Property liens are being placed on some Hurricane Ian-damaged homes, and owners may be completely unaware of why.
It turns out many of these homeowners thought their roof was fully insured for complete replacement… when in fact, it wasn’t.
Many Southwest Florida homeowners are discovering that they have what’s called a “roof replacement schedule.” That basically means if you have an older roof that’s damaged in a storm like Ian, you could end up paying for half of the repairs, and in some cases, that can cost you as much as $15,000 if you don’t have complete replacement cost on your policy.
Jacky Maxwell was at odds with her insurance company for months before she finally agreed to a settlement.
“The roofing company decided to put a lien on my home because the insurance company was dragging their feet in paying,” Maxwell explained.
When that lien was paid and finally removed, Maxwell received another lien that was placed there by the company that repaired her roof.
“I called the roofing company, and I was told I still owed over $11K, the depreciated value on my roof, which was never mentioned,” Maxwell said.
Think of it as a higher deductible on your car. You pay a little less each month, but if there’s an accident, you pay for half of the damages.
“Everybody is looking for a discount and a way to save some money, but at the end of the day, it’s causing them more grief and out-of-pocket expense,” said Gregg Martin, owner of Eagle Roofing.
While Martin’s company didn’t repair Maxwell’s roof, he said when insurance companies won’t pay the full roof repairs, companies like his and homeowners are left holding the bag.
Insurance agent Reid McDaniel said it’s quite common.
So, the question is, how is this happening?
“Their roof may not be insured for replacement costs. Unfortunately, we’re finding a lot of agents are not disclosing that to clients,” McDaniel explained.
He said he always urges homeowners to get complete roof replacement coverage so that they’re not caught off guard.
While homeowners may save a little each month on their policy, it may not be worth it when a storm damages the roof.
“Ultimately, you’re going to be really upset when you have to get a new roof, and it’s $25K, and maybe you’re only getting $14K from the insurance company,” McDaniel said.
McDaniel said the best advice now that we’re in the peak of hurricane season is to check your insurance policy to make sure your roof is fully covered.
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