Roof repair and replacement cost value totaled nearly $31 billion last year — up nearly 30% since 2022, according to a new report from Verisk.
The strategic data analytics and technology provider reported that roof-related line items made up more than a quarter of all residential cla
im value in 2024. Wind and hail were the predominant drivers of these loss costs and accounted for more than half of all residential claims.
In recent years, significant hail activity, inflation, exposure growth through new construction and human migratory patterns have all contributed to the increase in total roof losses and
claim amounts, said Ryan D’Amario, vice president of property product management at Verisk.
He described the data as a validation of firsthand feedback Verisk receives from insurers.
“It might not be financially feasible to proactively replace a roof in every situation, but the age of the roof is highly correlated wi
th loss,” D’Amario explained. “Especially when you look at asphalt shingle materials.”
Verisk’s Xactware solutions give the company insight into claims freque
cy and replacement and repair costs, D’Amario said. Verisk’s insurer custo
mers point to wind and hail as a key issue driving profitability. The new report is designed to elevate the issue to regulators, legislators, agents, brokers and policy
holders. Large swaths of the country are susceptible to the perils.
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D’Amario pointed to data from permits and aerial imagery as an avenue to understanding the resiliency of certain roof materials o
ver time — especially as they are exposed to sun, rapid temperature changes, precipitation, continuous hail, straight-line wind and more
. Verisk has found roofs start to fail within a decade in some regions.
“In many situations, we find areas of the country—states like Missouri [an
d] Kansas—where roofs don’t last eight years,” D’Amario said. “Be it through continued wear and tear or exposure to significant weather activity.”
In its report, Verisk shared that asphalt shingles are used on 80% of roofs in t
he U.S. In hail-prone states, the average roof lifespan is 15 years, compared to 22 years in western states with less severe weather like Nevada, Arizona and Utah.
Approximately 29% of U.S. homes with asphalt shingles have less than four years of remaining useful roof life, according to Verisk insights. States such as West Virginia, Connecticut, New Jersey and Massachusetts have the highest percentage of roofs with less than four years of remaining roof life, which can result in 50% more damage during severe weather compared to roofs with 8-plus years of remaining life, Verisk reported.
When asked if Verisk anticipates the annual roof repair and replacement cost value to continue to rise, D’Amario said it’s hard to say with precision.
