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Campus Hero [13678]
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homeowners insurance
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Aug 6, 2025, 2:46 PM
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finding out that many companies will not write a new policy if your roof is over 15 years old
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TigerNet Champion [113070]
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Time for a hailstorm methinks.***
Aug 6, 2025, 2:53 PM
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All-Time Great [94324]
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Thats pretty much all of Florida***
Aug 6, 2025, 2:54 PM
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TigerNet HOFer [125876]
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Re: Thats pretty much all of Florida***
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Aug 6, 2025, 3:01 PM
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yeah, it is especially fun when you are holding a mortgage and you have to pay Florida's "Socialist" property insurance of last resort $1500 a month to keep the bank from taking your home. But hey, one can rent a luxury condo facing the water in Miami or Tampa for 2.5k.
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Clemson Icon [24744]
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Tiger Spirit [9595]
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Re: homeowners insurance
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Aug 6, 2025, 3:45 PM
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So how are homes over 15 years old being sold? Seems like if this were widespread it would effectively end any homes older than that ever being sold since a bank requires insurance to finance them and nobody rushes out to replace a perfectly good 30 year roof after 15 years.
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Campus Hero [13678]
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Re: homeowners insurance
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Aug 6, 2025, 8:06 PM
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i am buying a house, getting insurance quotes, they immediately asked how old is the roof
i have seller will install a new roof before closing in my contract
one independent insurer would not give me a quote because the roof was 18 years old
i will probably have to replace my current roof before i can sell it, unless someone appears with an all cash offer
the hurricane put a whoopin on the insurance companies
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National Champion [7560]
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what part of the country?***
Aug 6, 2025, 3:50 PM
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Orange Phenom [14448]
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Florida
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Aug 6, 2025, 3:59 PM
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But no one wants to insure people here anyway, and can you blame them?
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National Champion [7560]
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yeah, that's actually what I use to gauge whether climate change is real.
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Aug 6, 2025, 4:15 PM
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...because if the insurance companies are jumping out of entire regions, you know they have the data and dollar forecasts to back that up.
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All-Time Great [94324]
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They also had a roofer/lawyer scam thing down there
Aug 6, 2025, 4:35 PM
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that was costing insurance companies a bunch of money. Storm losses didn't help.
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Paw Warrior [4873]
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Clemson Icon [24744]
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CU Medallion [19048]
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Yea, insurance companies are never just greedy***
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Aug 6, 2025, 5:01 PM
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National Champion [7560]
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I think you might be missing the point.
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Aug 6, 2025, 5:17 PM
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It's BECAUSE the insurance companies are so greedy that it requires a lot of data and forecasting showing worsening environmental conditions to get them to forsake the insurance premium dollars they could be making, and instead abandon an entire region.
Despite their greed, they've realized that they stand to lose more money in the long run by insuring houses in that region than they stand to make through policy premiums...because of worsening environmental conditions.
The most accurate weather forecasts you'll find will be from the guys getting paid by the insurance companies. For them, it's not about politics and whether people choose to believe the science. It's about money and doing what they have to do to mitigate risk.
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All-TigerNet [5938]
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Re: homeowners insurance
Aug 6, 2025, 11:43 PM
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Yes this is true. We had a hailstorm last April 2024 in Rock Hill. Both cars had 10k damage each and Nationwide repaired those quickly. The roof was a different story. We went back and forth for awhile and they finally paid to replace it in Sept or Oct of last year. We still had to pay 3k out of pocket because they changed our deductible from 1k to a percentage of the home value at some point and I wasn’t aware. Our roof contractor told me about what you are talking about. I wasn’t aware really pissed with Nationwide because we have had vehicle and home insurance with them for 34 years and they still gave us a hard time. No loyalty for long time customers.
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TigerNet Grandmaster [198479]
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This happened to my son in Charleston about four years ago
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Aug 7, 2025, 8:36 AM
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and he was ready to sell his house, so he put a new roof on prior to selling.
Actually makes sense to me - what is the expected life of a roof?
AND whatever you do, do not make more than one claim on your homeowners policy in a year. They will drop you like a hot potato.
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Solid Orange [1343]
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Re: homeowners insurance
Aug 7, 2025, 9:18 AM
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What we have here in the insurance industry is a failure of capitalism. It's not new. Greed will be (is) the downfall of the capitalism philosophy. We have an insurance commission to regulate this industry but apparently they're on the take too. Just sayin'.
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All-TigerNet [5938]
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Re: homeowners insurance
Aug 7, 2025, 1:51 PM
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I was also told by our roofing contractor that in the past insurance would pay for the whole roof if 75% of the roof was damaged. They aren’t required to anymore in SC 😳. If 75% is damaged they only have to pay for 75%!
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