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Location: Sarasota/ Bradenton - University Pkwy area
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In Florida it becomes more difficult to get insurance once a roof is more than 15 years old. If they will even talk insurance, they want an arm and half of a leg for coverage. I noticed roofs becoming more of an issue a couple of years ago. Many also now want to know that any renovations that increased living space and/or added bathrooms were properly permitted.
In Florida it becomes more difficult to get insurance once a roof is more than 15 years old. If they will even talk insurance, they want an arm and half of a leg for coverage. I noticed roofs becoming more of an issue a couple of years ago.
Does that hold true in Florida even if the home owner used impact-resistant 40 year shingles, or a metal roof? Because if the insurance companies are going to insist those products be replaced every 15 years, MAN is that going to be expensive!
It would be deeply ironic if rigid insurance industry rules resulted in people actually being forced into re-roofing with inferior, less durable materials. So much for cost savings!
Does that hold true in Florida even if the home owner used impact-resistant 40 year shingles, or a metal roof? Because if the insurance companies are going to insist those products be replaced every 15 years, MAN is that going to be expensive!
It would be deeply ironic if rigid insurance industry rules resulted in people actually being forced into re-roofing with inferior, less durable materials. So much for cost savings!
Here's my story to illustrate how screwed up the whole system is. I'll preface this with--never put in a claim for anything. Had a house in Fla and got Nationwide Insurance for $500 a year in 2001. Everything was fine until 2005 when there were a couple of hurricanes resulting in a lot of damage in very specific areas (not ours).
Companies began raising rates and dropping people's property insurance (they were happy to cover your car, though) even if they never had a claim. My rates pretty much tripled quickly. (Governor Crist finally froze rates on all the companies as they were out of control). I called the company to ask why the rates went up so much, and they told me Florida had approved a 10 percent increase. So why did mine go up so much? Because they were spreading the increase around and people near the coast were getting huge increases, while others were getting a few percent higher. Make sense to you? Because it didn't to me. Sounds like very fuzzy math.
I thought I was lucky to have insurance, as many people were simply dropped for no reason at all. Then I got dropped for no reason at all. I got a new insurance company. A month after it went into effect, I got a notice that they had inspected our property (when we were not home) and decided we were too close to a sinkhole, so they were cancelling us, but we could keep coverage without sinkhole coverage. Apparently, they can't bother doing inspections before you buy the insurance.
Having never heard of any sinkholes with 100 miles of where we lived, I asked them to send me the 'report' showing a sinkhole. The geographical map they sent me (barely legible) had a measurement that stated we lived 5 miles from the coast. We lived at least 15 miles inland (they said they had their own way to measure it). The map and report had been made by a company in Massachusetts that was nowhere near Fla, and who I could not contact for some reason.
There was a sinkhole marked on it 2 miles from the house. Nobody I spoke with had ever heard of a sinkhole anywhere near our town, never mind in it, and I certainly could never find it. Sinkholes are a huge deal, and had there been one in the area, it would have at least been known by someone. They just did not want to provide sinkhole coverage, and thought they could cover us (for the same amount of premiums) without it. So they would sell you the policy, than claim due to an inspection that they had to drop sinkhole coverage, and therefore not cover people for it at all. I know others who had the exact same thing happen.
To make a long story longer I cancelled the insurance and ended up with Citizens, the Fla state pool that most people were getting at that point because it had the lowest rates and sometimes was the only insurance people could get. Eventually, and due to our insurance industry-loving governor Scott, everyone started getting dumped from Citizens, and put with companies nobody ever heard of. We sold our house, so I don't know what the situation is now, but I do know Fla pays ridiculous rates for coverage even though a hurricane hasn't really hit in years.
I know this isn't the same case as yours, but the moral is don't try to reason with them--just find a new company if you can. They aren't all the same.
Maybe try to have your agent reach out to the previous owner through the listing agent to see which company the sellers used? Maybe you can purchase coverage that way for now until you figure out a better carrier that will take you. At least have SOME insurance on it for now?
It's an uphill battle but you may be able to provide documentation that the roof has a remaining economic life of at least 5 years and is structurally sound. Contact a professional contractor. It may be worth a try. It has worked for me in past transactions. Good luck!
Unreal, Enigma777! It seems clear from your story that the industry is in need of better regulation.
OP, good luck finding a new and more reasonable insurance company to deal with. I don't envy your situation at all. At least in my case I can re-roof the house in the spring/early summer if my current sale falls through, then put it back on the market for $15k more with "New Roof!" as a selling point. I don't want to have to do that, but it is a viable option if the worst happens.
I purchase home owner's insurance for a newly purchase house about a month ago. I just got a notice that they inspected my home (while I wasn't home, I guess they just did some casual observation outside) and will cancel my policy unless I show proof of a NEW ROOF within a month.
Yes, the roof has few slightly lifted shingles, but there are no leaks. I have two questions:
1) Do you think if I switch to another insurance company, there is a chance that they won't be as strict?
2) Do I have anything to lose or any potential problem to encounter by switching to another insurance company now?
Yup. My boss was installing a new AC unit. In his house the unit is in the attic/roof and there was a hole because he just removed his old unit and was getting ready to install the new one. Insurance guy drove by and he got a letter cancelling him.
I live in a wildfire risk area of CA for insurance purposes.
The insurance companies that have policies look for reasons to cancel them. They state things like a tree that is 3 houses away and not on your property is too large or the road is not acceptable, even though its a County road.
Many people now get their insurance through non-admitted sources such as Lloyd's of London.
And when you can get insurance the rates are horrid. Mine is $3000 a year with $10k deduction and insured at 40% coverage.
Had this happen to my Mom's house states away. It is scary reading those words...Don't panic.
Call them. They hook you up with another casualty insurance co. You have time...in our case we had a year...one area of roof, and tree branches to close to eaves. I paid for materials and a nephew did the work. Then your insurance wants call..and they reimburse or credit your back on original plan after couple calls and re inspection.
I think I paid 150.00 incrementally to cover the whole year...anyway sounds scarier than it was.
And, yes they inspect randomly...triggered by small stuff...or in your case "buying" a house.
Call your insurance co.
Shouldn't they have performed the inspection before closing? Now that I own the house, I lost the chance to further negotiate down the price.
You might have a point...Seems seller should have made monetary adjustment. Might be worth finding out if they already got a letter prior to selling to you...
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) even if they never had a claim. My rates pretty much tripled quickly. (Governor Crist finally froze rates on all the companies as they were out of control). I called the company to ask why the rates went up so much, and they told me Florida had approved a 10 percent increase. So why did mine go up so much? Because they were spreading the increase around and people near the coast were getting huge increases, while others were getting a few percent higher. Make sense to you? Because it didn't to me. Sounds like very fuzzy math.
