Proposed Insurance Legislation

[Papa_lecki]

Proposed Florida Insurance Legislation being debated next week.

A crackdown on denying insurance based on roof age and a crackdown on the roofing scam

[Keefelane66]

It will be whatever the Insurance Lobby proposes.

[Stu from NYC]

It will be whatever the Insurance Lobby proposes.

Would hope it is best for everyone other than the crooks making money off of phony claims

[blueash]

the little photo of the proposal gives not a bit of information on what is being suggested. It just says it needs to be fixed.

My proposal would be that homeowner's insurance cover roofing as a depreciating asset like when you buy tires. Full replacement for 2 or 3 years then decreasing coverage down to zero percent after 15 years for claims related to weather damage. You could optionally buy 100% replacement roof coverage, but you can be sure it would be expensive.

[tophcfa]

the little photo of the proposal gives not a bit of information on what is being suggested. It just says it needs to be fixed.

My proposal would be that homeowner's insurance cover roofing as a depreciating asset like when you buy tires. Full replacement for 2 or 3 years then decreasing coverage down to zero percent after 15 years for claims related to weather damage. You could optionally buy 100% replacement roof coverage, but you can be sure it would be expensive.

Good ideas, I would add that claims must be filed within a month of any weather event.

[RVJim]

Insurer’s don’t have to write insurance an Florida. The legislature should be careful of what they codify into law unless they want the better HO insurers to stop writing and stop renewing coverage.

[tophcfa]

Insurer’s don’t have to write insurance an Florida. The legislature should be careful of what they codify into law unless they want the better HO insurers to stop writing and stop renewing coverage.

Agree, that’s why the law should be written to protect insurance companies from fraudulent claims and give them incentive to want to write business in Florida. For the right premium cost adjustment, I would be willing to waive any shingle replacement claim rights and self insure that specific carve out of our homeowners policy.

[Caymus]

A related article.

MSN (https://www.msn.com/en-us/news/us/roofing-scams-put-florida-s-property-insurance-market-on-the-verge-of-collapse/ar-AAXycTC?ocid=msedgntp&cvid=c59e0fccd5584ff1ac8cb8bdaa59fde8)

[Aacosner]

My proposal would be that homeowner's insurance cover roofing as a depreciating asset like when you buy tires. Full replacement for 2 or 3 years then decreasing coverage down to zero percent after 15 years for claims related to weather damage. You could optionally buy 100% replacement roof coverage, but you can be sure it would be expensive.

For years I've wondered why home insurance isn't prorated, just as you say, for roof damage. Insurance is prorated on cars -- you don't get a new car if your 10-year old one is wrecked. It seems blindingly obvious to cover roofs that way.

[bimmertl]

Rebuilding After a Storm: Know the Difference Between Replacement Cost and Actual Cash Value When It Comes to Your Roof (https://content.naic.org/article/rebuilding-after-storm-know-difference-between-replacement-cost-and-actual-cash-value-when-it-comes#:~:text=If%20you%20have%20Replacement%20Cost ,or%20replace%20your%20damaged%20property).

[New Englander]

Lets pray our Governor can do something about this mess we are all in. :pray:

[Blueblaze]

I'm fine with ending the roofing scams. Why should your insurance company have to buy you a new roof just because some scam artist tells you you've got "storm damage" that looks like any other 15 year old roof?

But while our politicians are listening to the insurance lobby's whines, I hope they take a moment to listen to homeowners like me, who just got an 18% premium increase on the same bill where they eliminated ALL roof coverage except for named storms -- and then had the audacity to tell me my home's only worth 10% more than last year, in a year where Zillow says my home value is up 50%!

[Babubhat]

How can you prorate? A leaky roof can cause massive interior damage and still result in large claims. Insurance exists to be made whole

[RVJim]

How can you prorate? A leaky roof can cause massive interior damage and still result in large claims. Insurance exists to be made whole

I disagree, insurance does not exist to make one whole. Insurance exists to mitigate and put a cap on what a loss costs an insured.

[Topspinmo]

the little photo of the proposal gives not a bit of information on what is being suggested. It just says it needs to be fixed.

My proposal would be that homeowner's insurance cover roofing as a depreciating asset like when you buy tires. Full replacement for 2 or 3 years then decreasing coverage down to zero percent after 15 years for claims related to weather damage. You could optionally buy 100% replacement roof coverage, but you can be sure it would be expensive.


Gee, like insurance I had in other states.

[Topspinmo]

How can you prorate? A leaky roof can cause massive interior damage and still result in large claims. Insurance exists to be made whole

Why we buy insurance and they denied claims. Want to be paid, but not payouts. That IMO how insurance works. Ask anybody who was, in insurance business, and see line of cr— they spew.

[NoMo50]

Rest assured that any "new" legislation that affects the insurance industry will be whatever their lobby pays for.

[DAVES]

the little photo of the proposal gives not a bit of information on what is being suggested. It just says it needs to be fixed.

My proposal would be that homeowner's insurance cover roofing as a depreciating asset like when you buy tires. Full replacement for 2 or 3 years then decreasing coverage down to zero percent after 15 years for claims related to weather damage. You could optionally buy 100% replacement roof coverage, but you can be sure it would be expensive.

Fair, is impossible to define. No surprise but as I read the posts there is no agreement as to what is fair. A tire warranty. Typically they measure remaining tread. What you are told you need to pay due to wear, is based on list price. No one pays list price for a tire.

A roof and insurance. The insurance company is not insuring the roof, they are insuring the damage to the home, property inside the home should the roof leak.

Warranty on a roof? The shingles are like half the cost of a new roof. Labor, underlayment etc. Would the person who installed the roof warranty the entire job?
Ten year warranty? These people, many of them, go out of business on a regular basis to avoid claims.

[JP]

For years I've wondered why home insurance isn't prorated, just as you say, for roof damage. Insurance is prorated on cars -- you don't get a new car if your 10-year old one is wrecked. It seems blindingly obvious to cover roofs that way.

Up North(Michigan), roofs are prorated based on age and condition. I had to have a couple replaced due to real hail damage(not like the scammers in TV) and got varying amounts but never a full replacement value.

[Dr Winston O Boogie jr]

For years I've wondered why home insurance isn't prorated, just as you say, for roof damage. Insurance is prorated on cars -- you don't get a new car if your 10-year old one is wrecked. It seems blindingly obvious to cover roofs that way.

Homes usually appreciate in value while cars depreciate.

It might make sense for limited parts of a house like the roof but your house is going to be worth a lot more ten years down the road.

[Arctic Fox]

Good ideas, I would add that claims must be filed within a month of any weather event.

A bit harsh on the many of us who don't live there year round. Are we supposed to pay for a roof inspection every time there are fairly high winds?

[44Apple]

Lets pray our Governor can do something about this mess we are all in. :pray:


more thoughts and prayers

[thevillages2013]

Seems like the insurance companies should be suing the roofing manufacturers. 30 year shingles = 15 year shingles. Blame it on being in Florida with the heat? Just saying

[tophcfa]

A bit harsh on the many of us who don't live there year round. Are we supposed to pay for a roof inspection every time there are fairly high winds?

We are part time as well, but open to anything reasonable that will keep the premiums down. If there is a major weather event, our wonderful neighbors will give us a report and we will make the trip down to our Villages home if necessary to deal with any damage. So far over the first 7 years of Villages home ownership, no storm damage to our home, including Hurricane Irma.

[Sabella]

Proposed Florida Insurance Legislation being debated next week.

A crackdown on denying insurance based on roof age and a crackdown on the roofing scam

I wish everyone who lives in the villages would take a few minutes and call the governors office and ask Who is responsible for this unaffordable house insurance problem? This issue should have been recognized years ago and addressed. So call the governors office and ask- who’s responsible- is this the governors fault or the Florida office of insurance regulation ?

[Two Bills]

I wish everyone who lives in the villages would take a few minutes and call the governors office and ask Who is responsible for this unaffordable house insurance problem? This issue should have been recognized years ago and addressed. So call the governors office and ask- who’s responsible- is this the governors fault or the Florida office of insurance regulation ?

Given the number of fraudulent claims being made in just TV area, you should not have far to look for your answer.

[OrangeBlossomBaby]

Given the number of fraudulent claims being made in just TV area, you should not have far to look for your answer.

Yup. Who's responsible? Homeowners who learn they can get a free roof if they find a shady roofing company to submit the claim through their insurance.

Entire neighborhoods in the Villages did this rapidly, several years ago. And now everyone has to pay the price for it.

Friendliest Town - spreading increased costs to their neighbors. So generous and kind of them.

[Blueblaze]

Gee, like insurance I had in other states.

Exactly.

The reason the Florida Insurance Cartel insists on selling these stupid full-replacement policies is to keep the real insurance companies from competing in Florida. If you ask me, I bet they get a kickback from those door-to-door insurance-scamming roofers. You pay a deductible, they get the roof at cost, and then they get to keep over-charging you for your "full-replacement" policy on your perpetually new roof. And then they raise EVERYONE'S rates to cover the discounted price they paid for your roof. The whole thing is a scam, from top to bottom, and I'd bet anything the insurance companies are in on it.

I guarantee Allstate won't give you a new roof in Oklahoma just because some scammer found a couple of loose shingles. I once had a tornado rip off half my roof in Oklahoma. Allstate replaced THAT HALF of the roof -- as they should have. You don't get a new car every time someone dents a fender. Why would they replace the whole roof when only half of it is missing?

[Michael G.]

Lets pray our Governor can do something about this mess we are all in. :pray:

Yea, and do it before he moves to the white House. :pepper2:

[kkingston57]

We are part time as well, but open to anything reasonable that will keep the premiums down. If there is a major weather event, our wonderful neighbors will give us a report and we will make the trip down to our Villages home if necessary to deal with any damage. So far over the first 7 years of Villages home ownership, no storm damage to our home, including Hurricane Irma.

This proposal that claims are required to be reported within 30 days would never become law and it is not reasonable. Some people do take vacations over 30 days.

[RVJim]

This proposal that claims are required to be reported within 30 days would never become law and it is not reasonable. Some people do take vacations over 30 days.

Thirty days from when the damage is first discovered seems very reasonable to me.