Roof 20 plus years old, ready to rent and insurance won't cover

[Ericka Medina]

Hello everyone! I am finally ready to rent out my home and have found a tenant...YAY! However; I have a huge road block when it comes to obtaining landlord insurance. I can't find a carrier that will insure me for either one, or both of the reasons below:

1. The house was built in 1996 and I cannot find records that roof was ever replaced previously (I purchased it in 2015). I am being told that roof older than 15 years are not accepted by most of the carriers.

2. I have moved from CO to CA and some carriers don't cover out of state investors.

3. All of the above.

I did receive one quote for $2600, which was $1200 over what a normal policy would cost. When I purchased the home I was told by the inspector that it was in good condition and would not have to be replaced for 5-6 years. I am not sure what to do, it seems a waste of money to replace a roof in working order, but I'm not sure if it's my only option at this point in order to secure a policy. 

Any suggestions/feedack would be greatly appreciated as my tenants moved in mid February and I still have not found a policy.

Ericka 

[Jon Holdman]

Apparently we're in some sort of "hail alley" around here.  I replaced my roof in 2013 (with impact resistant shingles at extra out of pocket cost) and then replaced it again a few months ago.  Waiting for warmer weather for the siding.  So, yes, roofs have become a really big deal here.  If you do get hit with a hail storm like the one we had in May last year your old roof will almost certainly need replacement.  The insurance companies are wanting to at least have a chance of not buying you a new roof.  I'd seriously look at getting it replaced.

What carriers are you getting quotes from?  I've found the big names don't like rentals in general.  I have State Farm on most stuff, but Safeco on my rental in Aurora.  Try independent agents, if you've only been talking to the big guys.