Important changes to the insurance industry that might affect you.
Today I want to talk to you about some important changes in the Florida homeowners insurance market. Recently, we’ve had some issues with our clients’ homeowners insurance when they go to buy or sell a home, so we want to make sure our audience is informed on what’s happening.
To get the full story I reached out to my insurance agent, and he sent me an email detailing all the important changes.
1. To be eligible for a standard company, your shingles cannot be older than 12 years.
2. Flat roofs must be less than 10 years old.
3. Tile Roofs must be less than 20 years old.
4. Electrical must have been updated in the last 20 years.
5. Plumbing must have been updated in the last 20 years.
6. Water heaters must be under 14 years old.
7. HVAC systems must have been updated within the last 20 years.
Also important to note is that many insurance companies are not allowing customers to make changes within 30 days of binding coverage. This means that you cannot sign up for insurance and update your house afterward.
The bottom line for you is that the insurance industry is getting tougher and tighter. If you are looking to buy or sell a home, it is important to make sure you are within your insurance guidelines beforehand. If you have any questions about today’s topic or anything else, please reach out to me. I am always willing to help.