What I was referring to was people getting the money for a new roof when a roof wasn’t needed. I know multiple people who pocketed the money. All of these jerks need to join the insurance executives against the wall.
Curious where insurance is required if your house is paid off? Where is that mandate listed? My buddy lives on the inter coastal in St Pete and doesn’t carry flood or wind insurance. His home is paid off. I’m not sure he has any other insurance. He said he’s put insurance money in the bank instead and has a substantial amount if he needs to fix anything or rebuild at his current location. He has an older small 3 bedroom 2 bath house.
Well, it's not quite like that. I mean if you are in a 500 year flood zone and think about it statistically, its .2% per year. So if it hasn't flooded in your area for a 100 years, aren't you already down to 80% chance it won't flood per year? But, regardless, that doesn't mean a storm won't come around and flood your area. You might want to address your particular surroundings to make sure your neighbors will flood before you and any local drainage areas are maintained. Things like that. Of course, this is Florida so there's always a chance that a slow moving Hurricane could park near your area as a tropical storm and simply super-saturate your town. Now if your house is on a high area, you are probably still pretty safe but the water is going to go somewhere so not EVERYONE in an X Zone will be safe. Some properties will have to take the hit as the water pools or flows somewhere. The good news is that being in an X zone means your rates are pretty cheap compare to other areas and, at least previously, you could pick the amount of coverage. That means you could only get $100K of insurance for a $500K home because while a Flood could cause a lot of damage, it's not the same as a tidal wave sweeping your home out to sea. Replacing appliances, furniture, flooring, outlets, drywall, etc, is not the same as rebuilding an entire house.
I agree. 30+ is not unreasonable for a well installed concrete roof with a quality underlayment. But depreciating the roof value isn't the same as saying you need a new roof in year 11. The depreciation schedule is 2% per year, is my understanding. So for 10 years, you're 100% covered at full replacement value. In year 11, the policy would only cover 80% of a roof replacement, ok 78% technically. The maximum depreciation is 60%, so even at 30 years, insurance would cover 40% of the replacement value. Not horrible, considering you'd be close to on the hook for a new roof soon anyway. What frustrates me is the level of insurance quotes I'm seeing, vs knowing what it cost to put a new tile roof on the house 5 years ago. I bought a $500k house a decade ago. It's probably worth twice that today. A year ago, I was seeing quotes in the $15-18k range. OUCH. When I put a concrete tile roof on 5 years ago, paying for the best underlayment, it was in the $40k range. So what I'm being asked to pay for insurance would theoretically cover for a new roof every ~3 years. Let's assume costs have gone up (I'm sure they did after Ian), and now it would be 4-5 years to for my premium to cover a new roof. I'm in the western suburbs of S Florida. (I ended up going with AAA, who is apparently now shedding policies. We bundle cars and home and pay about $10.5k combined.)
Metal roofs have become more popular. Does anyone know if they or tile roofs are best for hurricane force winds? I may go metal when I need a new roof covering. Edit Just found this. Metal roofing is an ideal option for hurricane resistance. Metal roofs are long-lasting, durable, and have no shingles that could be blown away in a storm. This roofing material can withstand winds up to 160mph, meaning it would be able to hold in a Category 4 hurricane.
Just switched to Citizens. Under $3K which was nice (that said still have to get a bridge $200K liability policy for our PUP policy. But that should not be that much). What we need to do is put a higher deductible on the roof. Our roof in Palm Coast was just inspected and given great reviews. Yet we are getting close to where insurance is going to want to require it be replaced. Make it where people cannot game the system yet still have coverage in a rare event.
Any new roof surface in Florida has to meet Miami/Dade wind standards, I'd be more concerned with what handles sun/heat/wear & tear better
That all makes sense. I haven’t looked into the details yet. The numbers you suggested for depreciation strike me as reasonable. Especially if there’s a floor at 60% value. But the devil is in the details as far how they treat policies in year 11. I suspect insurers will still play games though. My experience is that they basically make sure your damage is less than your deductible, no matter how ludicrous. So with this, they’ll just have more to work with to make sure their “estimate” is less than deductible + amortized value. That is, unless your home is totally destroyed or something making the shenanigans harder.
Is that requirement to get insurance or have a roof surface replaced legally? I’d like to see a link for that. I’m aware that windows and glass sliding doors have to meet that standard. Haven’t heard of roof coverings. The 2007 Florida Building code is the standard in Florida.
Not necessarily, but if there is no permit, it doesn't help you if you need to prove that you have an up to date roof and establish its life expectancy. That hasnt been a huge issue lately, but lots of people had roofs done in 2004 and didnt get permits, so they didnt get any credit with their insurance company.
Agree. Determining age of roof without proof (permit) is difficult. Gives insurance company a reason to demand a new roof or drop the client. I was on the board at my condo and had a roofing company that would inspect and certify our roof. Insurance company said no, install a new roof due to age. A roof that was perfectly good, no leaks or issues. That was in late 2021. I sold my condo in April 2023. It’s being done as I type this. That’s how long it took to get the materials.
I had one when I lived in Town Of Tioga which is between Gainesville and Newberry. Don’t remember the Hurricane name that came close by? Just that numerous homes had shingle damage where I had zip. Mine was a 5 V joint galvalume metal roof. Fastened down with screws. Took a few hits from limbs without any penetrations. That will be my next roof covering if it’s allowed by the insurance industry.
I've heard that you have to periodically send someone up on the roof and tighten all the screws on a metal roof.
That’s correct. I’ve been told around every 8-10 years they check the screws and fasteners and replace the ones that need it.
I had not considered this, though should have, but severe thunderstorms across the nation are causing lots of insured losses. This will up everyone’s rates across the nation, but ours likely more in the longer term. Too much heat energy in the atmosphere. We are paying the price in many ways, but rapidly rising premiums may be the first undeniable indicator. Waves of severe thunderstorms in the U.S. during the first half of this year led to $34 billion in insured losses, an unprecedented level of financial damage in such a short time, according to Swiss Re Group, as climate change contributes to the frequency and severity of violent meteorological events. Damages from convective storms in the U.S., those that can come with hail, lightning, heavy rain and high winds, accounted for nearly 70% of the $50 billion in global catastrophic damages so far this year, the reinsurer said Wednesday. Those global figures include earthquakes in Turkey and Syria. Unprecedented levels of damage Unprecedented levels of damage - Tampa Bay Times For more great content like this subscribe to the Tampa Bay Times app here: https://subscribe.tampabay.com/
