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Does Your Aging Roof Affect Your Homeowner’s Insurance Policy?
As you may know, Modtek Roofing Inc. is a local Vero Beach roofing company. And as we were mingling with the Facebook community, Vero Beach Neighborhood Inc , we noticed a question that many of our customers have had. Someone asked, “anyone’s insurance company tell them they will not insure their home unless they get a new roof?” This is one of the many questions we get regarding homeowner’s insurance, as it can be very tricky and complex.
Of course, we chimed in with our two cents, but we thought, why not take it a step further and educate the community. Now it’s important to remember that every homeowner’s insurance policy is different. For that reason, we will keep this article a bit on the general side.
Yes! Your homeowner’s insurance policy should be able to cover significant damage from disasters or storms However, some companies will prevent homeowners from renewing a policy, or getting a new policy after purchasing a new home if a roof is in dire need of repairs or replacement.
The age of your roof is a determining factor when applying for homeowner’s insurance. But keep in mind, there are other factors to take into consideration.
Have you repaired any recent damages? Is there a leak that you have put off for some time? If you want to maintain eligibility or get approved for homeowner’s insurance, then we recommend making updates or repairs to your roof as soon as possible. Repairs tend to increase in cost the longer you wait.
It’s inspection day! Will the homeowner’s insurance company inspect my roof?
During the inspection, the insurance agent will factor in the type of roof, the age of the roof, and calculate how long it should last.
Inspections are typically done on roofs that are 15+ years old. If your roof is only a few years old then an inspection may not be necessary. However, if the agent determines that your roof needs repair or replacement, you’ll need to pay out of pocket. They will deny the policy until the repairs are met.
Perhaps you may be reading this and think, “I don’t have the funds to pay for a new roof. In this case, you are not alone. Some of our past customers have found themselves in a similar predicament.
In this case, we would recommend speaking to one of our lending partners such as Hearth, Foundation Finance, Ygrene, and SELF.
……before you go, here are a few more takeaways.
1) If your roof was hit by a storm, or has a leak, don’t wait to repair it. The more damage your roof sustains over time, the less likely you are to continue coverage on your homeowner’s insurance policy.
2) Never purchase a home without conducting a roof inspection. Doing so will put you at risk of purchasing a faulty roof, and therefore make you ineligible for homeowners insurance.
3)Maintain your roof to keep your coverage. Always check it after a storm and conduct frequent inspections.
We hope you have learned a thing or two. Perhaps, we just jogged your memory. Nonetheless, we are always available to answer questions. Feel free to call our office at 772-617-2624.
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