I have noticed that you can’t just keep a roof forever and expect insurance to cover your home.
I own two rental properties and the topic of roofs keeps coming up.
Apparently if a roof is over 10 years old, you start getting problems from the insurance companies. I had to call all over and talk to different insurance providers in my state. I got multiple roofers to take a look at my rental property roof. The guys all agreed the roof was good. I did have one roofing company that tried to sell me a roof, but he did admit it was in good shape. Anyway, I had them inspect the spray foam roof and tell me all was good. I had at least another ten years on it. It took a lot of messing around to find an insurance dealer that would give me a break. A new roof isn’t exactly cheap. It is also quite invasive. Not only would I be out the cost of a new roof, but I couldn’t rent my unit while the building was going on. I would be losing a lot of money on roofing when I don’t even need it. I refuse to pay for something I don’t need, especially when it is so expensive. My rental doesn’t make that much money per year. If I factor in a new roof, the rental doesn’t even break even for me when it comes to expenses and upkeep. I have thought about getting rid of my units because of roofing related insurance issues.