Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Insurance
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 2 years ago on . Most recent reply

User Stats

22
Posts
3
Votes
Ty Brady
  • Investor
  • Sarasota, FL
3
Votes |
22
Posts

Insurance to Close with an Old Roof

Ty Brady
  • Investor
  • Sarasota, FL
Posted

Trying to close on a primary residence with a 21 year old roof . Having issues getting insurance.  My insurance agent dropped the ball and we are down to the wire without insurance.  Looks like the only option is to provide a signed contract for a new roof to be completed within 60 days of closing.  100% fine with that as we are replacing the roof anyway.  The issue is it's going to take at least 5 days for the insurance underwriters and Monday is a holiday.  We're not going to close as scheduled, which I guess isn't a huge deal.  Im just not happy that this wasn't addressed weeks ago.  I'm not sure if I'm just venting or asking for advice.  If anyone has any recommendations or insight, I'd appreciate it. Thanks, Ty

  • Ty Brady
  • Most Popular Reply

    User Stats

    172
    Posts
    238
    Votes
    Stephen Dispensa
    • Real Estate Professional
    • Tampa, FL
    238
    Votes |
    172
    Posts
    Stephen Dispensa
    • Real Estate Professional
    • Tampa, FL
    Replied

    What I usually recommend in this situation is that you request a seller credit for a replacement roof. Then use NREIG to close with the existing roof. Their rates are a little higher but they provide the best way to close on any property with issues. Then replace the roof under your supervision using your own roofer. Once the roof is replaced, send the information and pictures to your property inspector and they will generate a new 4-point for you and you can switch property insurance at that point to a cheaper plan.

    Loading replies...