Wow. I didn't know that was a thing. I guess it's because you don't own it outright? I have State Farm, this is the first property I've ever owned, but paid cash for it. So I guess once you own it, if it falls apart and they don't have to pay off your mortgage due to damage it would be different. Haha, but without anyone telling us to (except the Inspector before purchase), the first thing we did was put a new roof on it. It had a 20-year roof on the 30-yr old house. Thankfully there was no damage but if we'd let it go another few years it would have been much more expensive. And nobody ever asked anything about dogs. I looked at the fine print when this conversation started and sure enough, no breed policy. But again, I wonder if it's different if/when your mortgage is paid off? I know you have to carry different insurance for a car that's not paid off. I think I'm a rarity in the world. I don't have any debt. LOL, I also don't have any money.
It's a huge thing, here in Florida. I think, primarily, due to wind storm damage (Hurricanes/Tornadoes, etc.). When the roof reaches 20 years, shingles start to pop off, nails come through and protrude out from under the shingles, etc. Although I haven't lost any shingles, I do note a few nails protruding through. There are also a couple of soft spots for which the plywood will have to be replaced. I get two free sheets of plywood with the roofing. After that, it's like $100.00 a sheet. We'll see. It's not because of "ownership." I own my house outright at 100% equity.
My understanding is, though, all the Insurance co's writing in FL are requiring new roofs or replacements every 20 years. So, I' not alone. And, of course, premiums are going way up in order for them to cover the costs of this year's Hurricane season, in advance.
Oddly enough, I was considering "going SOLAR" and getting a solar array put on the roof (the roofing co. also does solar as well). The array itself costs $38k. If you want battery backup, that's an additional $18K for each 10kw battery. The problem being, the Homeowners Insurance would go through the roof! I was working a deal for a HECM mortgage (Home Equity Conversion Mortgage) and I had gone all the way through it to about 1-2 days prior to closing. And, then, I got a call from my State Farm agent. Unbeknownst to me, the Mortgage underwriter called my Insurance agent and asked them to bump up my "general dwelling" coverage to near their appraised value number! I was (and still am) keeping the dwelling coverage at "replacement cost." It would have increased my annual premium by over $400.00. Additionally, had I gone through with the SOLAR array, my electric utility co. would have required me to upgrade to a $1Million liability policy (I have quite a bit less than that now). That would add an additional $350.00 to the annual premium. I then decided to kill that HECM deal, much to the dismay of the loan officer that was working with me, and to cancel the SOLAR project, going forward. I was considering it not so much for reducing my electric bill (which, until this summer, was about $130.00/month on average, even with the HVAC expense), but for the potential for an electric car. But, having killed that HECM deal, I was able to rethink, and my conclusion was that fossil fuels are probably going to be around a lot longer than the time I have left on this Earth. I think these "green energy" people just simply haven't thought it through. EVs? OK, but how do you generate the electricity? With Fossil fuels! Unless you're like France and have a lot of Nuclear power.
If I do ever get a new vehicle, it will, most likely, be gas powered. I figure I'll be long gone by the time EV's become "mandatory."
Maybe if I hit the lottery and do a complete new build, I consider solar at that point, but for now, I think not.
