HOME INSURANCE COMPANIES: do ALL insurance companies insure ALL homes? and why not?

by stevegtexas@aol.com Posted 2012/07/14 16:53:02

Related Topics: Opinions, fortune 500, Homes, Companies, Falling Apart, AAA, Insurance, Home, Insurance Company, Home Insurance, Insurance Companies, Company

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Well......having worked for a reptuable standard and poors fortune 500 company that was and still is a major AAA rated company....... certain insurance companies will NOT insure homes that have not had repairs made......simple reason, they do not want to insure things that are already falling apart or not in working order, or homes that are a fire trap. Always get a HOME even a NEW home thats never been lived in, inspected...... its probably worth it, but of course, there might be some sort of EXCEPTION that some nit picky person can dig up somewhere to counter my point. Lets read your opinions today!

Jake 2012/07/23 21:55:41

+3
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Antonio Gonzalez 2012/08/04 16:16:52

+1
You sound like a smart guy... why not get a job instead of living in the streets and living off people?

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Antonio Gonzalez 2012/08/04 16:15:29

then why if you have all that experience and schooling.. why don't you get a job?

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Jake 2012/07/23 21:55:41
Pedro Doller ~POTL-PWCM~JLA 2012/07/18 12:13:38

Risk Assessment

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Charles Braley 2012/07/15 14:10:52

+1
I have actually ran into a few companies that WONT insure a house if it is a "pre-1970's" house

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Old Timer 2012/07/14 20:57:30

+1
No several refused to insure my recent purchase because the metal roof still had a layer of shingles under it.

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stevegt... to Old Timer 2012/07/14 21:18:17 (edited)

oh yeah, ive seen that question on the insurance form before.....theyre supposed to take off the old, then replace so that its not hiding any leaks or damage to the structure of the roof. Did they give you the chance to fix it?

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Old Timer to stevegt... 2012/07/16 10:39:56

+1
No. And I don't intend to tear off a new metal roof that has one layer of shingles under it. It was done just a year before we bought the house. No leaks.

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stevegt... to Old Timer 2012/07/16 18:12:23

i wonder if they do it because it alters the weight design on the structure of the roof?

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Old Timer to stevegt... 2012/07/17 10:41:27

I don't think that is the concern. The metal is lighter per sq ft than aspahalt shingles. That being the reason you are not allowed to put on more than two layers of aspahalt.

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Charles... to Old Timer 2012/07/18 12:18:15

Not to forget to mention - that it would likely be COST PROHIBITIVE to take the old shingles off now, eh?

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Old Timer to Charles... 2012/07/18 14:02:10

Yeh, eh?

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sjalan 2012/07/14 19:33:03

+1
No they don't. For instance, Even the best insurance companies will not insure Geodesic Domes and Monolithic Domes. These are alternative style homes and they will just not go there.

Seems they don't like the "risk" even though they are safer more economical to heat and cool and stand up to storms far better than normal buildings.

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stevegt... to sjalan 2012/07/14 21:18:51

kewl. thanx for sharing.

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FAWKES' NOOSE ~ ΔTX 2012/07/14 17:42:48

+1
No. They don't have to insure all homes and not all insurance companies are filed with the DOI to write homeowners insurance.

Insurers who do write homeowners insurance cannot discriminate between similar risks however. Each company's underwriting rules and rates have to be approved by the particular state's Department of Insurance. They are not obligated to include any risk that may threaten their solvency.

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boss hawg 2012/07/14 17:24:47

+1
i don't have enough knowlege to answer this.

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stevegt... to boss hawg 2012/07/16 18:13:21

its ok no big deal.....unless youve purchased a home, or been in insurance, its not an unusual question to not really know.

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Philo-Publius 2012/07/14 17:22:17

+1
I got my offer accepted to purchase a home once and so I called up my insurance company and told them I needed insurance placed on it in such-and-such amount as of the closing date, and gave them the address, details, etc. I didn't hear back from them right away, so I presumed all was well and I could just stop in and sign for the policy and pick up my binder perhaps the week or so prior as I'd done in the past.

The week before closing though they called me back and said, "Mr. Publius, our inspector was out at the home, and noted some 'partially-rotted wood' on two of the steps leading up onto the deck. We can't issue insurance until those are repaired." I told them 1) I was not authorized to make repairs or alterations to the property prior to closing, 2) it was bank-owned, and it was expressly noted in the contract that the sellers will make no repairs, and 3) I planned to rip those steps off anyway and build a new set on the other side of the deck as soon as we closed, so it made no sense to fix something that was just going to be torn off before anybody even walked on it.

My insurer told me their hands were tied; that they couldn't do anything for me, and so I cancelled every goddamn policy I had with them and took my business to someone who had less stringent requireme...

I got my offer accepted to purchase a home once and so I called up my insurance company and told them I needed insurance placed on it in such-and-such amount as of the closing date, and gave them the address, details, etc. I didn't hear back from them right away, so I presumed all was well and I could just stop in and sign for the policy and pick up my binder perhaps the week or so prior as I'd done in the past.

The week before closing though they called me back and said, "Mr. Publius, our inspector was out at the home, and noted some 'partially-rotted wood' on two of the steps leading up onto the deck. We can't issue insurance until those are repaired." I told them 1) I was not authorized to make repairs or alterations to the property prior to closing, 2) it was bank-owned, and it was expressly noted in the contract that the sellers will make no repairs, and 3) I planned to rip those steps off anyway and build a new set on the other side of the deck as soon as we closed, so it made no sense to fix something that was just going to be torn off before anybody even walked on it.

My insurer told me their hands were tied; that they couldn't do anything for me, and so I cancelled every goddamn policy I had with them and took my business to someone who had less stringent requirements. (The most ridiculous part was that the home was only 20 years old. It was the least likely to have a claim out of the entire neighborhood, and it never did. Nor have I ever turned in an insurance claim - for anything whatsoever... I have no idea why these insurance companies seem to be looking for excuses to burn their own money.)
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stevegtexas@aol.com 2012/07/14 16:54:19 (edited)

+1
having worked for a reptuable standard and poors fortune 500 company that was and still is a major AAA rated company....... certain insurance companies will NOT insure homes that have not had repairs made......simple reason, they do not want to insure things that are already falling apart or not in working order, or homes that are a fire trap. Always get a HOME even a NEW home thats never been lived in, inspected...... its probably worth it, but of course, there might be some sort of EXCEPTION that some nit picky person can dig up somewhere to counter my point. Lets read your opinions today!

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having worked for a reptuable standard and poors fortune 500 company that was and still is a major AAA rated company....... certain insurance companies will NOT insure homes that have not had repairs made......simple reason, they do not want to insure things that are already falling apart or not in working order, or homes that are a fire trap. Always get a HOME even a NEW home thats never been lived in, inspected...... its probably worth it, but of course, there might be some sort of EXCEPTION that some nit picky person can dig up somewhere to counter my point. Lets read your opinions today!

Join the discussion. Express your opinion.

Close Question•Edit Question•Delete Question•Categorize Question

Opinions

Leave a comment and start the discussion!

News & Politics

Saturday‚ Jul 14th

Hot Questions on SodaHead

Should France Focus on Economy or Social Issues? 76% voted Economy Do you agree? news

Romney and Obama Call Each Other Dishonest: Who Is the Bigger Liar? 50% voted Barack Obama Do you agree? politics

iPhone 5 on Sale in China for $1K: Is It Worth the Money? 92% voted No Do you agree? tech

Drudge Report Says Condoleezza Rice Will Be Romney's VP Pick: Is It a Good Choice? 63% voted Yes Do you agree? politics

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