Quote:
Originally Posted by Blueblaze
Here's a crazy idea. Ever hear of DEPRECIATION? If you wreck your 15 year old Chevy, you don't expect State Farm to buy you a new one. So why do you expect State Farm to buy you a new roof if a tornado blows away your 15-year-old roof?
I'll tell you why. BECAUSE THAT'S THE ONLY KIND OF INSURANCE YOU CAN BUY IN FLORIDA -- full replacement cost coverage.
All of the fraud the insurance industry blames on our high rates is due to their own dumbass insistence on selling these stupid full-replacement-cost policies on a depreciating asset.
They have basically forced everyone to find some way to buy a new roof they don't need every 10 years, and sooprise, sooprise, the roofing scammers found a way. It's the dumbest part of living in Florida. And what did our brilliant legislature do? Did they mandate depreciating insurance to fix this absurd situation? Oh, hell no. They just made sure that your insurance company can screw you to the wall with rates beyond imagination, while continuing to sell you the same idiotic full-replacement coverage on your 15-year-old roof. At least before, you got a new roof periodically. Now, instead of spending your money to replace it, you'll spend the same money on insurance and live with your old roof. Or, you'll just give up and play the game -- let some roofing scammer make your insurance company buy you a new roof next time there's a big storm.
Dumb... dumber... dumbest.
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None of this makes sense. I know many Chevy and fords that are 50 years old that are worth many times the original cost of the car, so if they are insured, they better pay up if an accident occurs.
As for insurance, why would insurance companies pay for a 15 year roof? Roofing wears out with age, not sure in 15 years but at some point they stop providing protection. I would think that if an inspector checks the roofing and it has much more life to it at 15 years, then the insurance company should insure it for the same price as the year before but with any normal increase for inflation. This is what the new law should state, not that everyone has to buy a new roof after 10-15 years. Just like a car, your insurance doesn’t cover wear items like tires, engine repairs, paint, etc..