Is Your Roof Too Old to Get Insurance for Your Florida Home?
May 2022 – Many homeowners in Florida are getting bad news from their insurance companies. Policy holders are being dropped by their insurance providers because the roofs on their houses are more than 10 yers old, even if the roofs are in good shape!
The reason the insurance companies are refusing to continue to insure homeowners is because of a sharp increase in fraudulent roofing claims. Many insurance companies are practicing “Exposure Management” by getting rid of homeowners who have roofs that are over 10 years old.
“Florida is the most volatile property insurance market in the country and it is on the verge of collapse,” said Mark Friedlander, spokesman for the Insurance Information Institute, an industry association. Source: Matt Chase for NBC News. Click here to the read the entire article. https://www.nbcnews.com/news/us-news/roofing-scams-florida-property-insurance-hurricane-rcna29649
This insurance crisis has caused stress and anxiety for many Florida homeowners. What would happen to you if you found out that your monthly payment for home owner’s insurance policy was going to increase by 30%? This is a scenario that many homeowners in Florida may have to face.
Not only are homeowners being forced to pay much higher rates but many insurance companies are going out of business and laying off hundreds of employees. Until the insurance companies and the State of Florida can get a handle on this problem, homeowners are going to be the ones paying for it.
June 2022 – Update: Currently state legislators are proposing a law where insurance companies would be blocked from denying coverage because of a roof’s age if the roof is less than 15 years old. And for roofs that are older than 15 years, insurers would have to allow homeowners to have an inspection on the roof’s condition before refusing coverage. Source Lawrence Mower Tampa Bay Times. To read the full article click here. https://www.tampabay.com/news/florida-politics/2022/05/20/florida-lawmakers-to-target-roof-claims-lawyers-during-property-insurance-session/
The stress of not being able to afford property insurance can be overwhelming. Hopefully, the State of Florida and the insurance companies will be able to agree on a policy that will help Florida homeowners keep their insurance coverage affordable.