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Have A 20-year-old Roof? You May Lose Your Homeowners Insurance

Have A 20-year-old Roof? You May Lose Your Homeowners Insurance

Have A 20-year-old Roof? You May Lose Your Homeowners Insurance
News from TheStreet.com:

Is newer always better? When it comes to insuring roofs, it is.

In a new trend, many 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.

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. Flori…………… continues on TheStreet.com

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