How's Your Roof?
Wondering about Homeowner's Insurance in Florida?
You're not alone.
Since the Surfside Condo's collapse in Miami on June 21, 2021, I've been monitoring the response of residential property owners and the real estate industry. Property owners are confused, concerned about current roof age guidelines and frustrated with rising Homeowner's Insurance costs. Hurricane lan caused over $40 billion in damages across Florida in September 2022, leading to significant implications for real estate expenses in the Sunshine State.
Here are two examples I have become personally familiar with: A local Boca Raton condominium community on A1A by the ocean saw their insurance premiums doubled, with a new roof requirement and only one company willing to insure. Another well-maintained single-family home in Delray Beach on the market was mandated to replace its roof before sale due to the roof's age, even though the existing shingle roof was in good condition.
Why is this happening?
Insurance companies are taking a cautious approach to minimize their risks and succeed in their business. Past guidelines and both coverage and pricing options may no longer be available to some property owners. Check the latest rates dependent on your state of residency.
In some areas, there are limited insurance options because many companies have stopped offering policies in Florida altogether. Along the Florida coast, Citizens Insurance* may be the only choice available. Shopping for the best deal is no longer an option for these consumers.
*Citizens is a not-for-profit tax-exempt insurer established by the Florida Legislature (2002) to provide both windstorm coverage and general property insurance for home-owners who could not obtain insurance elsewhere, Florida Today Newspaper
What can homeowners do about it?
Homeowners need to educate themselves to navigate this new territory and make informed decisions based on the new reality affecting property ownership. It is crucial to be vigilant and adapt to the changing circumstances. Whether the goal is to sell your property, analyze costs on existing residences, or budget for expected increases on future purchases, this consideration is now a necessity. By staying informed and proactive, homeowners can adapt and make the best decisions for their properties.
In my role as a Realtor, I provide suggestions based on my knowledge of specific communities. I stay updated by constantly consulting with HOA and COA associations, roofing experts, and insurance companies. To assist with residential ownership and real estate purchases, I have included some informative resource articles regarding roofing.
Should You Buy a House with Roof Damage? The Surprising Benefits and Challenges by Terri Willίams,Realtor.com May 22, 2022
Florida insurance companies add new requirements to avoid insuring older homes by Stacy Olmos, ABC Action News posted July 28, 2022
7 Signs You Need a New Roof by Bob Vila
lf you have any questions or concerns about your property insurance consult with a licensed insurance agent in your area. The guidelines and specific requirements are continuously being changed or reconsidered.