Older Roofs Raise Concerns With Insurance Companies
Insurance companies are becoming increasingly watchful when it comes to the insurability of older roofs. The trend is for insurance companies to require roof certifications for homes that have roofs older than 20 years in order to obtain insurance.
I encountered this scenario this past week when my buyer called his insurance company to get a quote on a home he has just purchased. The insurance company inquired regarding the age of the roof and was informed them based upon the inspection report that the roof was 20+ years old. The insurance carrier replied that would not issue a policy for a home that had a roof of that age. The only way to insure the roof was to obtain a roof certification from a roofer stating that the roof had at least 5 years of serviceable life remaining, or to replace it.
For those who have had limited experience with roofing contractors getting them to certify the condition of a older roof is an extremely challenging task, and that is if you can even find a contractor willing to come out a take a look at the roof.
I also checked with an insurance broker that represents ten homeowners carriers in Pennsylvania – all but three of them have a 20 year eligibility guideline on a standard asphalt shingle roof meaning if the roof is 20+ years old, they will not insure the home. The other three have a similar guideline at 25 years.
Be proactive it you are considering putting you home on the market. Consider a pre listing home inspection to get in front of issues in your time frame.
Wallingford PA Real Estate – Wallingford, PA 19086
