Will insurance cover storm damage to an old roof

Question

I want to purchase a property that has an old roof that will eventually need replaced I’m wondering if it would be covered under storm damage even though it would be a newly purchased ￼rental property ￼

John Mocker · Answer

Josh,

You will need to put that question to the agent(s) you are quoting with.  Most policies do cover damage to the roof regardless of age.  Hence the company telling Colleen that they would not write her house unless the roof was replaced.  As Tony mentioned, once you know that the roof would be covered, you need to know how a loss will be paid.  If it is not replacement cost, then it is likely that there will be a large deduction for depreciation.

Tony Wilcox · Answer

You will need to make sure it has replacement cost and it depends what state you are in. Florida will be much harder for example.

Matt Moylan · Answer

The best suggestion I can give is DO NOT LIE about its age.

This may seem obvious, but companies determine the property's eligibility for coverage based on multiple factors and the roof type AND age are two of them.

While you may not be able to get the best replacement type of coverage for the property, it's better than getting a roof claim potentially denied.

Best of luck!

Ryan Thomas · Answer

@Josh Shafer

Hey Josh, I’m a commercial insurance broker. where and what kind of property? Honestly if it’s coastal Texas or Florida you may be damn near self insuring with the crazy wind/hail percent deductibles that have become the norm. A lot of policies have a 20-25 year old actual cash value clause that just means you get worse coverage if it’s that much older. Let me know if you have any questions!

Regards,

Colleen F. · Answer

Also note some insurance companies won't insure if the roof is too old. They won't write the policy. We were told they would only insure us if we replaced the roof so you can't wait for a storm to damage it.

Will insurance cover storm damage to an old roof

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