Consumption and Real Estate
explain what we were told about home owner’s insurance and a new roof?
Question : explain what we were told about home owner’s insurance and a new roof?
I’m inheriting a house and it is 27 years old. When my sister and I were getting the vacant home policy until the deed is done, the agent said that they, Allstate, require that if a house is older than 10 years old, then to be insured, the roof must have been re-done in the last 5 years, or it needs to be re-roofed to be insured. This implies, that is someone builds a house today and uses 50 year shingles, in 10 years they’ll have to re-roof or if they sell, either they or the buyer will have to re-roof to get home owner’s insurance.
I’ve been looking at buying an older house and none of these have been re-roofed. Is this a requirement specific to Allstate or a new industry wide scam. Supposedly it is to make the house less risky. What happened to the 50 year warranty on the shingles if insurance companies find 10 year old shingles to be obsolete?
the house will be sold.
however to continue the vacant policy until sold, would cost me an extra 175 a month over the regular home owner policy.
Throw the 10 year thing on top of them requiring
my sister to drive 300 miles one way to sign the new vacant policy instead of over the phone on her going to an Allstate office in her city, signing the policy and them faxing to my city, then Allstate seems to have more than one odd rule.
real estate agent says the “seller” shall have the home in “insurable” condition, putting the roof cost on me, if true.
State Farm did ask “has the roof been changed lately”. I said no. Yearly premium over $ 700 & 500 deductable. My father was only paying $ 375 so must have had high deductable. State Farm around $ 550 with 2500 deductable. Also, State Farm requires u to pay for out of wack contents & storage shed. Shed cost 5000 and State Farm requires insured for $ 15,000. Contents they require $ 70,000 when actual is only $ 15,000. So, Allstate lets u pick the coverage but not sure about their re-roofing rule. The agent clearly gave an example of someone buying a house built 11 years ago, and if it did not have a new roof in the last 5 years, there must be a new one or no policy. I think it may be company specific. My sister’s husband is the one who said their home has 50 year shingles. Very expensive house.
I can try Farm Bureau, Nationwide and AllState agent will send me a quote since he knows I’ll be the owner. I’ll assume the quote takes into account the roof since he knows the house built 1982.
new home owners warranty
Best answer:
Answer by dead.stars
usually when you get insurance on a house, someone is sent out there to look at the property and determine if its insurable or not.. ive never heard anything about having the roof to be redone every 10 years otherwise your uninsurable..then again I dont insure with Allstate.. Try State Farm…
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#2 written by grandpa 1 year ago
I understand Insurable condition but this is unreasonable. I can only say that it may be a demographic requirement as perhaps in strong wind areas where claims are higher I don’t know. I have not heard of that in upstate N.Y. Brand new 30 -50 year shingles installed over several old layers may even be a disqualifying factor. Look, one of the posters here said it right. They will assess the insureability and risk.
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#3 written by mbrcatz 1 year ago
There aren’t any 50 year asphalt shingles. But if it’s a slate roof, you shouldn’t have a problem.
If you’re hellbent on going with Allstate, check with a different Allstate agent – I don’t think the 5 year thing is correct. 20 years is the magic number for asphalt shingle roofs. Oh, or 5 years, for a flat, rolled, or hot tar roof – so maybe you’ve got a flat roof?
That 50 year old warranty has NOTHING to do with insurance. You’d have to claim from the shingle company.
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Shingles don’t last 50 years.
If you purchase a 20 year shingle….depending on where your home is located….you’ll be lucky to get 15 out of them.
It sounds like that is Allstate’s underwriting guideline. If you don’t like it you can always talk to another insurance company in the area and see if they are willing to insure the home.