Homeowners Insurance: Is It Possible to Get Insurance With an Old Roof?
Florida is a state which faces very harsh weather in some parts of the year. September to November are the months when storms and hurricanes are common and roofs suffer a lot of damage. So, for homeowners roofs are very important in this part of the country and when we talk about insurance, insurance companies also give a lot of weight to the condition of the roofs. So, is it possible to get insurance for the old roof? The straightforward answer to this question is, maybe. Here is the basic information which might help you to plan your insurance.
Basic information about getting insurance with an old roof
It is a common conception that a homeowner cannot get insurance if the roof is very old. However, there can be exceptions. Insurance companies are usually hesitant to cover old roofs, but there can be some options.
Roof requirements for insurance
As mentioned earlier, roof condition is very important for insurance companies before they determine owners’ eligibility. They consider a few factors when they consider insurance. These factors are as follows.
Roof age: The Age of the roof is the most important factor. If you have a new roof and want home insurance, you will get low premium rates. Some companies offer a discount for new roofs. But if the age of the roof is more than 15 years, you have to pay a higher premium. The insurance company may provide the roof coverage only for its actual cash value.
Roof condition: Next factor to consider is the roof condition. If the roof is in good condition, you have to pay low rates. Insurance companies can overlook the age, if it is in good condition and you have maintained it properly. The structure should be strong and there should be no visible signs of wear and tear.
Roof type: The Type of roof also matters for insurance companies. Metal roofs are considered strong as compared to other types, so you can easily get a cheap insurance policy. On the other hand, wooden roofs are considered risky, as they are not fire resistant. So, some insurance companies refuse to cover wooden roofs.
Roof shape: The Shape of the roof also plays an important role in deciding insurance coverage. Gable roofs and hip roofs are common shapes. Gables Roofs are prone to wind damage, so their insurance cost is more. Moreover, a flat roof is the most expensive in terms of the insurance. Coverage of hip roofs is usually cheap.
These are factors on which roof insurance is based. So, firstly you have to assess the condition of the roof, keeping in mind these factors. If your roof is in good condition, there are chances you can get good insurance coverage. On the other hand, if the roof is in bad condition, you may need to change your roof before you get Insurance.
Find a good insurance company
After the assessment of the roof, you can start looking for the appropriate insurance company. Get quotes from different insurance companies. See their rates and coverage they Offer. It will be easier for you to decide. However, make sure you get complete information before you decide, sometimes there are additional charges or some taxes which you have to pay later.
If you have an old roof and it’s difficult to find home insurance, some other options are also available. Most homeowners choose to pay high premiums to get a homeowners insurance policy. In case of an accident, you have to pay a good percentage from your pocket, but coverage will be affordable in this case.
Another way to get home insurance is to exclude damage from a storm. It means, if a storm causes damage to the roof, you will not be able to claim the insurance. These policies are less expensive, but coverage is very limited. You will be able to claim only a few damages if you have insurance on these terms.
No matter what type of policy you choose, make sure you read complete documents carefully. Sometimes there are hidden clauses that you may find problematic later. So, read all the documents and ask the company manager, if you have any questions.
Factor to consider when you get insurance with old roof
As discussed above, getting homeowner’s insurance with an old roof is not easy, but you can get that at some strict terms and conditions. If you are getting it, you need to consider a few things, which will make it easier for you in the future.
- Structure of roof and type: Different types of roofs are used in Florida and the type of material is important to estimate the value. If you need to replace the roof, how much money will be required depends on the type of roof and material used for construction.
- Insurance coverage: The insurance policy must provide coverage for the roof. Florida is prone to storms and roof damage is very common here.
- Contractor’s experience: The contractor you have selected must have experience of working with old roofs. He must have a good reputation in the field. You can ask his previous clients before you sign the deal.
- Estimate of roof replacement cost: If you have access to the age of the roof and the type of material used for construction, you can estimate the roof replacement cost now. It will help you to understand if replacement is affordable or if you should choose repairing the roof.
- Get professional help: If you are confused and can’t choose between replacement and repairing, get professional help. You have to pay the roof inspector, but he can provide you with his professional opinion and you can easily decide which option is better in this situation.
Old roofs are also insured in Florida, but insurance companies ask for a high premium, particularly if you want storm coverage too. The insurance company can offer you limited coverage for storm damage if you are not ready to pay a high premium. It is very important to consider all options before you choose homeowner’s insurance. However, beware of scams, so insurance companies promise to provide storm coverage but later they fail to do so. So, choose your insurer carefully.
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