Roof repair and replacement cost value totaled nearly $31 billion in 2024, according to the US Roofing Realities Trend Report published by Verisk (NASDAQ: VRSK). This is a nearly 30% surge since 2022.
Roof related line items made up more than one-quarter of all residential claim value last year, with wind and hail accounting for more than half of all residential claims. Since 2022, non-catastrophic wind/hail roof claims increased from 17% to 25%.
Verisk determined that 38% of residential homes have roofs with moderate to poor condition, with the eastern part of the country having more roof issues due to greater weather variability. For example, 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.
