[mikreb]

Beginning July 1st insurance companies in Florida can no longer deny coverage if the roof is under 15 years of age. If the roof is 15+ years old and insurance company requires roof replacement to continue coverage you can hire a licensed inspector to examine the roof. If the inspector determines there is a minimum of 5 years of life left on the roof the insurance company cannot deny new coverage or renewals.

[Rainger99]

New Florida Insurance Law’s Impact on the Roofing Industry | Roofing Contractor.

[Stu from NYC]

Good news

[Michael G.]

I smell premium increases in the future

[EdFNJ]

Originally Posted by mikreb

Beginning July 1st insurance companies in Florida can no longer deny coverage if the roof is under 15 years of age. If the roof is 15+ years old and insurance company requires roof replacement to continue coverage you can hire a licensed inspector to examine the roof. If the inspector determines there is a minimum of 5 years of life left on the roof the insurance company cannot deny new coverage or renewals.

Originally Posted by Stu from NYC

Good news

But does it prevent them from increasing your rate astronomically on that renewal or charging you much more for a new policy on an older roof? Not according to the quoted article. So I guess it will force them to insure you but not control how much of a premium they can or will charge. Then the Mr Homeowner might say "sorry, not going to deal with you Mr Insurance Company" and Mr Insurance Company will say "that's the idea."

After a few years insurance prices may drop (yea, right, haha) because scammers will be shut out.

[tophcfa]

Cannot deny coverage, but can make coverage ridiculously unaffordable. How about making fraudulent roof claims a crime, and then correspondingly reducing insurance premiums for responsible homeowners?

[RVJim]

Originally Posted by tophcfa

Cannot deny coverage, but can make coverage ridiculously unaffordable. How about making fraudulent roof claims a crime, and then correspondingly reducing insurance premiums for responsible homeowners?

Ridiculously unaffordable? More like priced appropriately for the risk. Free market at work and I wouldn’t have it any other way. Everybody loves a free market economy until the pricing isn’t to their liking.

[EdFNJ]

Originally Posted by RVJim

Ridiculously unaffordable? More like priced appropriately for the risk. Free market at work and I wouldn’t have it any other way. Everybody loves a free market economy until the pricing isn’t to their liking.

Very true, but the point is to avoid the new coverage rules they could intentionally make the cost so painful you wouldn't buy it anyway, which would accomplish the same thing as saying "a new roof is required if it's older than 10 years, if you don't like it look elsewhere." There is a difference between "free market" and pricing to intentionally price one out if they don't want you and just want to get around the new regs.

[RVJim]

Originally Posted by EdFNJ

Very true, but the point is to avoid the new coverage rules they could intentionally make the cost so painful you wouldn't buy it anyway, which would accomplish the same thing as saying "a new roof is required if it's older than 10 years, if you don't like it look elsewhere." There is a difference between "free market" and pricing to intentionally price one out if they don't want you and just want to get around the new regs.

How does the carrier know beforehand if the price they are offering is so high the customer will say no? Writing quotes costs money. I think they will give a customer a price they are willing to do business at and not just waste everyone’s time writing go-away pricing.

When I sell something I price it at my thought on value. To someone else that may be a ridiculously high price but to me it is the price point I am willing to business at.

[Papa_lecki]

Originally Posted by tophcfa

Cannot deny coverage, but can make coverage ridiculously unaffordable. How about making fraudulent roof claims a crime, and then correspondingly reducing insurance premiums for responsible homeowners?

It does - from the article…..

The law modifies this so that if a roof is more than 25% damaged but complies with the state’s 2007 building code, it only needs to be repaired.

It did ease that threshold requirement, which is going to make it more difficult to obtain a full roof replacement,” said Cotney.

Along with these changes, the law hopes to put a stop to roofing scams. For instance, in March, two Florida contractors were arrested for allegedly enticing homeowners with rebates to cover their insurance deductible if they submitted a full roof replacement claim to their property insurance company. To address potential roofing scams like these, contractors using printed or electronic advertisements to encourage consumers to contact them for the purpose of making an insurance claim for roof damage must include information stating:

Consumers are responsible for paying the insurance deductible.
It’s insurance fraud punishable as a felony for a contractor to knowingly pay, waive or rebate all or part of an insurance deductible.
It’s insurance fraud to intentionally file an insurance claim containing any false or misleading information.

Previously, contractors could recoup attorney fees from insurers if a lawsuit is successful. Under the new law, this is no longer the case when they’re assigned benefits. Homeowners, however, can still recover prevailing party fees if they file a lawsuit against insurers.

[bimmertl]

Here's how the state backed (financially backed by all the citizens of Florida) insurer of last resort is doing.

Citizen’s Property Insurance facing 900 new lawsuits a month

[ThirdOfFive]

Originally Posted by Michael G.

I smell premium increases in the future

Bingo. Someone is going to have to pay for replacing roofs on the verge of needing replacement. Might as well be the existing policy holders.

[missibu@gmail.com]

Originally Posted by mikreb

Beginning July 1st insurance companies in Florida can no longer deny coverage if the roof is under 15 years of age. If the roof is 15+ years old and insurance company requires roof replacement to continue coverage you can hire a licensed inspector to examine the roof. If the inspector determines there is a minimum of 5 years of life left on the roof the insurance company cannot deny new coverage or renewals.

Very useful information, thank you 😊

[Blueblaze]

Here's a crazy idea. Ever hear of DEPRECIATION? If you wreck your 15 year old Chevy, you don't expect State Farm to buy you a new one. So why do you expect State Farm to buy you a new roof if a tornado blows away your 15-year-old roof?

I'll tell you why. BECAUSE THAT'S THE ONLY KIND OF INSURANCE YOU CAN BUY IN FLORIDA -- full replacement cost coverage.

All of the fraud the insurance industry blames on our high rates is due to their own dumbass insistence on selling these stupid full-replacement-cost policies on a depreciating asset.

They have basically forced everyone to find some way to buy a new roof they don't need every 10 years, and sooprise, sooprise, the roofing scammers found a way. It's the dumbest part of living in Florida. And what did our brilliant legislature do? Did they mandate depreciating insurance to fix this absurd situation? Oh, hell no. They just made sure that your insurance company can screw you to the wall with rates beyond imagination, while continuing to sell you the same idiotic full-replacement coverage on your 15-year-old roof. At least before, you got a new roof periodically. Now, instead of spending your money to replace it, you'll spend the same money on insurance and live with your old roof. Or, you'll just give up and play the game -- let some roofing scammer make your insurance company buy you a new roof next time there's a big storm.

Dumb... dumber... dumbest.

[Papa_lecki]

Originally Posted by tophcfa

Cannot deny coverage, but can make coverage ridiculously unaffordable. How about making fraudulent roof claims a crime, and then correspondingly reducing insurance premiums for responsible homeowners?

They are literally in the business of writing insurance policies. If they make the premiums ridiculously expensive and no one insured with them, they are out of business.