[RVJim]

Originally Posted by 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.

I am not sure this “is the dumbest part of living in Florida”. There are so many other competitors for that prize.

[keepsake]

This should impact those of us with metal roofs. 50 year life that my agent wanted to force me to replace at 20.

[Topspinmo]

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.

No, but I bet they can Jack price up to get shop somewhere else? IMO insurance is Ponzi scheme on both sides.

[Topspinmo]

Originally Posted by keepsake

This should impact those of us with metal roofs. 50 year life that my agent wanted to force me to replace at 20.

I didn’t think residential housing in villages was allowed metal roofs? Only the developer and districts are allowed metal roofs? Got to keep brother in laws in business Replacing shingled roofs every 10 years or when little wind and pea size hail happens.

[Blueblaze]

Originally Posted by RVJim

I am not sure this “is the dumbest part of living in Florida”. There are so many other competitors for that prize.

Name one that exceeds this absurdity in cost and foolishness -- that we are all forced to live with,

[Luggage]

Usually one of the stupider ideas is to have government get involved with business. But since they did I'd like to suggest that the law written is terrible. So we're at least two different ways that it could have been written better one is allowing insurance companies to have an option not to cover the roof and reduce the premium accordingly but allow insurance coverage on the house, the second would be to cover the roof but to allow coverage to be based on usable life left in other words if your house is one or two years old there's no deductible on depreciation of the roof but for every year I'll have 5% deductible depreciation so that after 15 years they'll only pay 25% for replacement minus whatever your actual deductible is IE 4000 or $5,000 so that it doesn't pay to make a false claim. Insurance companies should be allowed to make money but that doesn't mean homeowners should be able to rip them off

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.

[mrlee]

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?

I don't understand these claims by insurance companies about fraud. I had my roof replaced by a contractor who could not do any work until the insurance inspector check the need for the work to be done. Then the insurance company had the say, yes the need is there or no, there is no need. I have work twice with my insurance company on claims and both times I needed an approval from them before they would pay. Maybe some of their inspectors get payoff.

[wamley]

If it's fraudulent it should already be in the law books as a crime. Insurance fraud has been going on since there was insurance. Issue is that insurance companies like Credit Cards don't investigate and prosicute small time stuff. Individuals are not targeted, but a large owner of numerous homes or multi apartments are looked into, but single homes rarely are inspected with storm damge claims when it's onesies. They pay the bill and spread it out with all the insured.

[Flyers999]

Originally Posted by Topspinmo

...... Replacing shingled roofs every 10 years or when little wind and pea size hail happens.

I used to do roofing up north for a few years in my younger days. I never replaced a roof that was not leaking, or it was not visually so far past its warranty that it was decaying before your eyes.
A little while ago I got a knock at my door. It was a roofer who claimed to be sent by my insurance company. He examined my roof, showed me pictures of it and claimed it was hail damage. I needed to replace my roof or my insurance would be dropped. I immediately called my insurance rep and she verified that the roofer was indeed from my ins company. So I checked my attic and crawl spaces to look for leaks. If your roof is leaking, you will find out quick. I could find nothing, bone dry. My roof was 17-years old ; it was a 30 or 35 year warrenty; I was going to replace it in three years anyway.

Again, why would anyone replace a roof that's not leaking?

[tophcfa]

Originally Posted by Papa_lecki

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.

They are in the business of accessing and pricing risk and making money. If they feel writing a policy on a home with an older roof, located in a market where roofing scams are hurting their bottom line and is not consistent with their desired risk pool, they will significantly jack up rates to recalibrate their risk pool.

[HJBeck]

Originally Posted by Michael G.

I smell premium increases in the future

Thought I read that the Insurance companies will be able to prorate roof coverage based on its age. ??

[rsmurano]

Originally Posted by 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.

None of this makes sense. I know many Chevy and fords that are 50 years old that are worth many times the original cost of the car, so if they are insured, they better pay up if an accident occurs.
As for insurance, why would insurance companies pay for a 15 year roof? Roofing wears out with age, not sure in 15 years but at some point they stop providing protection. I would think that if an inspector checks the roofing and it has much more life to it at 15 years, then the insurance company should insure it for the same price as the year before but with any normal increase for inflation. This is what the new law should state, not that everyone has to buy a new roof after 10-15 years. Just like a car, your insurance doesn’t cover wear items like tires, engine repairs, paint, etc..

[Pairadocs]

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.

Ah but they do anyway ! Hired two different ACTUAL roof inspectors who said roof had much more than 5 years left, and could be up to 10 based on the quality of the original roof and condition. However, not good enough for American "Integrity" (I question that part of the name !) insurance company, and.... we even included a wind mitigation inspection too. There is "something" very, very, VERY FISHY in this land of fish and water......concerning insurance and "roofs".

[Pairadocs]

Originally Posted by keepsake

This should impact those of us with metal roofs. 50 year life that my agent wanted to force me to replace at 20.

LOL, LOL, yep, there is something VERY wrong in Florida with this "roof thing". "WE, the people" need to get together before this next election, regardless of what "party" you prefer, we need to start paying more attention to "WE the people", than to "party" ! This roof, and now AC, "inspection" racket is just that... a racket !

[EdFNJ]

Originally Posted by RVJim

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.

Obviously not every company will do that, but those companies who don't want to do business with you can easily push you away without "breaking the law." Example: last year one's policy was $800 but this year $1900 because your roof is too old. Prove it they will say when the customer complains or look elsewhere (because that was the idea). That may be their "price to do business' as well as the way they can say goodbye to someone they don't want to cover.