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Old 03-28-2014, 03:59 PM
 
13 posts, read 32,217 times
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We're buying a home with an almost 20 year old roof. We found an insurance company that will cover the existing roof, but this policy is $700 higher than another policy that won't cover it unless it's replaced first. Should we pay for the higher policy and then wait for the roof to get damaged? Or should we get it replaced prior to moving in? Any idea how much composition roof would run on a 3,400 sq foot house (two story)?
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Old 03-30-2014, 12:31 PM
 
Location: Breckenridge
2,367 posts, read 4,669,221 times
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It could be a decade before another hurricane hits. Just replace it and get it over with.
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Old 03-30-2014, 12:46 PM
 
Location: Woodfield
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Yep, it'll likely leak before its damaged.
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Old 03-30-2014, 11:15 PM
 
Location: Dallas/Ft. Worth, TX
3,037 posts, read 8,322,296 times
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Quote:
Originally Posted by kupa View Post
We're buying a home with an almost 20 year old roof. We found an insurance company that will cover the existing roof, but this policy is $700 higher than another policy that won't cover it unless it's replaced first. Should we pay for the higher policy and then wait for the roof to get damaged? Or should we get it replaced prior to moving in? Any idea how much composition roof would run on a 3,400 sq foot house (two story)?
Read the insurance policies closely. Unless you have purchased special riders (possibly what the $700 is??) most if not all policies will depreciate the value of the roof before they issue any payment on a covered event. In other words if you have roofing that the manufacturer claimed was a 40 year life span it is already half over. The insurance companies will typically pay only 50% of the cost of comparable shingles/labor to replace that roof. With that you will also need to subtract your deductible so what you can collect from a covered insurance event might be very little. Another item to consider is the actual overall condition of that roof and will it perform to prevent water penetration into the home? That is most likely one of the reasons the other insurance companies are balking at even covering it.

There are multiple variables that a reputable and professional would need to know to give you any type of valid estimate for a replacement. If you are still in your option period I would highly advise that you do have a reputable and professional roofer review the roof to estimate not only a full replacement but also any repairs they see are needed now. In that way no matter which route you choose (replace now or later) you can understand how much it could cost. Keep in mind that the cost of shingles has skyrocketed in the last 10 years and any estimate you obtain now for a future replacement is only something to plan on and start budgeting for so you are not caught totally by surprise later.
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Old 03-31-2014, 07:25 PM
 
1,232 posts, read 1,886,422 times
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When I shopped for homeowners insurance in Houston, and when I actually had my 16 year old roof replaced due to hail in 2013, I never came across the depreciation issue - - though I have seen it mentioned in other roofing discussions. The deductible was always the important variable. Of course, agree it always makes sense to read the policy carefully.
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Old 03-31-2014, 09:25 PM
 
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IIRC, one of the reason homeowner insurance is so high in Texas is due to the state requiring full replacement cost.
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Old 04-01-2014, 08:33 AM
 
34,620 posts, read 21,444,545 times
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I'd get a roof quote and figure it into the purchase price of the house. If the new roof means either the house costs more than it is worth or you can't afford it with the cost of the roof, keep shopping for homes.

The last thing you want is to wait for a new roof and end up with all sorts of damage due to a leak.
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Old 04-01-2014, 08:40 AM
 
28,564 posts, read 18,573,551 times
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One thing you can bet on is that insurance companies don't miss a bet. Every insurance company available to you knows the risk of insuring a 20-year-old roof in your area, and that risk is the same for every company. The only difference is whether they make you bear the brunt of risk or make you pay for them to bear the brunt of the risk.

You need to determine the level of risk for yourself.

It's surprising that you have a 20-year-old Houston roof that's still serviceable, unless it was a very high-quality roof to begin with. It may well be a darned good roof, so as others have said, have two or three professional inspectors give you estimates of its current state (as usual, "don't ask a barber if you need a haircut").

If they tell you that your roof is basically in good shape, then you might want to get lower-cost insurance and begin saving heavily for roof replacement. Inspectors won't usually give you anything more specific than something like "satisfactor for the next five years," though.

If they tell you the roof is on its last legs, then as has been suggested negotiate that into the purchase price of the house and begin saving heavily for roof repacement.

Remember that when the roof finally wears out, you'll have to pay for a replacement out of your own pocket so you need to save for that anyway. The insurance is just to help you if there is a weather catastrophe.

Last edited by Ralph_Kirk; 04-01-2014 at 08:48 AM..
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