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What makes a home uninsurable?

By
Real Estate Agent with REMAX EXECUTIVE REALTY

          GOT MOLD?

"Got milk"? Well that might be good, but if you've "Got Mold" - or have made a claim based on water damage - you might find you haven't got insurance!

Even if your insurer isn't looking into your water problems, they are looking into the profiles of their insured. Made a claim in the past 3 years? Some companies won't write you a new insurance policy. If you've made a claim, and you move, your best bet is to stay with your existing insurer.

Insurance can be tricky with older properties. For example, knob & tube wiring - or other outdated systems - may render a house un-insurable. With older homes, it's a good idea to pay for a code upgrade rider. This doesn't cost much when you consider what it would cost to upgrade an older home to meet current code requirements in case of a catastrophic loss.

Knowledge is power. As a well-informed realtor, I can help you avoid unpleasant surprises!

Posted by

Margo Otey

Hi Performance...Outstanding Results!

REMAX EXECUTIVE REALTY

(508) 439-9717

 
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Comments (3)

Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Margo....that's great information for consumers and agents to know.....thanks

Mar 12, 2010 11:10 PM
John Savignano
RE/MAX Executive - Hopkinton, MA
Realtor - Hopkinton and Metrowest MA Real Estate

Thanks Margo, your post is a great reminder. We should think about this when listing an older home or when selling a home have our buyers look into insuring the property early on. So you don't find yourself in a bind at the end. 

Mar 13, 2010 12:53 AM
Margo Otey
REMAX EXECUTIVE REALTY - Westborough, MA

We certainly wear a lot of hats in real estate!  Being aware of insurance consequences is another way we bring value to our sellers!  Thanks for your comments!

Mar 13, 2010 03:07 AM