Deals are falling through across North Carolina right now, and the reason is catching a lot of people off guard: insurance companies are declining coverage on homes with older roofs. Depending on the carrier, if your roof is 10 to 20 years old, you may not be able to get a policy, and without insurance, the deal doesn't close. In this video, we share what came out of a recent broker-in-charge update course and what both buyers and sellers should be doing right now to get ahead of this. Watch our video before your next transaction. 

By Cynthia Quarantello

Cynthia Quarantello is an award-winning Real Estate Agent specializing in buying and selling homes throughout the Triangle area. She holds advanced degrees in advertising, marketing, and business, which enable her to provide exceptional service to her clients.

Deals are falling through across North Carolina right now, and the reason might not be what you’d expect. It’s not about pricing or cold feet. It’s insurance companies declining coverage on homes with older roofs. This came up in a recent broker-in-charge update course, and we think every buyer and seller in the Cary area should be aware of it.

Insurance carriers have been hit with high claims over the years, and in response, many of them are drawing a hard line on roof age. Depending on the carrier, if your roof is 10, 15, or 20 years old, you may not be able to get a policy at all. Without homeowner’s insurance, the deal doesn’t close.

What sellers need to know. If you’re thinking about putting your home on the market and your roof is approaching that 10-year mark or beyond, it’s worth getting a roof inspection before you list. The last thing you want is to go through the entire process of prepping your home, getting it on the market, accepting a contract, and then having everything collapse because the buyer’s insurance carrier won’t write a policy on the home.

Getting ahead of this with a pre-listing roof inspection gives you the chance to address any issues on your terms, before they become a deal-breaker in the middle of a transaction.

“If your roof is 10 to 20 years old, your insurance carrier may not write a policy on your home, and without insurance, the deal doesn’t close.”

What buyers need to know. For buyers, this makes the inspection period more important than ever. Having the roof inspected as part of your due diligence is critical right now. You don’t want to close on a home only to have your insurance carrier come out afterward, inspect the roof, and tell you it needs to be replaced while only covering a fraction of the cost.

We’d also recommend checking with different insurance carriers to see what their policies are on roof age. Policies vary from one company to the next, and knowing where you stand with your carrier early on can save you from a painful surprise later.

Protecting yourself on either side. Contracts are falling through because of this right now across North Carolina. Whether you’re buying or selling, getting ahead of the roof question early in the process can be the difference between a smooth closing and a deal that falls apart at the last minute.

If you have questions about how this might affect your situation, we’re here to help. Give us a call at (919) 830-9051, email us at Cynthia@cqrealtygroup.com, or visit our blog at trianglencrealestateblog.com. We’d love to help you think through this before it becomes an issue.