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?
#279287 - 03/04/0910:23 AMRe: Home Insurance On Damaged Home
[Re: inspectordave]
DennisVolz
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.
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.
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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