Insurers may not cover 20-year-old roof
As expensive as it may be to replace a roof, you may have no choice if doing nothing would cost you your home insurance policy, according to Chip Merlin, president of Tampa-based Merlin Law Group, P.A.
“Insurance companies are generally tightening underwriting requirements for older homes in general — and then specific homes where there has not been a replacement of roofs, plumbing or electrical. Roofs are the biggest issue,” says Merlin. “Generally, in geographic areas where the demand of insurance exceeds the insurance company’s appetite for risk, the greater the underwriting criteria come into play. Florida is such a state, but we are also seeing it along all coastal areas and in areas where hail damage is most prevalent.”
Merlin notes that while some companies are tightening inspection requirements and requiring homeowners to cover the cost of these inspections for renewals, most insurers are simply refusing to write new policies for homes with roofs older than 20 years.
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