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Started By
Message
Homeowners Insurance Question
Posted on 9/2/16 at 5:33 pm
Posted on 9/2/16 at 5:33 pm
So I recently bought a home. Closed and everything done. Had an insurance quote and put it in the mortgage. Fast forward a week or two after, insurance agent is asking when will we repair or replace the roof. I said we would look into what needed to be done. Asked for the insurance inspection findings. After getting the report, she says we need to replace the roof by X date or they will not renew the insurance.
Were they not supposed to do an inspection prior to me closing? Sounds like an an F up by the insurance company.
Thoughts?
Were they not supposed to do an inspection prior to me closing? Sounds like an an F up by the insurance company.
Thoughts?
6
Posted on 9/2/16 at 7:46 pm to Tshiz
If your not happy find a new insurance company. You are the customer you have the power.
Posted on 9/2/16 at 8:47 pm to Tshiz
Think about this a bit. Do you expect the insurance company to do an onsite inspection prior to you binding a policy. What about for the people who shop with 4 or 5 carriers every year. Those companies should inspect those homes?
I suspect you probably had a feeling the roof was in poor condition when you purchased the home.
Now -- in your defense, the agent should have given you a clue as to what to expect after the policy was bound.
I suspect you probably had a feeling the roof was in poor condition when you purchased the home.
Now -- in your defense, the agent should have given you a clue as to what to expect after the policy was bound.
Posted on 9/2/16 at 9:57 pm to igotit
im trying to understand standard procedure. I'm assuming an inspection would be done prior to closing since the homeowners cost would be included in the mortgage at time of closing. No?
Posted on 9/2/16 at 10:28 pm to igotit
quote:
Think about this a bit. Do you expect the insurance company to do an onsite inspection prior to you binding a policy. What about for the people who shop with 4 or 5 carriers every year. Those companies should inspect those homes?
When we bought our house last year, we got bids from two companies, and both of them sent out people to inspect the property. This was before we selected one, and before we closed on the house.
If I purchase a policy, and after it takes effect, you tell me I need to do X to keep the policy in force, I'm gonna find another company. Even if I still need to replace the roof, that's terrible service on behalf of the first company, and I will not reward them with my business.
Posted on 9/2/16 at 11:48 pm to Tshiz
Is the roof replacement a surprise to you? I think that is how I understand your post. It looks like you are asking about inspection because you weren't aware the roof was in bad shape. Correct me if I'm wrong there.
Did you or the seller pay for a home inspection before closing?
Did you or the seller pay for a home inspection before closing?
Posted on 9/3/16 at 9:40 am to LSUFanHouston
Negative sir. A homeowners carrier does not send out an inspector prior to the policy being bound. Now, it's possible that the agent did a quick drive by--- but a full exterior inspection is done after the policy is bound. Usually within 30 days of closing.
Posted on 9/3/16 at 11:28 am to Tshiz
We had the same thing after we had lived our house for 7yrs - when we purchased the house we had a new roof put on, we had been using the same insurance company for 12yrs - I had a roof inspection done by another insurance company and they said no problem - when I called to cancel they tried to tell me there must have been a mistake and that the inspection was probably a drive by - they lost my business that day.
Posted on 9/3/16 at 1:04 pm to Tshiz
if it's Allstate they have already made the decision to drop you. Fix nothing and find another agency.
Posted on 9/5/16 at 10:20 pm to Birdie King
1. First thing first is that when your agent wrote your policy he should have asked you what year the roof was last replaced on that home. If you didn't know you should have asked the seller or agent to give you an estimated year. I write for over 25+ insurance companies and each company has different guidelines when it comes to the roof age. The majority require the roof to be replace 15 years or younger. So my first question is what year did you tell your agent the roof was?
2. On every policy I write with my agency, we require the customer to provide us with updated pictures of the home before we write the policy. By doing this we can do a visual inspection ourselves to try and prepare you on what they may say upon an inspection. If your roof did not look in the best condition then the agent should have told you that it was a possibility that they may come back after the inspection.
3. Insurance companies will only inspect after a policy is written due to the cost of inspecting properties.
4. Your agent should have made a call to the company and gave you the exact reason why it was canceling bc of the roof. Was there a difference in the year you gave your agent and what the inspector came back with? If so you can possibly get a roofer and get a written document from the roofer as to how many years life remaining he estimates the roof to have.
5. Finally if the roof is in that bad of a condition then you will have trouble finding coverage with any company other than like a LA citizens which is extremely expensive.
Let me know if you have any questions.
2. On every policy I write with my agency, we require the customer to provide us with updated pictures of the home before we write the policy. By doing this we can do a visual inspection ourselves to try and prepare you on what they may say upon an inspection. If your roof did not look in the best condition then the agent should have told you that it was a possibility that they may come back after the inspection.
3. Insurance companies will only inspect after a policy is written due to the cost of inspecting properties.
4. Your agent should have made a call to the company and gave you the exact reason why it was canceling bc of the roof. Was there a difference in the year you gave your agent and what the inspector came back with? If so you can possibly get a roofer and get a written document from the roofer as to how many years life remaining he estimates the roof to have.
5. Finally if the roof is in that bad of a condition then you will have trouble finding coverage with any company other than like a LA citizens which is extremely expensive.
Let me know if you have any questions.
Posted on 9/6/16 at 7:57 am to SaintNation
had mine dropped after close - they gave notice that it would expire in 30 days, and i used that time to shop and select a new provider. cost a little more but....
original refunded the money, and the amount paid into escrow monthly was simply tweaked eventually.
original refunded the money, and the amount paid into escrow monthly was simply tweaked eventually.
Posted on 9/6/16 at 9:44 am to Tshiz
quote:
Were they not supposed to do an inspection prior to me closing? Sounds like an an F up by the insurance company.
Thoughts?
Its not an F up, just the way it works.
Your agent had to bind your policy prior to your closing for the mortgage company and title company to all get their documents needed.
Just because effective date was a week or so out doesn't mean much to insurance company. When they get a bind order on a policy, they send it off to order their 3rd party most likely inspections. Sometimes the companies are that quick where i've seen them try to do inspections on a property before the closing even took place. Its not a F up, its all about when agent clicked bind policy with company, usually the inspection is ordered at that time. Some companies are quicker than others with the process.
The company doesn't have a round table discussion with every piece of business bound and go over the circumstances of the event.
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