Florida homeowners lose competitive insurance options once shingle roofs pass 15 years

For Florida homeowners already grappling with steep insurance bills, the age of a roof can mean the difference between securing a competitive policy and running out of appealing options.

According to WPTV, homeowners with asphalt shingle roofs often find affordable coverage harder to get once their roofs are older than 15 years.

Here's what to know

In Florida, homeowners insurance pricing is heavily influenced by two roof-related questions: age and material.

"We call the roof the first line of defense," Mark Friedlander of the Insurance Information Institute told WPTV, underscoring why insurers focus on a roof when judging weather-related risk.

While asphalt shingles are a popular choice because of their relative affordability, many insurers become wary as those roofs age. Once a shingle roof reaches about 15 years old, qualifying for the most competitive rates often becomes difficult.

According to Lee Wiglesworth of Wiglesworth-Rindom Insurance, that does not mean coverage options disappear, but it can mean losing some of the lowest-cost alternatives.

"You have those companies that have the most competitive rates where they only want that under-15-year-old shingled roof, so if you're 16, we can still have options, but you're starting to eliminate options for yourself," Wiglesworth explained, according to WPTV. 

More background

In addition to age, insurers also look at roofing material. WPTV reported that metal roofs are generally seen more favorably because they can last 30 years or more, while asphalt shingles can wear down fast in Florida's heat and wind.

However, metal is not a realistic upgrade option for every homeowner. Metal roofing can come with an upfront price that is double that of asphalt shingles, leaving homeowners to weigh a much larger initial expense against the possibility of lower insurance costs and stronger protection.

What can be done?

Some observers expressed optimism that Florida's insurance market will show positive movement in terms of price. Recent changes to state law have led insurers to enter the state, with some willing to cover old homes. Still, aging roofs can significantly narrow the field in terms of coverage options. 

For homeowners who are not ready to replace an old roof, one possible option is a scheduled endorsement. As described by WPTV, under that type of arrangement, coverage may be limited to 25% of the roof's value, with the homeowner effectively taking on the other 75% of the replacement cost should something happen. 

"You still have some coverage there, but they won't give you a brand-new roof," Wiglesworth said. "It can be an option for some people absolutely adamant they do not need to replace their roof."

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