Interesting OP.
Some factors to consider:
1. The 3% savings this year, and insurable for most insurance companies.
2. Assuming a 20-yr life for the roof and assuming an average 2.5% annual increase would total $1,000 (cumulative)
3. Few if any commercial insurers list “altruism” as one of their goals, rather the focus is always on net profit for the stockholders, owners, members, or policy holders.
4. In theory, insurance is designed for insurers to indemnify insureds for an agreed, measurable, certain premium, for a future fortuitous event. The insured agrees to pay a sum certain (premium) in the event of that future occurrence, and the cost is spread among the “many who will bare the costs of the few”.
However, given the last few years of premium increases for most homeowners it’s hard to believe that the cost vs. exposure makes any sense. Also, in the last few years there are a number of insurers that are posting record profits. However a good portion of the overall profit for some in recent years is due to investment income (strong stock/bond market) not necessarily underwriting results. Its more than complicated, and influenced by a lot of variables.
The FL Dept of Insurance provides a cost comparison tool “CHOICES” which offers insight on what the rates are by typical insurers by area. As most can appreciate a lot of variables go into determining insurance premiums, such as location, construction, occupancy, building costs, values at risk (exposure), loss history, (for physical property) then there is liability that considers other factors, such as medical costs, loss development, inflation etc.
CHOICES Rate Comparison Search