If you’re a Florida homeowner with an older roof, your insurance company may have recently sent you a letter informing you that your policy is being terminated. This would be very shocking, especially if your roof hasn’t shown any signs of aging. So what’s going on? Why are these homeowners losing their policies? And what can they do about it?
What Roof Qualities Are Putting Florida Homeowners at Risk?
Florida homeowners with roofs that are 10 to 15 years old are at risk of losing their homeowner’s insurance policies. This is because some insurance companies consider these roofs to no longer be in “good condition,” and insurance companies are no longer willing to offer coverage for them.
This news may come as a shock to many Florida homeowners, as they have been paying their premiums on time and have never filed a claim. However, insurers are now taking a closer look at roofs in the state and are no longer willing to take on the risk of insuring them.
Why Older Roofs Are More Susceptible to Damage in a Storm
There are a number of reasons why Florida homeowners with older roofs are at risk of losing their insurance coverage. Over time, Florida roofs are exposed to sunlight, rain, and humidity. The elements in Florida cause the average roof to become more brittle and less able to withstand more extreme wind, rain, or hail caused by a major storm. An older roof that is still watertight and capable of lasting years to come is still at greater risk of damage during a hurricane.
Insurance policies cover roof damage caused by wind, even if that damage would not have occurred on a brand new roof. This fact has led insurers to re-evaluate their policies and decide that they no longer want to cover roofs that are susceptible to wind damage. Essentially, insurance companies want to collect premiums from people who are unlikely to ever need to make an insurance claim. Insurance companies also want to avoid insuring anyone who they think is likely to need to make a claim.
On top of this, Florida is frequently in the target zone for hurricanes and there have been multitudes of roofs damaged by each hurricane that crosses over the state.
If you are a Florida homeowner with an older roof, it is important to be aware of the risks you face. You may want to consider replacing your roof before your insurance policy expires to avoid being left without coverage.
Florida’s Current Property Insurance Crisis
Florida is currently in the midst of a property insurance crisis. According to recent reports, homeowners with older roofs are losing their insurance policies. As a result, many homeowners are finding themselves without coverage when they need it most.
While this may seem like a problem that only affects those with older roofs, the reality is that it could have an impact on all Florida homeowners. That’s because, as premiums increase and coverage decreases, it becomes more difficult for everyone to find affordable property insurance in the state.
How This Is Impacting Florida Home Insurance Rates
Many Florida homeowners are worried about whether their insurance policy will be enough to cover any potential damages. Unfortunately, as insurance companies face increasing payouts year after year, they are becoming more and more reluctant to insure homes in Florida. This is especially true for coastal areas which are most at risk during a hurricane. As a result, homeowners in Florida are finding it harder and harder to find affordable home insurance.
The impact of insurance companies leaving Florida will be an increase in home insurance rates. This is because there will be fewer companies competing to offer coverage in the state, and those that remain will likely raise their rates in order to make up for potential payouts.
How Florida Homeowners Can Reduce Their Risk of Being Dropped By Their Insurance Provider
Homeowners in Florida can take a number of steps to reduce their risk of being dropped by their insurance provider. One important step is to ensure that they are up-to-date on their policy payments and make sure to open any mail from the insurance company. Sometimes, insurance companies will write letters to homeowners asking for proof of roof condition or requiring some level of maintenance or repair. If you ignore these requests, it can result in your policy being dropped.
Homeowners can also sometimes push back on non-renewals by showing the insurance company the condition of the roof through an inspection report. One way to do this is to work with an insurance agent who is willing to argue why your home is insurable. Finally, not every insurance company has the same guidelines. If you’re going to be dropped by your current insurance company or realize that they plan to drop homeowners with similarly aged roofs, look for alternate coverage for your home. Shopping around can often produce better results, including lower premiums.
Book a Free Consultation With Our Roof Damage Insurance Dispute Lawyers
If you are a Florida homeowner who has been treated unfairly by your insurance company, please contact our experienced roof damage insurance dispute attorneys. We can help you understand your legal rights and work to get you the coverage you need. With two decades of experience helping Floridians with insurance disputes, we know what it takes to win these cases. Please do not hesitate to reach out for a free consultation or insurance claim review.