Recently, I had the privilege to meet with insurance agent Li-Hsi “Leash” Yu of Agency Yu, Inc. to discuss insurance changes that have come into play. These changes, which specifically pertain to properties’ roofs, are something all buyers, sellers, and homeowners should be aware of.
Previously, the age of a roof had no bearing on the homeowner’s insurance coverage, so long as the roof was in good condition. This is no longer the case. Nowadays, roofs that are more than 15 years old will make it harder to obtain coverage. Some companies may refuse to insure a home with a roof this old, altogether, so be sure to check if this is the case before buying an older home.
Sellers must also keep this in mind, as replacing an old roof could be the key to securing a buyer. And, as a final note, sellers should always be sure to close their insurance coverage before the option period is over.
If you have any other questions or would like more information, feel free to give me or my team a call or send me an email. I look forward to hearing from you soon.