Might want to anticipate state farm insurance issues
 

State Farm sees large losses in 2023

Not a good scenario . . .

Just renewed multiple policies. Minimal increase. Non event

:MOJE_whot:
:highfive:
:cool:

great news, I am actually surprised, but good news

We have bigger issues, we have Farmers, who is pulling out of Florida entirely and has already informed us they won’t renew our policy next fall. We also have a 17 year old roof, on a 28 year old home, that insurance Companies want nothing to do with. We’re getting the roof replaced later this winter and will have to find a new insurance company later in 2024. Not something I’m looking forward to.

No worries insurance companies leave all the time in Florida. New ones come in, then original’s return years later. It the circle of life in insurance terminology

I recently talked to my former roof sales rep. I mentioned that this area is probably a gold mine for roofing companies. He said absolutely not. The new law has put an end to free roofs and he can not do what was done before the law was enacted. He also said that the lack of any major storms has hurt the business.

I thought State Farm would be there for ‘my what ifs”

Jake lied.

sorry, NOT SORRY!

grifters. .

I’m kind of in awe and kind of envious.

We just purchased an Iris in Buttonwood. The house inspector said that the roof had another 5-6 years in it. State Farm wrote the policy.

Two weeks after closing, State Farm underwriters canceled the policy and returned our lump-sum payment.

We had to pay a lot of money for a new roof and now we have State Farm again.

Our house was built in August 2010. We were told that State Farm doesn’t insure anything in this area built before 2006.

A roof near end of useful life will likely result in a major claim. They are not going to accept a third party opinion, nor should they. They are on the hook, not an inspector. No one can precisely predict when it will fail, too many variables so they will be conservative.

InterNACHI's Estimated Life Expectancy Chart for Florida Homes

Asphalt Shingles (3-tab)
10 to 12
Asphalt (architectural) 15 to 20


However, keep in mind that the harsh climate in Florida, including hurricanes, heavy rain, high humidity, and intense sun exposure, can cause wear and tear on roofs and shorten their lifespan

Problem is that replacing State Farm, Farmers or any other strong national company with an upstart Florida only company. Recipe for disasters.

Bet the roofers got 20-25% more on the free roof claims. All were working on an assignment of benefts(AOB) contract which the legislature has partially curtailed.

Florida insurance regulators just approved 6 new companies to begin writing property insurance policies in the state starting in 2024.

Don't look to State Farm for help
 

They refused to quote me since my home was over 20 years old (built in 2000, 3 year old roof).

It seems to me that insurance companies are in the business of making money. If there is money to be made they will come and offer policies here. However, with rising costs of building materials and labor, and increasingly destructive weather, it will come at an ever-increasing cost to the consumer.
I am hopeful that the new legislation will do away with the free roof scam. That has to help a bit.