How Your Roof Could Save You from the Homeowners Insurance Crisis

Florida Homeowners Insurance Crisis
April 30, 2024

Did you know that Florida is in a crisis? The homeowners insurance crisis has left countless Floridians with no means to protect their homes. And day by day, more insurers pull out of Florida and leave their policyholders with little time to find new insurers in an increasingly challenging market.

It’s a difficult situation, but there are still things you can do to protect yourself and your property. We’re PITCH Roofing, your local roofing partners. And today, we’re walking you through the homeowners insurance crisis in Florida and what you can do to give yourself the best odds of keeping your policy and saving money.

The State of the Florida Homeowners Insurance Crisis

The State of the Florida Homeowners Insurance Crisis

Since 2017, 11 of the major homeowners insurance providers in the state of Florida have liquidated, and even more have simply terminated their policies in the state. But why is this happening?

Natural Disasters

There are many factors contributing to this ongoing crisis. For one thing, hurricanes are becoming both more common and more severe. In 2018, the federal government estimated that Florida spent between five and ten billion dollars recovering from hurricanes.

That number is likely outdated, as climate change has caused hurricanes to worsen over time. We are already seeing more and more hurricanes and severe weather events every year. Scientists theorize that the warmer water could provide more opportunities for hurricanes and other tropical storms.

Insurance companies are businesses, so when they have to start paying out more policies for higher values, their profit margins slim down. When that number gets low enough, they decide to leave Florida for an area where natural disasters aren’t as common or as costly.

Rising Property Values

Another part of this problem is that property in Florida has become substantially more expensive over the past decade. In fact, the median home sales price in Florida for 2023 was $415,300. Many people take out policies worth at least the value of their homes, so policy sizes have only increased alongside the cost of a home.

And when the insurance companies have to pay out these policies, they take a serious financial blow, especially at the higher rates that we’re seeing tropical storms. In this way, the problem compounds itself and gets worse over time.

As you can see, this is a large issue that no individual can solve by themself. And truthfully, there’s no way to guarantee that your insurer won’t leave Florida. But you can take steps to protect your home and give yourself the best possible chance of a low-cost, reliable homeowners insurance policy.

Save on Homeowners Insurance – Video

YouTube player

The Role of a Roof in Homeowners Insurance

The Role of a Roof in Homeowners Insurance

Roofs play a crucial role in protecting your home. Whether it’s a shingle, metal, tile, or even a flat roofing material, your roof will largely determine how your home withstands a storm. Insurance companies know this, which is why the state of your roof plays a large role in how insurable your home is.

For example, let’s say Home A has an asphalt shingle roof that was installed in 2008. It was installed properly, but it hasn’t had much maintenance over the years. While that roof is still within its expected lifespan, a new insurer might not want to take on a policy with a structure that could experience severe hurricane damage.

Home B, on the other hand, is much more appealing. It had a metal roof recently installed, so homeowners insurance companies know that this roof is undamaged and able to withstand both high winds and rain. This way, even if their insurer pulls out of Florida, the owners of Home B know that they’ll be able to get a well-priced policy with a new insurer.

Protecting Yourself Against the Homeowners Insurance Crisis

Now, are we implying that everyone in Florida should go out and get a new metal roof today? Of course not. Metal roofs are cost-prohibitive for many homeowners, and there’s no reason to replace a roof that isn’t too old or showing extensive damage.

But we are encouraging you to consider whether your home could use a roof upgrade. This could include a roof replacement if your roof is getting on in years, or it could just mean general maintenance to make sure that there’s a record of your roof being kept up to date and protected. This way, if your insurer does terminate your policy, you’ll be able to get another one without much trouble.

At Pitch, we understand that roofing expenses probably aren’t in your monthly budget. That’s why we offer roof financing so that anyone who needs local roofing services can get them. This doesn’t lower the total cost, of course, but we’ve found that roofing work is always cheaper than having an uninsurable home.

Without homeowners insurance, you could find yourself with nowhere to turn when a storm damages your home. So even if things are tight, it’s much more expensive to ignore roofing problems than to address them. And as your trusted local roofing partners, we know that we can improve your roof at a fair, reasonable rate.

Choose Florida’s Best Roofing Company

At Pitch, we don’t believe in high-pressure sales tactics or shady business practices. In fact, our founding roofers took their 60+ years of roofing experience and decided to create Pitch as a solution for these problems plaguing the roofing industry.

And they succeeded. Every day, our Pitch crews help homeowners like you protect their properties from both the elements and insurance pitfalls. Because with hurricanes on one side and the homeowners insurance crisis on the other, you need trustworthy professionals in your corner.

If there’s any roofing work that could upgrade your roof and make your home more insurable, just reach out to us for a free, no-obligation estimate. All you have to do is call us at 727-607-4280 or schedule your appointment online. From there, we’ll guide you through the roofing process and make sure you’re aware of all of your options and what you can expect to pay.

We know that every Florida homeowner has heard horror stories about fly-by-night roofers, but that’s not us. We’re experienced roofing professionals based right here in Pinellas County, and we want to do our part in helping our community members protect themselves and their homes. Reach out to us today and let us show you that we’re your trustworthy local roofing partners!

Last Updated:May 31, 2024