JACKSONVILLE, Fla. — Many homeowners are receiving letters from their insurance company with a grim choice, spend thousands of dollars to replace their roof or risk losing their insurance.
It’s a high price in a housing market that is already setting records.
Wanda Meyers paid $9,000 dollars for a new roof out of fear of losing her homeowner’s insurance.
“That was out of pocket, you know, for us," Meyers said. "And it was just to keep our policy, you know, with this insurance company."
Her roof was 15 years old. Her insurance policy didn't cover a penny of the cost, but she said it was worth it to stay with the same company and not be forced to search for new coverage.
Progressive Insurance recently reported it is eliminating nearly 56,000 policies on Florida homes with roofs older than 15 years. A spokesperson for Progressive told the Tampa Bay Times the policies do not comply with guidelines and are causing disproportionate losses.
Fifteen years is the cut-off that many insurance companies give to homeowners, according to one roofing expert.
“What I'm hearing from other contractors from insurance carriers from public adjusters, etc. Is that the exorbitant cost for replacing the roofs on the replacement value and that that's their biggest issue," Jim Jessup, owner of Ready Roofing, said.
Another homeowner, Dale Modzelewski, is with Progressive and got a letter in the mail saying his insurance was at risk even though he spent $13,000 to replace his roof in 2019.
He says his premium has gone up, and in order to keep coverage, he would need to have an inspection of his roof, an inspection that he would have to pay for.
Now, he says he is shopping around for a new insurance company and suggests others do the same.
“If you're on a budget, then you're you're restricted on you know how much you can afford," Modzelewski said. "So I think it's probably worthwhile every year to get a wind mitigation done and a four-point inspection completed which comes out of your own pocket to help justify keeping your rates lower."
If you got a letter in the mail, some insurance companies offer a discount on the price of a new roof, so check your policy to explore your coverage.