The average life expectancy for an asphalt shingle roof in Florida is 15 years. If the roof is 15 years old or older, most insurance companies will not write or renew policies. In some cases, the insurance company will write a policy but it will come with a “buyer beware” clause within it. When obtaining a quote, we encourage you to read the fine print. In almost all cases, the quote providing the roof will be at “ACV” or actual cash value, instead of replacement cost.
ACV means that in the event of a loss to the roof, the insurance company will only pay for what the value of the roof is at the time of loss. This is a depreciated value of the roof. Given the fact that insurance companies value shingle roofs over 10 years old as having nearly zero value, this creates a problem to the buyer. In the event of a hurricane loss, the value of the roof at the time of loss minus the hurricane deductible means pennies on the dollar to you or your buyer to replace the roof.
When the Home Inspector Sees Damage From the Ground –
The Standards of Practice of InterNACHI (International Association of Certified Home Inspectors) does not require that the inspector actually walk on the roof but allows him to observe the roof from the ground where little of the roof can be seen. This means that he’s likely to only see very serious roof damage. If the inspector sees roof damage, they may recommend a full roof inspection. As a general rule, if the damage is bad enough to see from the ground you will not be able to get insurance or a mortgage until it is repaired.
