Florida insurance companies add new requirements to avoid foreclosures on older homes

TAMPA, Fla. – It’s been a month since the new state laws went into effect from the special assembly to solve the problems faced by the property insurance companies in Florida, but now, insurance providers are seeing some companies changing their policies to comply with the new laws.

For example, the new law prohibits companies from refusing to write or update policies on buildings with roofs less than 15 years old because of the height of the roof. They must allow homeowners to be inspected to ensure that the roof has five or more years of useful life.

However, Michelle Mosher, agent and owner of Southshore Insurance Professionals, tells us that she has seen a new trend since July 1st.

“Now I have a company that will take your roof if it’s more than 15 years old, but it has to have a second layer of waterproofing as part of the wind reduction, and if it doesn’t, it’s not legal. So if you didn’t have it 15 years ago, if you had your roof, you can’t go to they like luck,” said Mosher.

RELATED: 40+ Companies Send Homeowners Insurance to Help Funding in Florida

In addition, Mosher and other contributors confirm that about five companies do not accept old buildings. We are told that a company is only taking houses that are less than a year old.

“So maybe they won’t take you because of the age of the roof, but they can put something in, and that’s what we’re seeing, or they’ll change their guidelines to not allow a building that’s over 15 years old,” Moser said.

He’s been with Southshore Insurance Professionals for eight years and has about 800 points, but he can’t accept new business anymore because he’s too busy rewriting clients who were dropped or whose carriers got coverage.

Someone may have a 15-year-old roof, and it is not being repaired. It’s hard to get them a new plan until they get a new roof, but they have 25 days to do what’s next to impossible to get it done,” Moser explained. the number of 80, 90, 112%

Suzette Bertini is not a Mosher client, but she is a Tampa resident experiencing a surprising amount. Her home insurance has gone up about $7,000 since she bought her home in 2015.

BENEFITS: Florida homeowners pay about 3x the average for homeowner’s insurance

We’re like it’s okay, we just have to leave. This is disgusting. I’m paying a month to renew my insurance,” Bertini told ABC Action News in a phone interview.

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Suzette Bertini’s home

Olympus is an insurance provider. In 2015, his salary was $1,897.

In 2020 it went to $2,517; then in 2021 it went to $4,687. This year his renewal is $9,031.

I almost thought I was going to have a heart attack when I opened the document…Nonsense! $9,000 out of $4,500?!” Bertini said.

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He considers himself one of the lucky ones because his roof is 20 years old, and his insurance has never sent a notice of non-renewal.

“No one has ever told me anything but a new roof,” he said. “I got through it unscathed up to the bad roof or refused to cover the old roof.”

But homeowners should know that the rate increase is not due to the number of lawsuits insurance companies are dealing with; they also need to change policies to deal with inflation.

UPDATE: At least one Florida home insurance company is failing to get insurance by mid-June

Building materials are expensive. Labor is expensive, it’s hard to get things done, and if they lose all the money, the money they made last year won’t build their house this year,” Moser explained.

Although the policy has an inflation controller, he explains that it is not enough.

We get emails from carriers all the time, even during renewals, that they have 4% written inflation,” he said.

The good news is that since the special segment rules went into effect on July 1, providers are also seeing companies convert the price ceiling into real value, which insurance companies say is a saving grace.

Meanwhile, those who need new insurance should go through an agent who understands the age of their home and roof.

You may qualify for roof certifications which means an inspection can buy you more time with the old roof.

Some carriers are also allowed to offer ceiling discounts on premiums, which can be a way to lower your overall cost.

For Floridians, it’s a matter of stability. The actual impact of the new regulations will take 18 months to several years to be seen.

We won’t be here that long,” said Bertini. “We’ve planned a break here. But if this doesn’t end, and…

We reached Olympus to ask why Bertini went up, but we never heard back.

We also contacted the company that we have been told has added wind-reducing requirements to the roof but they did not respond.

On the Olympus Insurance website, story says that homeowner’s insurance can be cheaper with home improvements that make them “more secure or less transparent.”

It advises you to “talk to your provider if the following applies:

  • You installed a new roof, or you have a hip roof
  • You also added wind-reducing controls like storm shutters or solid-state garage doors
  • You changed your electrical system or plumbing
  • You have established a new security system
  • You have added a pool and a pool to your home”

Olympus Insurance as well lists tips for new home owners to keep down payments.

1. Real Estate in Florida

If you choose a home in a gated community, your risk of being broken into goes down, and your homeowner’s insurance can benefit as well. You can get credit for living in an area where there is permanent security.

2. House Period

How old your home is can affect your salary. The newer the house, the better off you will be. New buildings are built to a higher standard than old ones, and are considered to be more wind and rain resistant.

3. Home & Property Features

If your roof has a lot of “hip”, meaning it doesn’t go over the top of your house, you may be able to get a different loan. It’s even a little roof roof they can greatly reduce the chance of being toppled by a hurricane or typhoon.

4. Building Materials

A home with wind-reducing features, such as storm shutters and insulated glass, can be a great defense against Florida’s hurricane season. Ask about it when looking at new homes, and consider its presence when considering a home that is several years old.

5. Intelligence: Is it a Smart Home?

A “smart” home can also get you one or more credits on your homeowner’s insurance. Look for installations like security that allow remote access, or water sensors that can send alerts about potential leaks to your smartphone.