NEED INSURANCE FAST
He everyone.
Extremely new to all this.
I bought a triple decker about 4 months ago and I cannot get it insured.
The best price I've gotten was a 1500 for the year, but they back off when they realize that the roof is over 10 years old, the furnace system is original(90+yo), and that there is still some old wiring (tube and copper I think is the expression).
Winter is upon us here in Massachusetts, and I can barely sleep at night thinking my phone is going to ring with a lawsuit.
Any pointers for the (already) weary soldier.
Thanks for the ears.
Mirthon
What are the reasons the insurance company gives you for not being able to insure the property? If you don't know, ask!
Thanks for the reply.
They say that the roof is too old, and that the wiring needs updating.
They say that the people they represent would not accept the policy. Mind you, they have not been out to inspect the property yet, that would be the actual insurance company, they are just a broker I guess.
How old is the house? Most insurance companies want to make sure the wiring isn't the orginial (if the house is old). today's amps are much more then 50 + years ago - wire get hot and can start a fire. Do you know how old the wiring is? The roof is over 10 years? How much over 10 - 15 years old or 30 years old?
I don't know how to tell.
It was a quick transaction, and I've called the folks that performed the inspection on the house, and they say that they don't provide that information. The owner before me had the property for a little over one year, and I cannot reach him for answers.
Short of bringing in separate contractors for each thing(roofer, plumber, electrician), I don't know how to get the dates on these things.
Hmmm. How about the realtor? Another source would be the county real estate assesment office - they may (or may not) have accurate info and can normally be found on the web. In the mean time I would be calling other independent insurance agents to get you a policy. Sometimes insurance companies will take general date - ie 80's for wiring and plumbing. Do you have a fuse or breaker box?
You need to contact an independent agent for circumstance like this - those old houses in MA are wonderful, but no standard company is going to insure one that hasn't been updated. The insurance would have to be provided by a "surplus lines" (non-standard) insurer, and is a tad (meaning a lot)more expensive than ordinary property insurance.
I'm new to real estate investing, but I've been an agent in VA for along time (had a non-resident license in MA at one time).
Good luck![ Edited by serenitybreeze on Date 12/29/2003 ]
I am not sure how it works in other states, but here in Texas...if you have the name of the owner (before you, if neccessary) and the address you can find out all kinds of useful information via the county clerks office. Either on-line, or in person. Looking is free. To take a copy home is generally a couple of bucks. You should be able to see when work on the house that needed a permit was done (ie...roof, wiring, major repairs).
Just a thought,
Steena
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It's Not What You're Getting.......It's What You're Becoming![ Edited by Steena on Date 12/29/2003 ]