Posted by Marc Donovan on August 14, 2005 at 06:20:01:
Use LLoyds of London. They will insure anything. Call around to find a local agent.
Insurers Keep A Secret History of Your Home - Posted by Elise
Posted by Elise on August 12, 2005 at 21:01:30:
It seems like there is always a new GOTCHA!
Be aware of this one before it gets you.
“A huge database not only tracks claims, it also looks for risks such as toxic mold. That’s why homeowners with even minor water damage are being canceled – and are sometimes unable to sell.”…
Check it out at:
http://moneycentral.msn.com/content/Insurance/Insureyourhome/P35345.asp
Not only your home … - Posted by Frank Chin
Posted by Frank Chin on August 15, 2005 at 08:06:54:
Elise:
Some years back, I applied for additional disability insurance. One question asked is if I suffered from “depression”.
About ten years prior, I felt tired, and my doctor referred me to a specialiist who perscribed “Prozaz”. I took it for a while, and for the first time in a long long time, I felt energized, had a "spring in my walk, and was able to get things done that I wasn’t able to get done before.
Lo and behold, I was told they can only approve the “five year payout” plan, rather than the “lifetime” one since they had me down as suffering from depression, in a DATABASE somewhere. I asked the agent if I can just not go thru with it, and he told me that it’ll be recorded as an “insured being turned down”, and it might adversely affect my obtaining another policy. So he suggested I get a policy for a short while, then cancel it. What happened was later on I took a job with a large firm where “long term disability” covered 60% of my pay. I then cancelled this additonal policy, as it was not cost effective.
The agent was a good friend of mine since college, and I told him I was disapointed, and apparently, for insurance purposes, it would be have been better if I just “dragged myself” around for years and years, and not get treated. At least they’ll be NO RECORD.
Frank Chin
Re: Insurers Keep A Secret History of Your Home - Posted by Kim-OH
Posted by Kim-OH on August 13, 2005 at 13:46:41:
Elise,
This is nothing new. A homeowner can get a CLUE report on their home to find out about any claims filed or inquiries even if no claim was filed.
If this keeps up insurance will become a wash with all that becomes non-covered or when we are all too afraid to make even a legitimate claim.
Many property owners feel that unless a loss is catastropic it is better to just bite the bullet and pay for repairs out of pocket.
HTH
Re: Insurers Keep A Secret History of Your Home - Posted by Elise
Posted by Elise on August 13, 2005 at 16:31:12:
I posted this because a friend of mine just got burned by it. I thought I would warn the people here who might not know about it to be careful, and add this to your due diligence.
My friend does rehabs, and sells the rehabbed house to a retail buyer. He just finished one and had it under contract. The closing fell apart because the buyer cannot get insurance for the house anywhere since it had a water damage claim filed by a previous owner.
This house is virtually unsellable now, even though it has been totally rehabbed.
I just thought that this was significant.
Re: Insurers Keep A Secret History of Your Home - Posted by Kristine-CA
Posted by Kristine-CA on August 14, 2005 at 22:38:25:
Elise: I can assure you without knowing the all the details that your
friend’s house it sellable. And it is also insurable. I can’t figure out
why so many repeat hear-say information as if it were fact.
There is insurance for everything. There is a buyer for everything. Just
because one buyer couldn’t get insurance doesn’t mean nobody can.
Just because one seller canceled due to insurance doesn’t mean they all
will. Not to say that it’s always easy. I buy the absolute worst stuff and
sometimes have to hunt for insurance.
Most of us who have bought more than a few houses already feel that
we are self-insuring except for worst case scenarios. I would never file
a claim unless it was really large. I have had fire damage and
vandalism and never filed a claim. I would file a claim if it were large
enough and made it worth all my policies going up.
I treat insurance policies like just another phone call in the list of
phone calls that I have to make, and checks I have to write. I have no
illusions about getting paid on any but the most major of claims.
Kristine