Insurances and roofs
 

Friends just bought a used house in TV.

Couldn't not get insurance due to the roof. . for whatever specific reason, unknown. .

Sellers relented to install a new roof to push the sale through.

Might be the new sales condition for sellers. .
Keep that roof in tip top condition and up to date with the insurance company!

Been that way for about year. I still see old roofs around. I don’t know how they are getting insurance? I won’t comment on why. But it’s clear why.

Well, if the roof was bad, I'm glad the buyers get a new roof out of the deal. But it's more likely that they just couldn't find an insurance company that is willing to abide by the 2022 law that forbids an insurance company from rejecting coverage due to a 15-year-old roof that has 5 years of life left in it.

But good news! There is at least one honest insurance company left -- Kin. They just wrote a policy on my perfectly serviceable 16-year-old roof at a very reasonable rate. Unlike these moronic Florida companies that insist on writing full-replacement policies on a depreciating asset, Kin depreciates the coverage of the roof as it ages, so they don't have to worry about roof scammers.

A properly installed metal roof will last 40 to 70 years. Friends of ours in Tennessee had a metal roof installed on their house. It did cost more than asphalt shingles but when you consider how long they last it is worth it. The roof was imprinted to look like regular shingles, and at a casual glance you couldn't tell it was metal. The metal roofs don't look like the silver corrugated metal used on a barn. I don't understand the resistance in TV to metal roofs. Is some one getting kick backs on roof replacements? I can't think of any other reason.

I'm not sure I'm following the logic here... so if you have a 10yo roof, Kin is only covering the value of a roof that is 10yo? If you have damage, they won't pay for putting on a new roof, only what a 10yo would be valued at? How do you put up a new roof that's 10yo? Recycled shingles?

My understanding is that your existing insurance company can’t dump you under the circumstances stated above. It doesn’t mean they have to offer coverage to a new customer. It’s only getting worse, Farmers will be sending out mandatory 120 notice letters to all existing customers with insurance through the Farmers name (not subsidiaries like Foremost) starting October first stating that they won’t be renewing ALL homeowners and auto policies in the state of Florida. So basically, everyone in Florida with a policy that renews after January 28, 2024 will be getting dumped. If they pull entirely out of the state, they aren’t bound by any laws to protect their former customers. So out goes one of the biggest insurance companies in the state, leaving countless residents looking for policies from other insurers who don’t want more exposure to that market. It’s a disaster scenario in the making, compounded by the rapid growth of the state.

At least our Farmers policy renews December first and our roof is 14 years old, so the law prevents them from dumping us until December of 2024. We are probably going to have to replace our still perfectly fine roof before then to get another company willing to offer us a policy. Thanks a bunch to everyone who participated in the new roof scam, your actions are causing us both a major hassle as well as $$$$$$.

The next angle will be that the insurance companies will write the policy on 16-20 year old roofs but, just charge outrageous premiums.

Already happening.

Just be prepared to go through the insurance hunting process again in 1 year. Kin was my former insurance company of 1 year before they increased my rate by over 100%. I now have State Farm, who insured my house with a 16 year old roof. I've owned my home for 5 years now and have had 4 different insurers.

Our house was built in 09 and we have the original roof. Still in great shape. Had no problem getting insurance thru HH Insurance in St Pete. They sent out an inspector and said we were good to go.

It's very simple. If the roof is 10 years old and has an expected life of 15 years, they would reimburse you for 1/3 the value of the roof if you had an issue. Makes sense - why should the insurance company have to replace a consumable at full value? You were going to have to replace it at full value in 5 years anyway.

PoolBrew...isn't that what you said in your first post...they pro rate it like many things that have warranty coverage. I was picking up what you were putting down.

I personally wouldn't want a metal roof in Florida, with the amount of rain we get. The metal roofs are substantially louder than asphalt roofs when it rains.

With the sound proofing insulation used on modern metal roofs you don't hear any noise from the rain. They ain't your grandfather's tin roofed barn.

This depreciation in the Kin policy ACTS like a way to keep premiums lower. Wait till the homeowner has a claim for a new roof. Will have a good case of buyers remorse.