by Diego » Sun Feb 27, 2011 02:07 pm
Hello,
My friend's relocating to another state -- specifically from CO to Orlando, Florida. She called her current insurance company, and they refused to insure the new home and asked her many questions. Eventually, she told them the roof of her new home was 16 years old, they said they wouldn't insure a home with a roof older than 15 years. Well, she already thought about replacing the roof. The inspector said it would meet minum FHA requirements but highly recommended she replace the roof for insurance reasons. she thought that sounded strange.
Most roofs have a 25 year warranty, at least on materials. She was also considering spending more to install a rubber tile roof with a 50 year warranty. They are also hail and fire resistant. She was thinking this would reduce her risk and the risk of the insurance company as well.
Now she is wondering if an "A" rated insurance company would ever deny a claim because she has a roof that is more than 15 years old. In that case she would have to replace the roof every 14 years she lives there to insure that she was paid in the event of a problem. she might as well just put the cheapest shingle roof on that she can.
Any thoughts or advice on this?
Thanks
My friend's relocating to another state -- specifically from CO to Orlando, Florida. She called her current insurance company, and they refused to insure the new home and asked her many questions. Eventually, she told them the roof of her new home was 16 years old, they said they wouldn't insure a home with a roof older than 15 years. Well, she already thought about replacing the roof. The inspector said it would meet minum FHA requirements but highly recommended she replace the roof for insurance reasons. she thought that sounded strange.
Most roofs have a 25 year warranty, at least on materials. She was also considering spending more to install a rubber tile roof with a 50 year warranty. They are also hail and fire resistant. She was thinking this would reduce her risk and the risk of the insurance company as well.
Now she is wondering if an "A" rated insurance company would ever deny a claim because she has a roof that is more than 15 years old. In that case she would have to replace the roof every 14 years she lives there to insure that she was paid in the event of a problem. she might as well just put the cheapest shingle roof on that she can.
Any thoughts or advice on this?
Thanks
Posted: Sun Feb 27, 2011 05:18 pm Post Subject:
They won't deny a claim due to the age of the roof (which is why they have guidelines on writing the policy) they simply won't offer the insurance or renew the policy. An old roof _is_ more likely to sustain damage and/or leak. That is why they don't want to write the policy.
Posted: Tue Mar 01, 2011 08:44 am Post Subject:
Tcope, it's nice to know that they won't deny claims due to the age of the roof. But will it affect the premium rates as the roof grows older?
Posted: Wed Mar 02, 2011 03:36 am Post Subject:
In Oregon, some companies have a discount for a new roof, and the discount is reduced at each renewal as the roof gets older. This does not have much of an impact on the premium.
However, homeowners insurance in Florida is expensive and loses a lot of money for insurance companies due to hurricanes, so insurance company standards are tough, and there could be rating plan based on the age of the roof.
In other states, an aging roof does not have much of an effect, if any, on the premium, and will not result in cancellation unless it is in bad condition.
In Florida, other rules may apply, and they can vary from company to company. Your friend should ask their agent how an aging roof will impact the premium. Your friend should shop their insurance and ask what the insurance company recommends regarding roofing to prevent storm damage and keep the premium low.
Roof issues aside, State Farm is increasing their homeowners insurance rates 27% in Florida, and other insurers will not insure there, or have limited coverage or much higher deductibles for storm and wind damage. Florida homeowners insurance is a mess for the consumer and the insurance companies.
Hopefully, a Florida agent will see and comment on this thread.
Posted: Fri Mar 04, 2011 03:58 pm Post Subject:
Thanks for your replies, guys. I have told my friend to just replace her roof for safety purposes, and not mainly for insurance. Her family's safety should be top priority.
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