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In one instance I read a story about one person who had free market insurance at $800 per year and the lender ordered force insurance rate was $3600 per year.
So its basically 350% more than you are paying right now with less coverage.
I think I read most of the posts but I don't remember OP saying how many layers of shingles are on the house. Here, a few people have had that problem. I think that 2 layers are the limit. I have seen some with too many to count and the weight can cause a cave-in if rafters are weak/rotted and I did see it happen once.
This seems like an urgent problem and I would address it anyway I had to to get it done.
Insurance is big business with the profit being determined by how much in premiums retained.
Plenty of 3 roof homes here dating from the 1950's... then again we don't have snow loads.
Going over an existing Dimensional Roof can be problematic... most older 3 tab shingles were relatively flat.
I did a lot of business with Fireman's Fund and never a problem... they merged or were bought and every policy that came up for renewal was now a problem... never a claim in 30+ years with multiple properties.
Simply stated Fireman's made a decision to separate from lower value older homes... they wanted a 500k threshold for new business... most of the single family homes I managed were half that.
I was able to place all my policies with another company and it has worked well...
I think I read most of the posts but I don't remember OP saying how many layers of shingles are on the house. Here, a few people have had that problem. I think that 2 layers are the limit. I have seen some with too many to count and the weight can cause a cave-in if rafters are weak/rotted and I did see it happen once.
This seems like an urgent problem and I would address it anyway I had to to get it done.
Per my hired inspection, there may be two layers. He inspected it from outside and inside.
There is no way the insurance inspector, from outside inspection only, can tell how many layers.
The term for insurance placed by the lender is force placed insurance. There has been a lot of controversy over force placed insurance. Many state insurance commissions have info online about this problem, such as this one: https://www.scc.virginia.gov/boi/pubs/fp_ins.pdf
Force placed insurance is expensive and the cost is passed onto the borrower/homeowner.
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