Is It Time to Replace Your Roo F ? MAYBE NOT

One of the defining characteristics of South Florida neighborhoods is the sea of terracotta roofs that cover so many homes. The Spanishstyle roofs are a popular choice for builders and homeowners alike because of their beauty, long life, and relatively low maintenance requirements. They are also, unfortunately, a source of anxiety. This anxiety is driven by the state of Florida’s home insurance market.

The expected useful life of a tile roof is about 30 years. After that period of time, the effects of the hot sun and years of storms tend to degrade the grout holding the tiles together, causing cracked tiles and leaks. Replacing a roof can cost as much as 10% of the value of a home.

Florida Home Owners Insurance

South Florida is particularly susceptible to hurricane damage. It is also an area that has had particularly high roof-related insurance claims over the past decade. Many people within the insurance industry blame many of these claims on fraud or unnecessary replacements.

Since early 2022, many insurance com- panies and the re-insurance companies who back their policies have announced they are either scaling back their business or discontinuing coverage in Florida entirely. An increasing number of Florida insurers have also fallen into insolvency.

The result has been a sharp escalation in insurance policy rates for many Florida homeowners and uncertainty over the future solvency of more of the state’s providers. There is also a new focus on the age and condition of a roof, with most insurance companies requiring at least five years of roof life.

“Anything over 20 years tile is becoming an issue,” said M&L Insurance owner David Vaandering, “with some carriers, as long as they can prove the roof has five years life expectancy, you should be ok, but again it depends on the insurer.”

Home Value Impact

Homeowners planning on selling in the next few years should think carefully about if and when to replace a roof.

“A new roof definitely adds value to a home,” said Keyes Real Estate Agent Mariem Garcia, “Buyers are more inclined to make an offer on a newer roof.”

She added that if an existing roof still has life, home sellers may be better off investing their money elsewhere, “As long as it (the roof) has at least four to five years left of life, and if it’s insurable, then you’re good. If the roof has reached its life limit, then you may have to replace it unless you find a cash buyer who doesn’t mind the old roof.”

To Replace or Not

Deciding to replace a roof proactively is a decision every homeowner must consider at some point. Perhaps the most important, sometimes overlooked criterion to consider is your roof’s condition. Roofs that are structurally sound, not leaking, and fully intact are likely good to go, regardless of age. Most reputable roofing companies offer roof inspections to evaluate your roof. If your home has a roof that is more than 20 years old, it is advisable to contact your insurance agent to ensure you don’t have any upcoming issues.

In short, if your roof has five years of life expectancy and is insurable, there are likely other places to invest your money than buying a new roof.