What do I do if my insurance says I need a new roof?
I just bought a house and received a notice from our homeowner's insurance company saying we need a new roof or they'll revoke my insurance.
Answers | 5
When you purchase a home and your first insurance policy, your insurance company will usually have a property inspection done to be sure the home is properly insured, meets their requirements and to be sure there are no hazardous conditions that might result in a claim being filed.
A bad roof can allow water to seep inside the home causing water damage to ceilings and walls. A roof is like a car tire; they wear out and have to be replaced occasionally to avoid problems. This is called maintenance!
If the inspection reveals a problem, such as a bad roof, a missing hand rail, broken windows or siding, etc. you will be notified in writing and usually given a period of time to correct the condition. Failure to rectify the problem usually results in a Legal Notice of Cancellation for “failure to comply with underwriting requirements” or a similar statement.
If the inspection shows that your home is underinsured, the company will increase the coverage on the policy to reflect the proper amount. You cannot have a homeowner’s policy without insuring your home for at least 80% of the cost to rebuild it. Most homes are insured for 100% of the cost to rebuild them.
If the building is found to be vacant or deteriorating, the insurance company will cancel the policy. There are special policies for buildings that need to be repaired before being occupied.
The insurance company can also send someone to do a property inspection after several years. They have the right to inspect to be sure you still meet their underwriting requirements. Insure your home properly and always talk to your agent.