By Peggy Gachet

I’ve noted an increase in calls from neighbors and friends about the cancellation of their homeowners’ insurance.  The most common reason given is the age of the roof.  Did you know that Progressive will not write a new insurance policy for a property with a roof over 5 years of age.  I was stunned to hear that as in my profession I am more accustomed to hearing a 12-15 year limit. 

Just a few years ago the age was 18 before insurance became a problem.  If you dig deeper, you’ll learn that insurance companies are trying to exclude roof coverage completely.  Some companies are adding language providing for roof replacement credits determined by the age. Depreciation on automobiles we are accustomed to, but roofs?  Really?

Hang on folks!  Can we now add one more question to purchase agreements?  “Is the offer contingent upon finding acceptable rates and terms for insurance?” That question is likely going to be as common place as contingencies for inspections and financing.