Tuesday, May 17, 2005

Homeowners Insurance

It looks like the insurance industry is tightening it's belt again this spring. With all the rain and subsequent water damage claims this winter, many companies are requiring extra steps to approve your home for coverage. Homeowners are required to disclose claims within the last 3 years when they go to sell their home. Insurance companies are requiring a 3rd party home inspection to be submitted to the insurance company before considering a home with claims to be covered. This means homebuyers need to call their insurance agent at the beginning of the escrow and inquire on coverage. This way, if extra steps are needed to approve the home, there is plenty of time. No need for scrambling at the end of escrow!



Post a Comment

<< Home