Your Homeowner's Insurance May Have A Problem With Your Old Roof

[GEOINTAnalyst]

Many insurers are becoming more restrictive with roof coverage in order to limit the number of claims that can come from a leaking or worn out roof. As of 2020, most insurance companies are requiring all shingle roof systems over 7 years of age be replaced with new.

There have been incidents where a few insurance companies refused to renew existing homeowner’s insurance policies on houses with roofs older than 20 years of age. In such cases, insurance companies did an inspection and the house didn’t pass. The insurance companies required the owner to replace the roof before renewing the homeowner’s insurance.

Other insurers have a policy to not write new policies for homes with roofs over 20 years old. These insurance companies may only pay actual cash value for roof replacements on older roofs when they’re damaged. This means they don’t pay to fully replace the roof, but only reimburse for what an old roof is worth after 20 years of life.

What this means, is if you have a roof that has lasted 20 years, then you are not able to renew your homeowner’s insurance. Insurance companies tend to believe that at that point, there are issues within your roofing system that cannot be seen, which could potentially deteriorate the deck and expose them to higher risks for additional claims. In that case, it would be worth your money to replace the roof.

https://www.honestroof.com/your-homeowners-insurance-may-have-a-problem-with-your-old-roof/

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Here is what happened to me - got a notice from my Home owners insurance saying my roof is 20 years old I have until Dec to replace it or I ill get dropped - I told them I have 40 year shingles and they are only at half life - the insurance company said that does not matter you have to replace your roof every 20 years - they also said some other home owners insurance will require replacement every 10 to 15 years no matter what type of roof you have - so check with your home owners insurance and see what their new requirements are

 

[Tall Timbers]

The home we're buying in Cheyenne has 50 year shingles and apparently comes with a 50 year transferrable warranty. I think it's about 2 years old. I'll probably self-insure.

 

[DWB]

I can see their point, but something about this just doesn't sit right.

 

[fl2007rn]

I live a few blocks from the beach in Florida and the home owners insurance is really expensive. We have opted not to have insurance because it would cost us $ 7,000 a year. Our roof is 7 years old and I can't imagine having to replace a perfectly good roof. Why aren't the environmentalists complaining about all the roof waste going to Landfills?

 

[TimeWarpWife]

Makes me glad to live in a condo because our monthly condo fees cover maintenance, groundskeeping, insurance, etc.

 

[Tall Timbers]

I wonder if this has something to do with piling so many costs onto homeowners that they give up... The globalists want to move us all into soviet style high rises connected to work by rail so we don't need povs... The liberal borough up here made some kind of a rule that if your woodstove is 25 years old or older you can't sell the house unless you remove the old stove. Mine has a catalytic converter in... you can replace the catalytic converter every 15 years or so and the cast iron stove is as good as the first day it was installed... The idea of replacing a roof every 7 years is ridiculous, wasteful, senseless... which makes me think it's probably part of the agenda being thrust upon us that is less and less hidden as the days pass by.

 

[Mocha Latte]

It’s time for either…
A) New roof
B) New insurance company

I would choose B

 

[Carl]

Wonder if I will have to replace my grass every 7 years? Or the dirt?

 

[NewWine2020]

I can see their point, but something about this just doesn't sit right.

Seems like a tiny piece of the puzzle whereby regular folks are gradually "brought to the realization that private home ownership is just too darned expensive"...

I'll bet their next move is "as a RENTER (who owns nothing and, as a result is happy) you can buy cheap renters insurance and rely on your lord, err, landlord, to take care of all that expensive home owner upkeep stuff!"

 

[MapleLeaf]

Every 7 years??? That is senseless. Sick of the blatant land and property grabs.

 

[cheeky200386]

I live a few blocks from the beach in Florida and the home owners insurance is really expensive. We have opted not to have insurance because it would cost us $ 7,000 a year. Our roof is 7 years old and I can't imagine having to replace a perfectly good roof. Why aren't the environmentalists complaining about all the roof waste going to Landfills?

I'm so happy you posted this. Mike and I moved to FL last week. We want to buy a house but I warned him that home insurance is probably insane here. That's crazy!

 

[Jaybird]

It depends where you live. My home insurance is a bit more expensive than my policy was in the Northeast, but not crazy. I live in northern Florida about 20 miles inland. The higher risk is being close to the beach.

 

[fl2007rn]

It depends where you live. My home insurance is a bit more expensive than my policy was in the Northeast, but not crazy. I live in northern Florida about 20 miles inland. The higher risk is being close to the beach.

I live a few blocks from the beach on a barrier island so that is why insurance is expensive.

 

[GEOINTAnalyst]

Every 7 years??? That is senseless. Sick of the blatant land and property grabs.

My insurance is every 20 years have to get new roof, no matter what it is made of or how long it is suppose to last

 

[GEOINTAnalyst]

It’s time for either…
A) New roof
B) New insurance company

I would choose B

That does not work, since all insurance companies are going to this since late 2020

 

[GEOINTAnalyst]

Why aren't the environmentalists complaining about all the roof waste going to Landfills?

Most of those old asphalt shingles do get recycled into asphalt pavement

 

[GEOINTAnalyst]

My insurance is every 20 years not 7 years as the article states have to get new roof, no matter what it is made of or how long it is suppose to last

 

[Amethyst]

Here is what happened to me - got a notice from my Home owners insurance saying my roof is 20 years old I have until Dec to replace it or I ill get dropped - I told them I have 40 year shingles and they are only at half life - the insurance company said that does not matter you have to replace your roof every 20 years - they also said some other home owners insurance will require replacement every 10 to 15 years no matter what type of roof you have - so check with your home owners insurance and see what their new requirements are

My parents were callled last year by their home insurance of 30 years saying this same thing and they said we have been with you for 30 years and never filed one single claim about our roof in any shape or form and you’re treating us like this?!

They never heard another word from Landon Samuel after that !

A new roof would be costing them 20k.

 

[Baby Yoda]

I can see their point, but something about this just doesn't sit right.

I'm in the mortgage biz and we of course require homeowner's policies, but I have not heard of this. I guess it must be for mainly newly written policies.

 

[Tall Timbers]

In some climates a roof may last a lot longer than in others. It would be better if insurance companies sent out an inspector every 5 years or so and then required any needed repairs/replacement before renewing the policy. No matter how old the roof, if it's still in good shape a homeowner shouldn't be compelled to replace it to keep their home insurance. If the owner has a mortgage on the house, they don't really have a choice in the matter.