Last week we talked about the insurance nightmare affecting all homeowners in the state of Florida. However, there is one group of residents having a more difficult time resolving their insurance issues, and those homeowners are seniors.
As I pointed out last week, homeowner’s premiums are increasing rapidly for everyone and that’s assuming your current company even offers you a renewal. Also, properties with aging roofs are a target of insurance companies. They will either not renew your policy if you have an old roof or give you a time frame in which to replace the roof.
This impacts everyone in the state, but seniors are hurt the most since they may not have the resources to replace roofs, and I don’t just mean the funds, I also mean the ability to go through the process of roof replacement and interfacing with insurance companies. Nevertheless, this is something that has to be done not only in order to have insurance on your property but also in the event that you need to sell, a situation many seniors are finding themselves in.
Even if your insurance company hasn’t asked for a roof replacement yet, when you want to sell your property, a home inspector will point out to prospective buyers the age of the roof and the liabilities involved in having an aging roof. Most buyers will not proceed without some guarantee of roof replacement, and most won’t even enter into a contract without the roof being replaced. This is only further complicated by the shortage of replacement roofing materials, particularly when they are dictated by condo documents, and the shortage of workers, resulting in long lead times for roof replacements.
In Manatee County, we have many seniors living in over-55 condo communities. As previously stated, condos have been particularly hard hit by new roof requirements, and many of the older communities with older populations have not adequately set aside reserves for this purpose, resulting in assessments to residents. Florida living, which attracted senior citizens because of the affordability of properties and living expenses, is suddenly making living in Florida unaffordable for the most vulnerable of our population.
Seniors can also anticipate the possibility of repairs based on the milestone inspections the state has approved for condominiums based on location, height and age. Again, not all community associations have done their due diligence in maintaining properties and this law could impact these senior communities where people have lived for decades.
Everyone in the state needs to budget for the possibility of maintenance issues and repairs in their single-family homes or condos, but seniors particularly need to educate themselves on how this may affect their wealth and lifestyle. Certainly, younger family members should be made aware of these issues and start making plans to assist this generation.
Manatee County has elder law legal aid and pro bono services available, but not all seniors will qualify for this service. The state has a legal helpline that is free to all seniors over 60 with limited ability to answer complicated issues, but they could point you in the right direction. It’s called The Department of Elder Affairs Florida Senior Legal Helpline at 888-895-7873. However, if you have the financial ability, the best thing for seniors to do when facing one of these problems is to hire a private elder attorney.
Undoubtedly life isn’t fair, and seniors who may not have had a real estate transaction in decades are finding out they can’t sell their home until they have a new roof, then finding out the new roof could take months. Plan ahead and ask for help is my best advice; the insurance issues will not go away anytime soon.
