The world of homeowner’s insurance, as it pertains to roofs, has had some changes. Some policies are not covering full replacement value, but actual cash value based on years of usage.
When purchasing a new home with a roof that is 10+ years old, we are checking with our buyers’ mortgage company and their insurance company right away. We want to ensure that there won’t be any funding issues due to the old roof, and that the buyer can receive the lender required homeowner’s insurance. A very interesting change in the industry!