As a home buyer or seller in Florida, it’s important to be aware of recent changes in homeowner’s insurance requirements post Hurricane Ian. In many cases, insurance companies are now requiring shingle roofs to be no older than 10 years, or tile roofs to be no older than 15 years, in order to receive a traditional insurance policy from multiple insurance carriers at normal market pricing. If a roof’s age exceeds these parameters, the only option may be Citizens Insurance, which historically has much higher rates than other insurance providers. In some cases, it can be double or triple the costs.

This is important information for home buyers, especially those getting a home mortgage. Lenders require property taxes and homeowner’s insurance to be escrowed as part of the monthly mortgage payment, so higher insurance costs mean higher mortgage payments.

For sellers, it’s important to know that if a home’s roof is older than these parameters, it may deter a large percentage of buyers and potentially impact the home’s value. Some sellers may even need to consider installing a new roof prior to listing their home.

At No Nonsense Real Estate, we always make sure our buyers and sellers are fully educated on these changes and their potential impact. An educated home buyer or seller is a successful one. Don’t be caught off guard by these insurance changes – trust No Nonsense Real Estate to keep you informed and educated