Recently, we have experienced a significant surge, approximately 300-400%, in the number of property owners reaching out to us after receiving unexpected letters from their insurance carriers. Policies for residential, multi-family, and commercial property owners are being dropped or non-renewed due to the condition of their roofs. The alarming part? These notices often come out of the blue, based on satellite imagery or drone inspections conducted by the carriers.
What's Happening?
For California property owners, this trend is completely out of the norm. Historically, roof conditions have not been a primary reason for policy non-renewal. However, according to Kelsey Malone, insurance broker from Newfront Insurance, there is a broader context behind this sudden shift.
"Property owners are often caught off guard by these sudden non-renewal notices," says Kelsey. "It's crucial for them to understand that proper roof maintenance can now significantly impact their ability to retain coverage. Knowing your rights and working with a reliable roofing company like BYLTup can make all the difference."
The California Department of Insurance has recently imposed strict limitations on how much carriers can increase insurance rates. These caps are not aligned with the rising costs due to inflation and other factors impacting carriers in the state. Additionally insurance companies have not been allowed to use predictive modeling in their rate fillings. As a result, large carriers like State Farm are considering pulling out of California altogether. In response, other carriers are looking for loopholes to avoid policy renewals, and roof conditions have become an easy target.
The Impact on Property Owners
Residential, multi-family and commercial property owners are finding themselves in a difficult position. To avoid losing their coverage, they must either pay for a roof replacement, undertake significant repairs, or obtain a professional roofing contractor's inspection report stating that the roof is in good condition with at least five years of life remaining.
Receiving such notices without prior warning is not only stressful but also financially burdensome. The sudden demand for roof repairs or replacements can disrupt budgets and cause significant inconvenience. The recent fires have exacerbated the situation, with insurers taking a more critical stance on property maintenance to mitigate their risk.
Why Roof Conditions?
One might wonder why insurance companies are focusing on roofs. Roofs are crucial for protecting homes and buildings from weather-related damages, and a compromised roof can lead to costly claims. By targeting roof conditions, carriers are mitigating their risk exposure in a way that’s currently permissible under regulatory constraints.
How BYLTup Can Help
While this situation is undoubtedly challenging, it is essential to have a reliable resource to turn to during these times. Californians, known for their tendency to neglect regular roof maintenance, are now being forced to address these issues.
At BYLTup, we understand the stress and confusion homeowners, multi-family and commercial property owners are facing. Our goal is to provide support and guidance through this challenging period. Our professional commercial and residential roofing services throughout Southern California include comprehensive inspections, repairs, and replacements to ensure your roof meets the necessary standards and helps you maintain your insurance coverage.
Taking Action
The recent wave of policy non-renewals due to roof conditions is a stark reminder of the importance of regular roof maintenance. While the immediate impact on residential, multi-family and commercial property owners can be daunting, it is also an opportunity for proactive care and improvement of their homes.
BYLTup is here to assist all property owners throughout Los Angeles, Orange County and Coachella Valley through this transition. By staying informed and taking timely action, you can safeguard your home, maintain your insurance coverage, and even increase the longevity of your roof.
If you’ve received a non-renewal notice or are concerned about your roof’s condition, don’t wait. Contact BYLTup today for a free inspection by a licensed roofer. Our roofing professionals will provide a thorough, physical inspection report with an overview of findings and detailed photos for $499 (*for standard sloped or flat roof), $300 of which will be credited towards any maintenance, repair or re-roof needed to bring your roof into proper condition.
Let us help you navigate this challenging situation and together, we can ensure your home remains protected and your insurance coverage intact.
Sources:
United Policyholders; PolicyGenius
