Property insurance and roofing

[Sam Zawatsky]

I've got a property that I recently purchased with cash at tax deed auction. I have not yet set up property insurance, and there is a tenant living in it. When I called an insurance company while looking for a quote, they asked me about the roof and the age of it. While the roof is not leaking, I believe it is older and could cause me to pay more for insurance each month. What is your experience with the cost difference of insurance with an old vs new roof? Is it worth it for me to rush into getting a new roof for insurance reasons?

[Bo Bond]

@ Sam Zawatsky - It all depends on the carrier.  Some care and ask, some don't.  Doesn't matter what state.  Every carrier is different from the next.  Their underwriting guidelines are different, their appetites are different, etc.  Some do inspections and some don't.  I'm in Texas, and the carriers we work with tend not to inspect or ask about roofs.  There are a lot that do though.  I personally wouldn't suggest rushing to replace the roof, but if it's over 10 years old (depending on where it's located), it might be wise to look into replacing it or preparing for replacement.