Switch to Landlord Insurance policy... New Roof required??

8 Replies

Hi All! I recently moved out of my first home and got some renters in the home. I switched my policy from homeowner to a landlord policy, and the insurance agent told me the company would be sending out someone to visually inspect the home. The inspector dude says it needs a new roof, which in the Pensacola area costs around 8k for a house my size. 

Has anyone run into this issue? I asked the insurance agent to shop around for another policy in hopes that another company won't do the inspection at all or will just require some inexpensive repairs. I have the cash for a new roof but would rather not pay the expense. 

Is it worth it to shop around or should I just fork over the cash?

It's worth it to shop around but you may not get a different answer. We have T-Lock shingles in our area and they're so prone to failure that insurance companies have stopped insuring them, forcing roof replacements. Be prepared to bite the bullet.

@Douglas Spence Yes and many other inspection items such as cracked window pane, paint the outside, changing a perfectly fine toilet supply line, changing a perfectly fine p-trap, trimming trees, etc. All of these items needed to be fixed in 2 or 3 weeks or the policies would be canceled. It is fairly standard that you have an insurance inspection for new property insurance. In addition, you may have one after a year or more of the policy being established. Some carriers may allow you a delay of 3 months or so while you renovate. What I have an issue with is the tight timelines. When I got the roof rejection, I had 2 weeks to get it done. When I had the supply line, I only had 2 or 3 days. I had sent my plumber to change out the p-trap, they said nothing about the supply line. When I sent in the picture of the new p-trap, they said by the way you have 2 days to change out out the supply line. Apparently the painters left some paint on it. Since my plumber was booked, I did it myself. It just seems like these inspections are entirely subjective and definitely come up with some BS. I don't like a 3rd party telling me how to run my business, more specifically, telling me to repair things that don't need to be repaired. Therefore, if not absolutely necessary, I do not change existing policies, and if I do decide to do so, I do only a few at a time. I made the mistake of doing several at one time and just got swamped with these BS inspections.

@Douglas Spence

Had the same thing happen to me with a portfolio purchase.  Got hit with a new roof requirement in month 2 of acquisition.  Since this is the only property out of the whole portfolio that was flagged, we decided to bite the bullet and stick with the coverage.  In your case, since it is only one property, I might be inclined to get a second opinion.  Fortunately, I haven't seen the nit-picky requirements that @David S. has.

Ultimately it is up to being honest with yourself on whether the roof needs replacing.  A solid roof in a wet place like FL might be good for some peace of mind.

@Douglas Spence all insurance companies, that I know of, in Florida, require a wind mitigation inspection. It's something I dealt with for the first time a couple months ago too. It sucks but chances are that if one inspector says it needs a roof, they probably all will. The good news is that if you get the roof done correctly with the extra nail, your insurance will likely be significantly lower.

You'll need a 4pt inspection for insurability and wind mitigation inspection to get the best rates.  That's across the board.  If the roof is older than 15 years, then inspectors are going to say it needs to be redone.  Doesn't matter if its built with 30 year shingles.