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Originally Posted by OhioBuckeye
I even heard some people couldn’t get Home Ins. until they also got a new Water Heater because it had some age on it. I always thought the old saying was if it’s not broken don’t fix it. It just seems like we’re being controlled by everyone but the owners. But I know sometimes owners bandaide fix things just to get rid of them!
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The common denominator between a roof and a water heater is that if they fail the result can be thousands of dollars of collateral water damage to other parts of the home. They are not just covering the replacement value of the roof or water heater, they are covering the entire home. I’m not defending insurance companies, but they are in business to make money. If they are legally required to take on unprofitable risk they will either pull out of the market or jack premiums up through the roof (no pun intended). It’s a balancing act between protecting homeowners and keeping insurers risk and profitability at reasonable levels. Under current Florida laws it’s obvious that insurers feel their risk profile is unmanageably high or they wouldn’t be pulling out of the market.