Homeowners Roof Problem

[SToo]

Hi,

I changed my homeowners insurer last year. The new company did an inspection and (I think) is threatening non-renewal if I do not replace my roof. I am contemplating a renovation that might require modification of the roof and, so do not want to replace it right now. Is there an insurance product, or something, that would let me avoid fixing the roof immediately. I live in Colorado.

 

[Accelerated]

Hi,

I changed my homeowners insurer last year. The new company did an inspection and (I think) is threatening non-renewal if I do not replace my roof. I am contemplating a renovation that might require modification of the roof and, so do not want to replace it right now. Is there an insurance product, or something, that would let me avoid fixing the roof immediately. I live in Colorado.

The carrier simply does not wish to insure a damaged/worn out roof, or the interior damages that will likely result from having a roofing system in poor condition. Insurance is supposed to be for sudden and accidental damage, not damages that you can see are obviously about to occur.

As far as finding other insurance products, it might be possible if you do not have a mortgage. You might be able to get a DP-01 (not recommended), but even then, you will likely have problems with them regarding the roofing system. Nobody wants to insure a risk that is virtually guaranteed to sustain damage as a result of the owner deferring maintenance.

The best thing you can do is fix the roof, and just know that if you do not, the ensuing water damages that will surely arise from deferring the needed maintenance will likely cost you a lot more in the long run than whatever section of roof you are "contemplating" modifying at some point in the unspecified future. The options are pretty simple here:
A: Replace the roof now
B: Pull the trigger and begin the renovation, modify the roof and replace the roof (now)
C: Lose your insurance coverage

 

[djs]

Different carriers sometimes have different levels of qualification. Shop your home insurance with a broker, make sure he inspects the roof prior to placing the coverage.

If the roof needs repairs though, it will be hard to find a new policy.

Dan

 

[TXInsuranceAgent]

There are some carriers that have a roof exclusion which will not extend coverage to your roof or other damages caused by it.

 

[greenlight]

This happened to a friend, she was unable to find other coverage, however. Good luck.