Insurance Concerns

[jlejsek@sbcglobal.net]

Hello Everyone,

We are looking to purchace in TV in 2024. A home was listed that is 10 years old. When I asked the sales agent about difficulty obtaining insurnace on a home with a 10 year old roof, she said it won't be an issue until the home is 14 years old. What has been your experience with a 10+ year old roof as it relates to insurability? I am not thrilled about buying a home only to be put in a situation of spending thousands of dollars right out of the gate to replace the roof. Your input is greatly apprciated!

[Altavia]

Get estimates for replacement cost and reduce the offer by 50% of that amount.

[Rainger99]

Hello Everyone,

We are looking to purchace in TV in 2024. A home was listed that is 10 years old. When I asked the sales agent about difficulty obtaining insurnace on a home with a 10 year old roof, she said it won't be an issue until the home is 14 years old. What has been your experience with a 10+ year old roof as it relates to insurability? I am not thrilled about buying a home only to be put in a situation of spending thousands of dollars right out of the gate to replace the roof. Your input is greatly apprciated!

I would talk to a couple of insurance agents and have them examine the roof and see if you can get firm quotes. Real estate agents want to sell you the house. They might not always tell you the truth.

[jlejsek@sbcglobal.net]

I thought I would reach to several insurance agents and see if they can provode some guidance. Thank you!

[retiredguy123]

Hello Everyone,

We are looking to purchace in TV in 2024. A home was listed that is 10 years old. When I asked the sales agent about difficulty obtaining insurnace on a home with a 10 year old roof, she said it won't be an issue until the home is 14 years old. What has been your experience with a 10+ year old roof as it relates to insurability? I am not thrilled about buying a home only to be put in a situation of spending thousands of dollars right out of the gate to replace the roof. Your input is greatly apprciated!
You need to understand that, as a buyer, the sales agent represents the seller, not you. So, any information she provides is designed to facilitate the sale, not to assist you. You are asking the wrong person for information.

[Randall55]

You need to understand that, as a buyer, the sales agent represents the seller, not you. So, any information she provides is designed to facilitate the sale, not to assist you. You are asking the wrong person for information.You need to speak to an insurance agent not only about the age of the roof but the HVAC, as well. Knowledge is power. If you are paying cash for the home, negogiate a better price due to the age of roof and HVAC. You will then have money in reserve to pay for a new roof and HVAC.

If you are getting a loan, negotiating a better price for the home will not help. You will have lower monthly payments but will have to spend approx $20,000 to replace the roof. Negotiating with the seller to replace the roof and possibly HVAC before you purchase the home is a better option.

[rustyp]

:agree:You need to speak to an insurance agent not only about the age of the roof but the HVAC, as well. Knowledge is power. If you are paying cash for the home, negogiate a better price due to the age of roof and HVAC. You will then have money in reserve to pay for a new roof and HVAC.

If you are getting a loan, negotiating a better price for the home will not help. You will have lower monthly payments but will have to spend approx $20,000 to replace the roof. Negotiating with the seller to replace the roof and possibly HVAC before you purchase the home is a better option.

[Randall55]

I understand the insurance company being concerned about the roof. If bad mother nature intrudes and damage to the house results. Why would the insurance company be concerned about HVAC ? What kind of claims are made against their failure ? Not like being in a cold climate where failure may cause pipes to freeze and burst.Insurance companies collect data from each area and know how many claims have been made. Just like roofs, HVACs are expensive to replace and many people scam the insurance company to get a new one. They state it was struck by lightning. (Many of these claims are true but some are not) A new HVAC on the home will protect the insurance company from fraud. Your rates will be lower. In Florida, we pay more for insurance because of many natural disasters AND SCAMS.

[rustyp]

Insurance companies collect data from each area and know how many claims have been made. Just like roofs, HVACs are expensive to replace and many people scam the insurance company to get a new one. They state it was struck by lightning. A new HVAC on the home will protect the insurance company from fraud. Your rates will be lower. In Florida, we pay more for insurance because of many natural disasters AND SCAMS.

excellent point

[Michael 61]

I’m a retired insurance claims manager - I dealt with fraudulent claims on a daily basis - unfortunately there are many dishonest people who “scam” the insurance industry, and thus contribute to rate increases - no different than stores that have to pass on price increases due to shoplifting.

Shame on those that participated in the new roof scamming - we are all paying the price now for those dishonest actions.

[Blueblaze]

How absurd is that? You're worried that you can't insure a roof that's only used HALF its WARRANTY! Do you worry about buying an 18 month-old car because it's used up half it's 3 year factory warranty?

Here's an idea -- what if you didn't buy FULL REPLACEMENT COST insurance? You don't expect your insurance company to buy you a new car if it gets hail damage, why would you expect a new roof for the same reason?

I know of exactly TWO insurance companies who will write you a normal, depreciated asset policy on your roof, like the one you probably have now, in whichever non-Florida state you're coming from.

Kin and State Farm.

If every other company was bright enough to do this, there would never have been a roofing insurance scam to cause this problem in the first place!

[MrFlorida]

No problems getting insurance with a 10 year old roof, at 15 some insurance compaines won't insure you, some will. Insurance here isn't cheap, but that's the price we pay for living in Florida.

[Boffin]

And litigation.

[MX rider]

Our house was built in 09. We got insurance at a fair price. Our roof is still in great shape.
They sent an inspector out at their expense to check it out.

[Babubhat]

Believe NOTHING a sales agent says. Oral representations are meaningless. Even if not an issue says nothing about how much they will increase your premium. It will depend on the insurance company

Also consider air conditioner and water heater. Material expenses in your future if haven’t been replaced

[MandoMan]

You need to speak to an insurance agent not only about the age of the roof but the HVAC, as well. Knowledge is power. If you are paying cash for the home, negogiate a better price due to the age of roof and HVAC. You will then have money in reserve to pay for a new roof and HVAC.

If you are getting a loan, negotiating a better price for the home will not help. You will have lower monthly payments but will have to spend approx $20,000 to replace the roof. Negotiating with the seller to replace the roof and possibly HVAC before you purchase the home is a better option.

The age of the roof and HVAC system should have already been taken into account when the price was set. The first home I bought in The Villages, in Tierra del Sol, was 22 years old but had a one year old roof and HVAC and the bond was paid. That made me willing to pay more. I was there two years but had a high end hot water heater installed before I left.

[retiredguy123]

The age of the roof and HVAC system should have already been taken into account when the price was set. The first home I bought in The Villages, in Tierra del Sol, was 22 years old but had a one year old roof and HVAC and the bond was paid. That made me willing to pay more. I was there two years but had a high end hot water heater installed before I left.
I agree. That is why I think that the new houses in The Villages are the best bargain. Everything is new and covered by a warranty. But, often, I see sellers of pre-owned houses trying to get more money than a comparable new house. Some of them also expect to get 100 percent of what they paid for upgrades. When buying a pre-owned house, the age of the house should be a huge consideration in what you are willing to pay for it.

[bowlingal]

Rainger99....and THAT'S the truth!!!!

[GizmoWhiskers]

Hello Everyone,

We are looking to purchace in TV in 2024. A home was listed that is 10 years old. When I asked the sales agent about difficulty obtaining insurnace on a home with a 10 year old roof, she said it won't be an issue until the home is 14 years old. What has been your experience with a 10+ year old roof as it relates to insurability? I am not thrilled about buying a home only to be put in a situation of spending thousands of dollars right out of the gate to replace the roof. Your input is greatly apprciated!
Just recently moved into a 2012 home with original roof. Fay at The Village Insurance got me a great deal through Tower Hill. Give her a call.

[GizmoWhiskers]

I agree. That is why I think that the new houses in The Villages are the best bargain. Everything is new and covered by a warranty. But, often, I see sellers of pre-owned houses trying to get more money than a comparable new house. Some of them also expect to get 100 percent of what they paid for upgrades. When buying a pre-owned house, the age of the house should be a huge consideration in what you are willing to pay for it.
Location location location on a "new" home thought.

"New" means driving a lot to get to retail shopping because it will be many years until the "new center" of T V has retail shopping chains as convenience - and likely never as far as golf cart accessible. They are still developing 466A and its been 12 years.

In the end it comes down to what is one looking for as their dream lifestyle and preferences. Personally I love the rolling hills and canopy treed in mvp golf cart rides in the north area of T V. I also wanted everything to be golf cart accessible as I age.

Spent 3 years making the drive to reach retail areas (other than Publix plazas) and decided to sell. Now I take golf cart rides to the southern end for adventure and that works for me. Chose to not let a roof influence what matters more to me, location.

The Village Ins office does not disappoint. I highly doubt T V would keep building if they didn't have an inside knowledge or connection to affordable insurance. To not have such connections would be a "wrench" in "a well oiled machine."

[seecapecod]

Hello Everyone,

We are looking to purchace in TV in 2024. A home was listed that is 10 years old. When I asked the sales agent about difficulty obtaining insurnace on a home with a 10 year old roof, she said it won't be an issue until the home is 14 years old. What has been your experience with a 10+ year old roof as it relates to insurability? I am not thrilled about buying a home only to be put in a situation of spending thousands of dollars right out of the gate to replace the roof. Your input is greatly apprciated!

You are better off calling insurance companies with the question and asking them versus a Sales agent.

[Bridget Staunton]

Insurance on a 20 yr roof will be extremely costly

[Cindyd]

My buyer received quotes from 3 insurance companies and she only called 2!
1 from tower insurance & 2 from villages insurance. I would put in contract that sale is dependent on getting insurance.

Fyi, i purchased a 3 year old home and the insurance company ive had for 40 years, wont insure it! They did help me find another. Their reasoning, too many customers, too much exposure, in area.

QUOTE=jlejsek@sbcglobal.net;2281069]Hello Everyone,

We are looking to purchace in TV in 2024. A home was listed that is 10 years old. When I asked the sales agent about difficulty obtaining insurnace on a home with a 10 year old roof, she said it won't be an issue until the home is 14 years old. What has been your experience with a 10+ year old roof as it relates to insurability? I am not thrilled about buying a home only to be put in a situation of spending thousands of dollars right out of the gate to replace the roof. Your input is greatly apprciated![/QUOTE]

[Keefelane66]

Insurance claim adjusters are just complicit in the roof scam. When the roof is inspected by a roofing contractor and deemed bad an insurance company authorizes an inspector to verify claim they usually do approve the claim.
No criticizing you.

[Pat2015]

Location location location on a "new" home thought.

"New" means driving a lot to get to retail shopping because it will be many years until the "new center" of T V has retail shopping chains as convenience - and likely never as far as golf cart accessible. They are still developing 466A and its been 12 years.

In the end it comes down to what is one looking for as their dream lifestyle and preferences. Personally I love the rolling hills and canopy treed in mvp golf cart rides in the north area of T V. I also wanted everything to be golf cart accessible as I age.

Spent 3 years making the drive to reach retail areas (other than Publix plazas) and decided to sell. Now I take golf cart rides to the southern end for adventure and that works for me. Chose to not let a roof influence what matters more to me, location.

The Village Ins office does not disappoint. I highly doubt T V would keep building if they didn't have an inside knowledge or connection to affordable insurance. To not have such connections would be a "wrench" in "a well oiled machine."

Actually it’s a 10 min ride in the car from Newell to Publix, Winn Dixie, and many other stores at 470 and 27. Other benefits are the houses are brand new, and there’s beautiful walking trails and preserve views on the southern end. All of TV is great, and it really comes down to preference. Insurance is definitely an issue on houses more than 10 years so that has to be factored in as the roof, HVAC, and hot water heater will all be insurance issues within a few years and potentially have to be replaced to get coverage.

[Justputt]

Actually it’s a 10 min ride in the car from Newell to Publix, Winn Dixie, and many other stores at 470 and 27. Other benefits are the houses are brand new, and there’s beautiful walking trails and preserve views on the southern end. All of TV is great, and it really comes down to preference. Insurance is definitely an issue on houses more than 10 years so that has to be factored in as the roof, HVAC, and hot water heater will all be insurance issues within a few years and potentially have to be replaced to get coverage.

In Dabney, I'm 5 mins (car) from Winn Dixie and Publix, although Publix seems pretty expensive to me. Walmart is a haul going up 27, and Best Buy is even further. Golf cart ride to Sawgrass is fine, but not much real grocery shopping there. Eastport would be too far by cart since I'd have to drive up to the new bridge and the back down, but pretty fast run by car (maybe 5mins). Golf carts make for a nice drive on sunny warm days, but I'd rather be in a car for 5-10mins than a cart for 30-60mins!

[Birdrm]

In Dabney, I'm 5 mins (car) from Winn Dixie and Publix, although Publix seems pretty expensive to me. Walmart is a haul going up 27, and Best Buy is even further. Golf cart ride to Sawgrass is fine, but not much real grocery shopping there. Eastport would be too far by cart since I'd have to drive up to the new bridge and the back down, but pretty fast run by car (maybe 5mins). Golf carts make for a nice drive on sunny warm days, but I'd rather be in a car for 5-10mins than a cart for 30-60mins!

You do know there is a bridge across from Sawgrass that will take you directly into Eastport?

[Whitley]

Hello Everyone,

We are looking to purchace in TV in 2024. A home was listed that is 10 years old. When I asked the sales agent about difficulty obtaining insurnace on a home with a 10 year old roof, she said it won't be an issue until the home is 14 years old. What has been your experience with a 10+ year old roof as it relates to insurability? I am not thrilled about buying a home only to be put in a situation of spending thousands of dollars right out of the gate to replace the roof. Your input is greatly apprciated!

A quick question; with insurance companies not wanting to write policies for roofs over 15 years old, I would think that this would lead to homeowners installing cheaper roofs with a 15 year warranty. Why pay more for a 20 year warranty covered roof, when you will need to replace it in 15 regardless (assuming you have a mortgage on it.)

[Whitley]

I’m a retired insurance claims manager - I dealt with fraudulent claims on a daily basis - unfortunately there are many dishonest people who “scam” the insurance industry, and thus contribute to rate increases - no different than stores that have to pass on price increases due to shoplifting.

Shame on those that participated in the new roof scamming - we are all paying the price now for those dishonest actions.

Hi Michael. I own an historical home built in 1888 (NY). I had a claim and ended up needing to hire someone to deal with the carrier (Chub Masterpiece). They consistently undervalued what the claim was for. Every point of contention was won by us. I agree fraudulent claims plays a large part in high insurance rates. The insurance companies themselves are not free from guilt. USI loses over sixty percent of cases that are opened due to their denial of a claim. Those legal fees are calculated into our quotes. There is blame to go around.

[rockyhyder]

You should be able to get insurance without any problem.
Make sure you hire a home inspector who can provide a wind mitigation certificate. This will save you hundreds $
Verify the age of the HVAC unit and condition on your home inspection report.
Verify the age and condition of the hot water heater on the inspection report.
Provide this information to your insurance agency.

[anniepatrick]

Buy a condo in Spanish Springs, Vista Lago Place. 2 for sale, new roofs and outside paint within last 2 years.

[Blueblaze]

Well, good news everybody! Problem solved! In 2021, the Florida Legislature made it illegal for an insurance company to reject a 15-year-old roof that has been inspected and proven to have 5 years of life remaining!

My Florida Insurance company -- American "Integrity" -- immediately responded by tacking on a rider that completely removed my 14-year-old roof from coverage -- and hiked my rate 20%! I'm still waiting to hear from what passes for an "Insurance Commission", concerning this obviously illegal action. No doubt , they'll get to my little problem about 10 years after they deal with all the fraud and abuse following next year's surprise hurricane disaster that's never happened before in Florida. Gotta give Morgan and Morgan a chance to snub their nose at the 2022 Tort Reform law, you know!

A.I. was so intimidated by the new insurance law that they hiked my rate 100% the next year, while I was still waiting for a response from the gooberment. That's what you get for complaining about your treatment at the hands of the Florida roofing/insurance/politician cartel, I guess.

Fortunately, this year, Chicago-based Kin stepped in and wrote me a depreciated asset policy that's merely twice what I paid for twice the house in Texas. But who knows what's in store, once the introductory rate expires. I'll probably wind up just doing without. Hope they don't send some guy to break my legs!

And to think, this all started because half my neighbors let some door-to-door crook scam their insurance company out of a new roof. How does someone reach our age without figuring out that there is no free lunch?

[yankygrl]

Hello Everyone,

We are looking to purchace in TV in 2024. A home was listed that is 10 years old. When I asked the sales agent about difficulty obtaining insurnace on a home with a 10 year old roof, she said it won't be an issue until the home is 14 years old. What has been your experience with a 10+ year old roof as it relates to insurability? I am not thrilled about buying a home only to be put in a situation of spending thousands of dollars right out of the gate to replace the roof. Your input is greatly apprciated!

Why don’t you just contact your insurance company and ask them what coverage you would have?

[Bonanza]

You need to understand that, as a buyer, the sales agent represents the seller, not you. So, any information she provides is designed to facilitate the sale, not to assist you. You are asking the wrong person for information.

You are passing on bad information. Not all agents represent a seller. For all my active real estate years as a "transaction broker," I NEVER represented the seller. Transaction brokers do not represent the buyer or the seller but have to treat both parties fairly. Most Florida real estate agents are transaction brokers.

[retiredguy123]

You are passing on bad information. Not all agents represent a seller. For all my active real estate years as a "transaction broker," I NEVER represented the seller. Transaction brokers do not represent the buyer or the seller but have to treat both parties fairly. Most Florida real estate agents are transaction brokers.
Not bad information. To be a transaction broker, you need the written consent of the buyer and the seller. In most cases, there is no written consent of either the buyer or the seller. As a seller, who is paying the commission, I would never consent to allow my agent to change to a transaction agent until after the sales contract has been signed. But, yes, a licensed agent must treat both parties "fairly" at all times. From the Florida statute:

"FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT."

[asianthree]

Sold our 12/2009 built designer with original roof. Inspection written 5 years left on roof. He stated it should be more, but legally can only write 5. Insurance had zero issues with renewal, and basically pay rates equal to house up north. Depending on state you are coming from, homeowners and car insurance for us are same ballpark $$

[jimmy o]

There should be no problem with a 10 yr old roof. The insurance company will ask for a “four point inspection”, then is all is well you will be ok’d for insurance, if any problems are found during “four pint” they will need to be addressed before insurance ok. You should not be afraid of a 10 year young roof. My house was built in 2004 and my State Farm insurance is just getting renewed now. However I was notified that next year roof will need to be replaced before renewal. I have no problem with that my roof is 19 years old, it’s time to replace as shingles now are just starting to curl.

[mrf0151]

I’m a retired insurance claims manager - I dealt with fraudulent claims on a daily basis - unfortunately there are many dishonest people who “scam” the insurance industry, and thus contribute to rate increases - no different than stores that have to pass on price increases due to shoplifting.

Shame on those that participated in the new roof scamming - we are all paying the price now for those dishonest actions.

So, what you are saying is that when my insurance adjuster/inspector from Travelers climbed all over my roof and came down and said " you do qualify for a new roof as you have at least 25% damage," That is being dishonest and that I am scamming? Really??

[OhioBuckeye]

Yes, Ins. rates will go up nexted yr. I’m surprised the Ins. Co. didn’t tell you that you had to replace your water heater too. I know someone that sold their home that was told that they had to replace, roof & heater. Ins. rates are going to get worse!

[Sandy and Ed]

I’m a retired insurance claims manager - I dealt with fraudulent claims on a daily basis - unfortunately there are many dishonest people who “scam” the insurance industry, and thus contribute to rate increases - no different than stores that have to pass on price increases due to shoplifting.

Shame on those that participated in the new roof scamming - we are all paying the price now for those dishonest actions.
Very true. Unscrupulous roofers combine with unscrupulous homeowners make for insurance scams which honest people pay. I also blame insurance companies that feel it is easier to pass the cost on instead of cracking down on the scammers

[Andyb]

She is correct