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Insurance Concerns

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  #31  
Old 12-11-2023, 11:04 AM
anniepatrick anniepatrick is offline
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Buy a condo in Spanish Springs, Vista Lago Place. 2 for sale, new roofs and outside paint within last 2 years.
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Old 12-11-2023, 11:44 AM
Blueblaze Blueblaze is offline
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Well, good news everybody! Problem solved! In 2021, the Florida Legislature made it illegal for an insurance company to reject a 15-year-old roof that has been inspected and proven to have 5 years of life remaining!

My Florida Insurance company -- American "Integrity" -- immediately responded by tacking on a rider that completely removed my 14-year-old roof from coverage -- and hiked my rate 20%! I'm still waiting to hear from what passes for an "Insurance Commission", concerning this obviously illegal action. No doubt , they'll get to my little problem about 10 years after they deal with all the fraud and abuse following next year's surprise hurricane disaster that's never happened before in Florida. Gotta give Morgan and Morgan a chance to snub their nose at the 2022 Tort Reform law, you know!

A.I. was so intimidated by the new insurance law that they hiked my rate 100% the next year, while I was still waiting for a response from the gooberment. That's what you get for complaining about your treatment at the hands of the Florida roofing/insurance/politician cartel, I guess.

Fortunately, this year, Chicago-based Kin stepped in and wrote me a depreciated asset policy that's merely twice what I paid for twice the house in Texas. But who knows what's in store, once the introductory rate expires. I'll probably wind up just doing without. Hope they don't send some guy to break my legs!

And to think, this all started because half my neighbors let some door-to-door crook scam their insurance company out of a new roof. How does someone reach our age without figuring out that there is no free lunch?
  #33  
Old 12-11-2023, 12:16 PM
yankygrl yankygrl is offline
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Quote:
Originally Posted by jlejsek@sbcglobal.net View Post
Hello Everyone,

We are looking to purchace in TV in 2024. A home was listed that is 10 years old. When I asked the sales agent about difficulty obtaining insurnace on a home with a 10 year old roof, she said it won't be an issue until the home is 14 years old. What has been your experience with a 10+ year old roof as it relates to insurability? I am not thrilled about buying a home only to be put in a situation of spending thousands of dollars right out of the gate to replace the roof. Your input is greatly apprciated!
Why don’t you just contact your insurance company and ask them what coverage you would have?
  #34  
Old 12-11-2023, 11:24 PM
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Bonanza Bonanza is offline
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Originally Posted by retiredguy123 View Post
You need to understand that, as a buyer, the sales agent represents the seller, not you. So, any information she provides is designed to facilitate the sale, not to assist you. You are asking the wrong person for information.
You are passing on bad information. Not all agents represent a seller. For all my active real estate years as a "transaction broker," I NEVER represented the seller. Transaction brokers do not represent the buyer or the seller but have to treat both parties fairly. Most Florida real estate agents are transaction brokers.
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  #35  
Old 12-12-2023, 02:05 AM
retiredguy123 retiredguy123 is online now
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Originally Posted by Bonanza View Post
You are passing on bad information. Not all agents represent a seller. For all my active real estate years as a "transaction broker," I NEVER represented the seller. Transaction brokers do not represent the buyer or the seller but have to treat both parties fairly. Most Florida real estate agents are transaction brokers.
Not bad information. To be a transaction broker, you need the written consent of the buyer and the seller. In most cases, there is no written consent of either the buyer or the seller. As a seller, who is paying the commission, I would never consent to allow my agent to change to a transaction agent until after the sales contract has been signed. But, yes, a licensed agent must treat both parties "fairly" at all times. From the Florida statute:

"FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT."
  #36  
Old 12-12-2023, 04:40 AM
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Sold our 12/2009 built designer with original roof. Inspection written 5 years left on roof. He stated it should be more, but legally can only write 5. Insurance had zero issues with renewal, and basically pay rates equal to house up north. Depending on state you are coming from, homeowners and car insurance for us are same ballpark $$
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Old 12-12-2023, 07:58 AM
jimmy o jimmy o is offline
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There should be no problem with a 10 yr old roof. The insurance company will ask for a “four point inspection”, then is all is well you will be ok’d for insurance, if any problems are found during “four pint” they will need to be addressed before insurance ok. You should not be afraid of a 10 year young roof. My house was built in 2004 and my State Farm insurance is just getting renewed now. However I was notified that next year roof will need to be replaced before renewal. I have no problem with that my roof is 19 years old, it’s time to replace as shingles now are just starting to curl.
  #38  
Old 12-12-2023, 08:14 AM
mrf0151 mrf0151 is offline
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Quote:
Originally Posted by Michael 61 View Post
I’m a retired insurance claims manager - I dealt with fraudulent claims on a daily basis - unfortunately there are many dishonest people who “scam” the insurance industry, and thus contribute to rate increases - no different than stores that have to pass on price increases due to shoplifting.

Shame on those that participated in the new roof scamming - we are all paying the price now for those dishonest actions.
So, what you are saying is that when my insurance adjuster/inspector from Travelers climbed all over my roof and came down and said " you do qualify for a new roof as you have at least 25% damage," That is being dishonest and that I am scamming? Really??
  #39  
Old 12-12-2023, 10:00 AM
OhioBuckeye OhioBuckeye is offline
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Yes, Ins. rates will go up nexted yr. I’m surprised the Ins. Co. didn’t tell you that you had to replace your water heater too. I know someone that sold their home that was told that they had to replace, roof & heater. Ins. rates are going to get worse!
  #40  
Old 12-12-2023, 10:17 AM
Sandy and Ed Sandy and Ed is offline
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Quote:
Originally Posted by Michael 61 View Post
I’m a retired insurance claims manager - I dealt with fraudulent claims on a daily basis - unfortunately there are many dishonest people who “scam” the insurance industry, and thus contribute to rate increases - no different than stores that have to pass on price increases due to shoplifting.

Shame on those that participated in the new roof scamming - we are all paying the price now for those dishonest actions.
Very true. Unscrupulous roofers combine with unscrupulous homeowners make for insurance scams which honest people pay. I also blame insurance companies that feel it is easier to pass the cost on instead of cracking down on the scammers
  #41  
Old 12-13-2023, 12:47 PM
Andyb Andyb is offline
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She is correct
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home, roof, year, years, insurability


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