The roof reimbursement schedule proposed under SB76, HB 305, will leave Florida policyholders picking up the tab for what property insurance should cover. If the current legislation passes, homeowners with roofs 10+ years or older could lose coverage, have to pay out of pocket for repairs, or be forced to get a brand new one.
Related: Breakdown of legislation impacting FL policyholders
Supporters say the bills will hold down insurance premiums and address fraud and costly litigation. However, research shows Florida’s high insurance prices are NOT related to lawsuits. Massive rate increases are due to inadequate regulation, discriminatory and exploitative claim practices, and inadequate consumer protection.
What Impact Will The Roof Reimbursement Schedule Have On Policyholders?
The proposed roof reimbursement schedule is one example of how Florida policyholders will be paying MORE for LESS coverage if the legislation passes.
Jim Boyd and other legislators believe the lifespan of a roof in FL is less than 15 years. HB305 and SB76 will allow carriers to deny coverage for roofs that are 10+ years OR offer policies that adjust roof claims based on the actual cash value. That means they would get a percentage of what the roof is worth today, accounting for depreciated value.
If these bills pass, homeowners WILL NOT get near enough to replace their roofs and have to pay out of pocket for repair/replacement costs. In their current form, HB305, SB76, and the other bills simply defy the logic on why insurance is purchased: To transfer the risk of having to pay out of pocket for roof replacements when major catastrophes hit.
Make your voice heard. Get in touch with Florida lawmakers now: http://bit.ly/37TeGed
Will Homeowners With A Mortgage Be Able To Get Low-Cost Policies?
This proposed legislation has other far-reaching impacts. Under existing federal laws, homeowners are required to have full-cost replacement insurance policies. Suppose mortgage companies and lenders follow federal regulations. In that case, Florida policyholders will pay higher prices for the coverage they are required to have and will not be able to take advantage of the “lower premium” insurance policies Jim Boyd is promising.
Why Are Insurance Companies Sending Letters To Replace Roofs Now?
Florida’s legislative session has just begun. While these bills have yet to pass, insurance carriers are already sending letters to policyholders telling them to replace their roofs to remain covered. The only problem? There is nothing wrong with the roofs – they are just 10 years or older.
Forcing people to replace roofs with plenty of remaining life is simply bullying consumers while forcing an economic disaster, especially for the most vulnerable consumers: Aging fixed-income consumers.
Story: Wilma Bryant given less than 60 days to pay out of pocket for brand new roof to keep coverage
The average cost to replace a roof in Florida is a minimum $10,000-$15,000 investment – money most policyholders don’t have available due to COVD-19. People are being forced to pay out of pocket and rebuild roofs that don’t need to be replaced.
Take Action Now – Make Your Voice Heard
HB305, SB76, and other related bills could go into effect this year. Lawmakers need to hear from policyholders NOW on the negative impacts of this legislation. Click here to connect with Florida lawmakers and make sure your rights are protected. You’ll be able to send a tailored message in less than 60 seconds to your elected officials.
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National Association of Home Builders states that asphalt shingles last 20 years.