review what’s typically covered for roof damages and why a new roof could decrease your homeowners insurance.
Keeping your roof well-maintained is a general best practice to avoid extensive repairs or premature replacements of your roof. Typically, insurance policies may cover the following roof damages:
• Rain
• Hail
• Wind
• Fire
• Fallen objects
• Hurricanes
• Tornadoes
Some insurance companies will provide discounts to homeowners after they’ve installed a new roof. An asphalt shingle roof that’s 15 years old is more prone to leaks simply due to the fact that it’s near the end of its lifespan and has taken the brunt of 15 years of weather. For this reason, older roofs can be categorized as high-risk since homeowners are more likely to file a claim for damage, which results in a higher insurance premium.
On the other hand, a newer roof is less likely to be susceptible to weather damage simply due to the fact that it’s new. Different states and different insurance companies have their own discounts for new roofs, so you’ll want to consult with your insurance agent to determine how much of a discount you can receive as each insurance company has its own set of requirements for what qualifies for a new-roof discount.
Getting homeowners insurance will allow you to protect your home in the case of unexpected damages during storms or inclement weather. However, the price of protection can be hefty if you have an older roof. Some insurance companies will offer discounts for new roofs simply because it’s a new roof that hasn’t taken the brunt of ever-changing weather. In addition, some insurance companies will offer discounts for impact-resistant roofs. Fortunately, new technological advances in the roofing industry have allowed manufacturers to develop roofs that can withstand high winds, are resistant to moisture-related growth, and are resistant to impact from falling tree branches. Contact (Agency Name) at (phone number) or visit our website at (homeowners insurance link) to see how your homeowners insurance policy is affected if you decide it’s time to get a new roof.
Source: https://www.stateroofing.com/blog/roofing/why-a-new-roof-will-decrease-your-homeowners-insurance/