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#279284 - 03/04/09 04:18 PM Home Insurance On Damaged Home
inspectordave Offline
Member

Registered: 01/24/09
Posts: 10
Loc: Minnesota, USA
If someone buys a storm damaged foreclosed home and the damaged was not repaired by the previous owner will the new owners insurance company insure the home with those existing damages?

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#279287 - 03/04/09 04:23 PM Re: Home Insurance On Damaged Home [Re: inspectordave]
DennisVolz Offline
Member

Registered: 05/07/08
Posts: 20
Loc: San Diego, CA
Depends.... Depends on the scope of the damage. Usually if it's minor, the insurance company will insure, make note and ask that it be repaired asap. If the damage is substantial, most insurance companys will pass.

Suggest you get a local agent involved EARLY in the process to allow them time to inspect and work w/ the company underwriters to come to a decision.
_________________________
Dennis Volz
SF Insurance Agent since 1978
Email: Dennis@DennisVolzInsurance.com
Website: Dennis Volz Insurance
Blog: The San Diego Insurance Blog

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#396186 - 12/05/11 11:39 AM Re: Home Insurance On Damaged Home [Re: inspectordave]
Hamlin1234 Offline
Junior Member

Registered: 12/05/11
Posts: 5
Loc: Usa
Hi Hamlin here,How can i insurance of my damaged house..?anyone suggest me please

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#398476 - 01/10/12 09:28 AM Re: Home Insurance On Damaged Home [Re: inspectordave]
Jessica123 Offline
Member

Registered: 12/19/11
Posts: 45
Loc: Glastonbury, CT 06033
Hi,
I think, it all depends on the conditions they have put in the insurance policy. Ask the old home owner first, if he/she is having any such cover in the policy or not.

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#401016 - 02/12/12 04:02 AM Re: Home Insurance On Damaged Home [Re: inspectordave]
Bay Area Brian Offline
Veteran Member

Registered: 06/10/07
Posts: 613
Go to the nearest real estate investors group. The average agent
is not familiar with companies and the policies available for this type of property. Many investors rehab properties in as bad of condition as this one probably is and get insurance, of course no one will be living there until it is fixed and then you get an appropriate new policy the average agent knows about.

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#401237 - 02/15/12 03:43 AM Re: Home Insurance On Damaged Home [Re: inspectordave]
Insurance Guru Offline
Member

Registered: 03/27/10
Posts: 13
Loc: Texas
Hello, Things to consider in regards to purchase of home in need of repairs. 1st. will the property be vacant while the repairs are being completed? Remeber, home insurance policies have clauses in their contracts that restrict coverages on vacant properties.
2nd. A builders risk/remodel policy will provide coverage for the term that repairs are being completed. However, they do not provide liability coverage. Independent Agents do have access to vacant/remodel policies that do include liability coverage.

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#406249 - 05/05/12 07:50 PM Re: Home Insurance On Damaged Home [Re: Bay Area Brian]
shurdul Offline
Member

Registered: 04/26/12
Posts: 47
Loc: USA
Originally Posted By: Bay Area Brian
Go to the nearest real estate investors group. The average agent
is not familiar with companies and the policies available for this type of property. Many investors rehab properties in as bad of condition as this one probably is and get insurance, of course no one will be living there until it is fixed and then you get an appropriate new policy the average agent knows about.

Yup that's the right answer! Throw light over here.

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