If you're buying, selling, or investing there is one question that you will want to ask: Does it need a new roof?
Since hurricane Ivan in 2004 home insurance in Florida has been totally changed. Insurance companies paid more than $6 Billion in insurance claims. To assist in the future, insurance companies now have more stringent restrictions on the homes they insure.
The current number one issue with homes is the age of the roof. If your roof has 5 years or less left on its life you may have issues getting your home insured.
Here are the general life spans of different types of rooves
- Flat 10 years
- Shingles 3 Tab 15 years
- Shingles Architectural 20 years
- Metal 30 years
- Tile 30 years
When you are buying, selling, or investing the age of the roof can be a powerful negotiation tool. Additionally, even if you are not concerned about your roof, your mortgage company might be. Mortgage companies require that mortgagees have home owner's insurance. This is to best protect your investment and theirs.
So before you by or sell, check on the age of the roof!