You don't. If you have a claim for a new roof and the roof is 10 years old and the life expectancy is 20 years, your insurance will pay you 50%(10/20) Was in the insurance biz and bet there is a lot of fine print in this policy.

This has been going on for a long time. Why would an insurance company want to write a policy where in the odds of having a claim are higher. Just like health insurance. Insurance companies do not want to write policies on older people due to the likelihood that an older person is more likely to get sick.

A good hail storm does not help either.

No different than people who take 1% or 2% deductibles to keep their premiums lower.

So Kin is pays out the depreciated value of the roof, correct? Do other policies (or is it all policies) pay for the replacement value of the roof?

I've been spoiled rotten by my Chubb policy up north ... never a full roof replacement, but I did have some storm damage from a fallen tree - they covered the entire replacement and waived the deductible - the adjustor was very surprised when I told him the roof was fine except for the bottom 2-3 rows and the gutter. In some cases, honesty is the best policy!

Thanks!

God forbid TV moves to metal roofs.

I have Foremost and I've received a letter from my agent stating mine will not be renewed. Maybe he just assumed that because Farmers owns Foremost. Luckily mine was just renewed in June, so I have until June 2024.

There are many other reasons
 

Um ya, have you ever seen a metal roof get peeled by high winds. It’s better to loose a couple of replaceable shingles than half your roof which damages the next three houses down with debris. Hurricanes would be a huge factor.

As far as an insurance problem in a state, we could get as bad a California? Allstate and Farmers pulled out of there last month. California'''s homeowners insurance crisis is growing and spreading to car insurance | KPBS Public Media

Yeah depreciation is always a shock. Total your car and find out it is only worth half the price of a new one to the insurance company.

Roof
 

I got an old roof and have no problem with insurance. They may charge more for insurance, but you can still get it. You need to shop around.

It’s seems that they treat the roof as a depreciable asset as opposed to a full replacement cost item. This makes perfect sense to me. People have been using and abusing insurance companies for years expecting them to pay full replacement cost on several insurable assets (cars, boats, roofs, etc.) that have little serviceable life remaining.

Certainly if someone wants to pay the higher premiums for full replacement cost and the insurer is willing to accept the risk, then that’s a different issue altogether. I’d much prefer to keep my premiums lower and have the insurance company simply cover the value of the asset on a depreciated basis.

You put up the new roof and then you pay the difference in cost?

Same here, had KIN for one year before they doubled my premium and I also am on my fourth company in as many years

Think about automobile insurance. It your 10-year-old car is totaled in an accident, your insurance is not going to pay the entire bill for a new car.

Depending on area most roofs last way longer than 15 years. They don’t all sudden go bad at magic 15 years it’s under estimated guess used by insurance company’s. use rules put in place insurance lobbying state. I don’t think I can buy 15 years shingles. My roof here if Florida was 19 years old at time of the pea size hail (peas size hail don’t damage anything) and majority all around area. All sudden the roofs were damaged by peas size hail that majority didn’t even get.

One person got free roof replaced and then the word got out. Once scammers got on roof with that free inspection all sudden they were bad. I had one scammer knock on my door m y times. The last time I said leave before he could open his mouth.

So, the wild fire roof scam spread like grass fire in Kansas. So, what did we get? In the situation we are now. I bet everywhere else in country the roofs are pro rated. Is was in states I lived in.

Now some had damage due high winds for hurricane in 18 and 19? I can’t remember. out of those some could be repaired and some had to be replaced. But, the scammer’s swooped in. Results along with weak state insurance laws we are now in the situation florida in.

I had to get my roof replace to get insurance, I paid for it. The policy I had the three letters company when up 250%. Of course I shopped around and now paid less insurance this year than before. But, who knows what if will cost next year? IMO I afraid it may be impossible to get affordable insurance in Florida due to state failures and companies leaving.