Roof and insurance
 

I keep hearing about insurance rates going up once you roof is 7 years old or older. Are people having this issue or is it just rumor's?

My policy just renewed roof 10 years old premium went up $30 normal increase previous years still under $550 annually.

Don't know about being penalized for age in the premium, but In 2014, our roof, like many others, was replaced by Owens Corning at six years old. I never thought to inform the insurer until last year when the roof mania started. Didn't get any credit.

I'm not sure about the 7 years or older, but I do know that the insurance company requires you to replace your roof around 15 - 20 years, regardless how many years your shingles are rated. I learned this the hard way. In 2019, it seemed like everyone was getting their roofs replaced with the insurance company picking up the tab. We weren't ready so I waited. In Nov 2020 we got a notification from our insurance company that they would NOT renew our policy unless we replaced our roof (which at that point was 19 years old) and they would not pay for it. We had it replaced in Jan 2021 in time for the policy renewal. Plus, the new policy has a clause that the insurance coverage for replacement due to storm damage is now pro rated each year as it gets older. So just be aware. The insurance companies will require replacement and I suspect that every time your policy is up for renewal, there will be a clause that reduces the replacement coverage as the roof ages.

Just replaced my 16 yo roof. 2 inspections said I could get another 4 years. I inspected it, a lot of wear on the ridge caps. Renewal on insurance after new roof, policy rate down $343.00/ year.

My roof is 17 years old. I changed insurance companies 3 years ago without problem. I have now had the same policy for 3 years at very reasonable rates with only a very small $17 per year premium increase. My roof is insured for replacement value with a $1000 deductible (or 2% in the case of hurricane)

My advice is to shop insurance companies …. And stay away from the smaller unknown names. I have not experienced any problem with my 17 year old roof. I do have 30 year tiles on the roof.

Rates went up from all roofs being replaced. When bunch of scammers defraud insurance out of hundreds of millions they get their lobbyist to grease some politicians and change rules so they don’t take big loss.

I just renewed my policy with 18 year old roof, course the policy went up so I can help pay for all the roofs replacement. Even the insurance agent said if and when I think my roof needs replaced give there inspectors call cause I am paying for everybody else’s roofs. 90% of all roofs in my neighborhood was replaced. Had one of the drive by roof scammer come to my door 6 times cause they can see the three tab shingles driving by. Last 4 times I say no before they opened their mouths.

Roofs in The Villages
 

The reason insurance rates are going up in the Villages is directly related to insurance companies paying to replace old roofs with new ones without regard to sound underwriting principles. Insurance is designed to put the insured back to whole not to make a profit. Insurance rates are promulgated on risk not profit, and it’s not a “maintenance “ policy. Lately, companies have ignored taking a deduction for depreciation, which is calculated by the roof replacement cost less a deduction for depreciation as the roof ages. Normally it stops at or around 50% of the replacement cost. Then the homeowner insured is allowed the depreciated amount less the deductible. However , the insurance companies have paid the replacement cost instead which have driven their claims costs through the roof and hurt their profitability.

Now many are not insuring old roofs or going back to paying only the depreciated amount less the deductible and the insured pays the rest. The rates for all homeowners is going up at least 40%. You can also thank the roofing companies. Don’t sign a roofing company request to let them deal with the insurance company because they will come after YOU for what the company won’t pay.

Thanks...
:bigbow:

Google: Universal Property & Casuality and call them to obtain a quote on insurance. They do not sell directly but call them anyways. They ask very few questions and then forward your call to an agency who will quote you on their policy. They do not make a fuss over the age of your roof. In fact, they ask NO questions at all regarding your roof. This is the best advice you will find on TOTV today!

under $550 really? Mine is $950 and my house is brand new. Who do you use?

Beware of the unsolicited knock on your door offering to give you a free roof inspection.

Can you share which company you use?

My in-laws recently bought a house in The Villages and insurance companies would not give them insurance AT ALL because the roof was "over 10 years old". I found out later that a lot of Villagers had gotten a "free roof" by having a roofer claim the roof had wind damage worthy of a replacement, when in reality the damage might have been only slight, or non-existent. The first people to do this after a storm get a free roof. But everyone in the area is then affected by increasing premiums or inability to get insurance.

My roof is original ..... 21 years old, and we have it insured with Farmers ( dut dutta dut dut da). Their car insurance is high, but homeowner's is reasonable, since I don't know who else will insure it with a roof that old.