Insurance to Close with an Old Roof

[Ty Brady]

Trying to close on a primary residence with a 21 year old roof . Having issues getting insurance.  My insurance agent dropped the ball and we are down to the wire without insurance.  Looks like the only option is to provide a signed contract for a new roof to be completed within 60 days of closing.  100% fine with that as we are replacing the roof anyway.  The issue is it's going to take at least 5 days for the insurance underwriters and Monday is a holiday.  We're not going to close as scheduled, which I guess isn't a huge deal.  Im just not happy that this wasn't addressed weeks ago.  I'm not sure if I'm just venting or asking for advice.  If anyone has any recommendations or insight, I'd appreciate it. Thanks, Ty

[Stephen Dispensa]

What I usually recommend in this situation is that you request a seller credit for a replacement roof. Then use NREIG to close with the existing roof. Their rates are a little higher but they provide the best way to close on any property with issues. Then replace the roof under your supervision using your own roofer. Once the roof is replaced, send the information and pictures to your property inspector and they will generate a new 4-point for you and you can switch property insurance at that point to a cheaper plan.