Florida home insurance companies are
becoming more restrictive when it comes to roof coverage. Key examples:
- Refusing to renew existing homeowner insurance policies on houses with roofs older than 20 years without passing an inspection; failed inspections often require roof replacement prior to renewal.
- Not writing new policies for homes with roofs over 20 years old.
- Paying actual cash value for roof replacement for older roofs.
While it may be expensive as to replace
a roof, a homeowner may have no choice if doing nothing would cost them their
home insurance policy.
Florida insurance companies are
tightening underwriting requirements for older homes in general. Companies are
becoming more concern with offering coverage to homes where there has not been
a replacement of roofs, plumbing or electrical. Roofs are the biggest issue
especially in areas of the state where the demand for insurance exceeds the
insurance company's appetite for risk (i.e., our coastal areas). In those areas
of Florida the underwriting criteria come into play to a higher degree.
If you have questions on coverage for
older homes, homes without updates within the last 20 years, and how those
factors impact the availability and cost of insurance, contact us with those
questions.
904-677-5884
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