Cancellation Due to Roof Damage: Seeking Advice
I find myself in a bit of an unusual situation. I live in Florida, and my 18-year-old roof has recently become an issue. I’ve been with Geico for four years and just had my PMI removed. When I reached out to my mortgage company, they informed me about a partnership with a broker that could offer me a discounted insurance policy. It sounded promising—I managed to save about $900 for the year, and the new policy began in mid-January.
Before making the switch, I informed the broker about my roof condition and requested confirmation that it would be okay to proceed. He assured me it was fine. However, I’ve now received a cancellation notice effective April 1st due to some broken shingles, which means I’ll only have this new policy for about 2.5 months unless I can complete repairs. Earlier this year, I had several roofers assess the situation, and they indicated that the timeline for repairs versus a full replacement would be about the same. So, I decided to go ahead with a roof replacement and submitted the necessary permits a few days ago. The contractors are aiming to finish the work before April 1st, but they can’t guarantee it.
I’ve submitted my contract to the broker and requested a 30 to 60-day extension for the cancellation. It seems more sensible to maintain the policy on a brand-new roof rather than refund me in early April, but I’m not sure what will happen.
Now, here’s my question: Should I start reaching out to other insurance companies right now? Do I need to disclose the cancellation notice to them? Will they pay attention to the fact that I was with one company for many years and only with the new one for a couple of months? Also, I haven’t made any insurance claims in the past two decades, and I’m aware that they can access that information. What do you think?
It sounds like you’re in a tricky situation with your roof and insurance policy. Here are some things to consider as you navigate this:
Contact Other Companies: It’s a good idea to start reaching out to other insurance providers now. The sooner you start the process, the better chance you have of finding a policy that suits your needs, especially if your current broker does not grant the extension you requested.
Disclose the Cancellation Notice: When applying for new insurance, it’s generally best to be upfront about any cancellation notices you’ve received. Insurers will ask about your insurance history, and failing to disclose this information can lead to issues later on.
Impact of Your Insurance History: Companies will likely look at your long-term insurance history, including your years with Geico and your recent experience with the new policy. The absence of claims in the past two decades is a positive aspect and can work in your favor when seeking new coverage.
Emphasize the New Roof: When speaking with potential new insurers, highlight that you are in the process of replacing your roof. A brand new roof can often result in lower premiums and may make your application more appealing.
Get Multiple Quotes: It’s always wise to get multiple quotes when looking for insurance. This gives you a good comparison of coverage and pricing, especially in your current circumstances.
Consider Timing: If the roof replacement can be completed before your current policy cancellation date, try to expedite that process as much as possible. A completed roof could potentially mitigate the cancellation issue altogether.
Consult with a Professional: If you have any doubts or the situation becomes more complex, it may be worth consulting with an insurance agent or a professional who specializes in homeowners insurance in Florida.
Good luck with your roof and your insurance situation!