Quote:
Originally Posted by Misky1951
I've been helping my friends from Boston who are looking to buy a preowned home.
Some of the homes have roofs over 15 yrs old. I asked the agents about insurance. They tell us TV insurance companies will not insure a home with a roof over 15 yrs old. But they tell us not to worry as other companies do.
My friends are concerned about paying top dollar for a home and then worrying about getting insurance or being required to get a roof replacement in a few years
I guess the obvious answer is to find a preowned home with a newer roof.
Does anyone see buying a preowned home with an older roof as an issue?
Also, I would think an honest agent would tell a buyer about this. None of the agents mentioned this until I questioned it.
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Roofs over 10 years old become suspect and begin to be hard to insure. We just experienced this when we sold a 12 year old villa. The buyer had to sign an acknowledgement that they was aware of the roof condition and age.
HB 76 gos into effect July 1, 2021 to help address insurance costs in Florida and limit roofing contractors soliciting insurance claim roof replacement.
The bill also makes several changes to tackle what insurers claim has been an explosion of roofing claims and litigation, including making it illegal for roofing contractors or any person acting on their behalf to make a “prohibited advertisement,” including an electronic communication, phone call or document that solicits a claim. Offering anything of value for performing a roof inspection, an offer to interpret an insurance policy or file a claim or adjust the claim on the insured’s behalf will also be prohibited. Additionally, contractors are prohibited from providing repairs for an insured without a contract that includes a detailed cost estimate of the labor and materials required to complete the repairs. Violations could result in fines of $10,000.
VLS agents do work for the seller, this is not to say they will mislead a buyer. Our agent was very upfront about this when we purchased our first home here.
She said don't discuss thing in my presence about a higher offer you may be willing to make etc... if the seller asks me if you would go higher I am obligated to tell them. We have sold and purchased several homes through her and she has never once mislead or lied to us. The old adage buyer beware holds true do the due diligence on a prospective property.
Armed with the knowledge about roof age your friends can negotiate when purchasing a home with an older roof.