Sellers, disclosing previous insurance claims....or not...
I see this often, many times homeowners "think" that if there was no payout, that nothing was reported. Disclose previous insurance claims is sooo Important, especially in this situation. we are at the 11th hr and now their is issues with buyers obtaining insurance because of too many claims reported by the seller. Disclose, disclose disclose.....
A week away from settlement and my buyer is rejected by not one, but three different insurance companies, because there had been one claim with 0 payout and two other claims that paid out within the last fice years on the home he is purchasing.
To sweeten the story, this is a short sale, written approval received and all the inspections have been completed. AND they have been pre-occupying! Now what? The phone call time invested on this deal has now dramatically
escalated trying to keep everyone calm.
Well come to find out, if you call your insurance company and ask a question specific to your home because you have a particular issue and want to know what the deductable is, decide to not file the claim. The insurance company can put a mark on your insurance as a claim with a 0 amount of payout. There are NO regulations against this. This was one of the cases on this home.
It appears we have found an insurance company willing to insure this home they call "high risk"
Agents be sure to ask this question before taking the listing to avoid the stress's the week of closing.
The most frustrating thing is the owner of this home, owns a title company. Do you think it crossed her mind at all??
Please sellers, for everyone's sake, including your own. Disclose previous insurance claims.
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Beverly Herdman Wine Trail Homes,LLC Keller Williams Realty
Tel: 540-825-7441 | Mobile: 703-969-4280
beverly@winetrailhomes.com | www.winetrailhomes.com
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