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Older Roof Replacement Costs May Skyrocket

If your Florida home has a roof that is over a decade old, you may be facing even heftier costs to have it repaired should planned legislation become law.

Senate Bill (SB) 76 will permit insurance providers to modify the way they provide coverage for roofs. In the proposal, the insurance provider will pay you what your old roof is worth at the moment should it be ruined by a storm versus paying the full cost of having it replaced. SB also aims to minimize legal fees and lawsuits by establishing a sliding scale to repair roofs older than ten years.

SB 76 opponents argue that the proposed law seeks to disenfranchise the homeowners that have diligently paid their premiums for years. The bill is, however, attracting interest from insurers who note that the bill would shorten the period that insurance holders would have to file lawsuits following damage from three years to two years. The bill will also mandate insurance holders to give notice to insurers a minimum of sixty days before filing litigation.

To read more, please visit https://www.news4jax.com/i-team/2021/02/15/florida-sb-76-could-change-how-insurance-companies-cover-old-roof-replacements/.

This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys or a Miami insurance settlement lawyer and receive a free consultation We look forward to working with you.

This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.