Zion said: Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
Do you have any quotes for what it would cost to replace the roof?
Yeah, I got three estimates, and the one I’d go with is $15,200.
Has your real estate agent told you what the house would sell for with a new roof compared to the old one?
Miller said: Zion said: Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
Do you have any quotes for what it would cost to replace the roof?
Yeah, I got three estimates, and the one I’d go with is $15,200.
Has your real estate agent told you what the house would sell for with a new roof compared to the old one?
No, but she strongly advised against replacing the roof. She says I won’t make the money back. The house is modest, but it’s on a high-end street, and she thinks a new buyer will remodel the whole place anyway. I trust her because she’s been selling high-end homes here for years.
Zion said: Miller said: Zion said: Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
Do you have any quotes for what it would cost to replace the roof?
Yeah, I got three estimates, and the one I’d go with is $15,200.
Has your real estate agent told you what the house would sell for with a new roof compared to the old one?
No, but she strongly advised against replacing the roof. She says I won’t make the money back. The house is modest, but it’s on a high-end street, and she thinks a new buyer will remodel the whole place anyway. I trust her because she’s been selling high-end homes here for years.
Zion said: Miller said: Zion said: Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
Do you have any quotes for what it would cost to replace the roof?
Yeah, I got three estimates, and the one I’d go with is $15,200.
Has your real estate agent told you what the house would sell for with a new roof compared to the old one?
No, but she strongly advised against replacing the roof. She says I won’t make the money back. The house is modest, but it’s on a high-end street, and she thinks a new buyer will remodel the whole place anyway. I trust her because she’s been selling high-end homes here for years.
You could offer a credit to the buyer for the cost of a new roof, but keep in mind there’s no guarantee the buyer will remodel the house right away. The old roof could be a dealbreaker for some buyers, so offering a credit might help ease their concerns.
Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
Check to see if your state has a FAIR plan for homes that are hard to insure. I’m surprised you couldn’t get an actual cash value (ACV) policy for the roof.
Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
Ask about getting a policy that covers the rest of the house but only provides actual cash value for the roof.
Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
You could keep the house in your mom’s estate, keep it insured under her name, and sell it as-is.
Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
Look into getting a dwelling fire policy that excludes the roof.
Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
As a broker, I sometimes use surplus lines companies like Foremost or American Modern for cases like this.
Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
Not advertising here, but to my knowledge, Allstate doesn’t have roof age restrictions in most states. The home would need to pass inspection, though, so the roof’s condition would still be a factor.
Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
The whole roof age thing doesn’t make sense to me. Roofs have warranties longer than most insurance companies are willing to cover.
Miller said:
I inherited my mom’s house, and the roof is 32 years old. It’s still in good shape with no leaks or missing shingles, but my mom didn’t want to spend the money to replace it. Now, no insurance company will cover the house because the roof is over 20 years old. They said I can get coverage as soon as there’s a signed contract for a new roof, but I’m planning to sell the house. My real estate agent, whom I trust, says not to replace the roof because any new owner will likely remodel and replace it anyway. Is there any way I can keep the house insured until it’s sold? I have a couple of months left on the current policy’s grace period.
If you’re not living in the house, there are non-owner-occupied policies that investors use all the time. They might work for you too.