I’m in Florida, and as we all know, property insurance has gone crazy in recent years. My neighbors have seen their rates go up 3-4 times, so I thought ours would too. Our house and roof are about 16 years old, and I’m getting a new roof in a few weeks to stay ahead of things.
But I just got my renewal notice, and our policy only went up about $400, which feels lucky compared to others. This renewal is with our old roof — we haven’t told the insurance about the new roof yet.
I’m getting the new roof either way, as a state grant is covering a lot of the cost. So should I tell my insurance about the new roof right away to see if it lowers the rate even more? Or should I hold on to the wind mitigation report for when we get a big increase in a year or two?
A contractor mentioned that if our rates are okay now, it might be better to wait, as the wind mitigation is good for five years. This sounds a bit counterintuitive, but I’m not an expert.
If there’s no downside, we’ll just tell insurance as soon as the roof is done. Any advice from insurance pros?
Once the roof is installed and passes inspection, call your agent and let them know. Ask them to update the roof age on your policy.
I work with many carriers in Florida, and most track roof age. While not all adjust premiums based on roof age, it’s a factor when they decide on renewals to limit their exposure to hurricane damage. You’re smart to get ahead of it — wish more people did!
@Harley
You’ll likely get premium credits for a new roof. Also, get a new wind mitigation report — it can give you credits for things like roof deck attachment and nail patterns if they meet current codes, which lowers your premiums.
Consider adding a secondary water resistance barrier. It’s a little extra cost but gives you more wind mitigation discounts.
If the new roof is done midterm, get that wind mitigation inspection right after, and you can get a prorated refund on your current policy.
Cam said: @PolicyPro2
Thanks! I’m getting a SWR barrier as part of the grant, so I should be set.
Perfect! The SWR gets stronger over time as the heat bonds the glue. Even if the shingles fly off, it helps protect your home from water damage. Definitely worth it!
You might want to wait for an agent to chime in, but I don’t see any reason not to report the new roof. Rates are only going up in Florida, so I’d say save now while you can.
Florida agent here — there’s no downside to getting a new wind mitigation report now and taking the credits. You’ll be helping your insurance company by not telling them — they’d keep charging you higher rates.
The 5-year window isn’t a big deal. If you need to update it after that, it’s like $100, which is small compared to the savings.
If you stay with the same carrier, that 5-year thing doesn’t even apply. Some clients of mine still get credits from a 2009 inspection with the same company.
Not sure what kind of policy you have, but some limit coverage for older roofs. I’d think you’d want to make sure the new roof is covered, so definitely tell your agent.
Once the roof is finished and inspected, I don’t see any downside to letting your insurance know and updating your policy.
It’s not like keeping the new roof to yourself will give you a discount later — you’ll just get rated based on when the roof was done and get any discounts that apply.
Taking care of your home like this shows pride of ownership. Great job! Give yourself some credit for staying on top of things.
Wow, I hope that contractor isn’t giving insurance advice! He’s wrong. Don’t wait. You’ll lose out on the credit you could be getting now. The wind mitigation credit lasts for the entire valid period.