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Old 09-24-2019, 01:06 PM
 
9 posts, read 2,052 times
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Farmers was the only company that stated that the water damage claim followed the property. The other insurance companies stated that it didn't follow the property, so I was able to get good quotes from the other companies.

The seller still has a day or two to provide the disclosures and I have the inspection scheduled for later this week.

As for my comment about it being suspicious, it was in regards to the house being listed for sale within a few months after the water damage claim.
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Old 09-24-2019, 01:11 PM
 
73,574 posts, read 73,400,278 times
Reputation: 51172
Quote:
Originally Posted by David_2019 View Post
Farmers was the only company that stated that the water damage claim followed the property. The other insurance companies stated that it didn't follow the property, so I was able to get good quotes from the other companies.

The seller still has a day or two to provide the disclosures and I have the inspection scheduled for later this week.

As for my comment about it being suspicious, it was in regards to the house being listed for sale within a few months after the water damage claim.
Something is wrong with that answer ..... your clue report is like the credit reporting agency for insurers ...it lists every unreimbursed claim you got on your home and auto as well as certain claims track the property regardless of who actually filed ...every insurer access’s clue ......the property is either flagged or it isn’t in that report .....how an insurer scores that information in your insurance score is a separate issue ...but there is no such thing as one company saying it followed the property and two said it did not since it is either flagged in clue or it isn’t..

Your clue report or the property clue report are just one of the factors insurance companies use to create an insurance score which like a credit score is used to price you
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Old 09-24-2019, 02:07 PM
 
9 posts, read 2,052 times
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mathjak107: I will double check but like both Liberty Mutual and State Farm stated that the prior water damage claim didn't have an impact on my insurance --unless they were lying.

Farmers agent stated that due to the prior claim, that I had to have a $5,000 deductible and a higher premium.

Either way, in the end, I was able to get insurance on the house, within my expectations.
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Old 09-24-2019, 02:15 PM
 
73,574 posts, read 73,400,278 times
Reputation: 51172
Quote:
Originally Posted by David_2019 View Post
mathjak107: I will double check but like both Liberty Mutual and State Farm stated that the prior water damage claim didn't have an impact on my insurance --unless they were lying.

Farmers agent stated that due to the prior claim, that I had to have a $5,000 deductible and a higher premium.

Either way, in the end, I was able to get insurance on the house, within my expectations.
Whether an insurance company chooses to penalize you is no different then having an accident or ticket ..that is up to their discretion ....but whether the original claim gets the property flagged in clue is a totally different issue ....once it is flagged it is up to the discretion of the insurer as far as whatever they want to do
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Old 09-24-2019, 02:16 PM
 
Location: Raleigh NC
10,022 posts, read 7,539,291 times
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it's not unusual that they had a water leak fixed - certainly of the type you describe - and then listed the house.

Now, a wet basement ... could be a different matter.
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Old 09-24-2019, 02:20 PM
 
7 posts, read 878 times
Reputation: 15
Before you made an offer your real estate agent advised you to look at the disclosures right? The disclosures are signed by the owners if there were any flood claims, etc. Just because the owners said they repaired to prevent mold and future problems with the area doesn't mean it is okay. Unless you are getting a spectacular deal or this is the lowest price point in the area, I would think twice about purchasing. Good luck!
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Old 09-24-2019, 03:12 PM
 
Location: Southern New Hampshire
7,365 posts, read 12,945,105 times
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Quote:
Originally Posted by Trying to be flawless View Post
Before you made an offer your real estate agent advised you to look at the disclosures right? The disclosures are signed by the owners if there were any flood claims, etc. Just because the owners said they repaired to prevent mold and future problems with the area doesn't mean it is okay. Unless you are getting a spectacular deal or this is the lowest price point in the area, I would think twice about purchasing. Good luck!
This ^^^ is what I don't get ... you made an offer BEFORE you saw the disclosures??!!

That seems very bizarre to me. What state are you in? (Tried to check, but you don't mention it in your profile and didn't mention it in this thread either, as far as I can see.) Is that normal there? I can't imagine putting earnest money down (often thousands of dollars) without seeing the disclosures first.

I would walk away ... but maybe that's just me.
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Old 09-24-2019, 07:45 PM
 
164 posts, read 35,935 times
Reputation: 335
Quote:
Originally Posted by Bungalove View Post
A $5000 deductible? You better hope nothing goes wrong with that puppy!
$5000 isnít an unusual deductible at all in my market. The deductible on my primary home is $7500 and secondary home is $11000 with State Farm.
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Old 09-24-2019, 07:47 PM
 
164 posts, read 35,935 times
Reputation: 335
Quote:
Originally Posted by karen_in_nh_2012 View Post
This ^^^ is what I don't get ... you made an offer BEFORE you saw the disclosures??!!

That seems very bizarre to me. What state are you in? (Tried to check, but you don't mention it in your profile and didn't mention it in this thread either, as far as I can see.) Is that normal there? I can't imagine putting earnest money down (often thousands of dollars) without seeing the disclosures first.

I would walk away ... but maybe that's just me.
Offers are made all the time without disclosures here. That is why we have a 10 day due diligence period so that buyers can review the disclosure statements, order whatever inspections they want, check insurance availability and rates etc. Not have a disclosure in hand when making an offer would not slow me down at all.
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Old 09-24-2019, 07:47 PM
 
4,378 posts, read 1,889,568 times
Reputation: 8869
$18K is not that much for water damage, particularly if it happened on the second floor. I had first floor water damage and it was $8K from a burst water heater where a good portion of the floor was tile. That was just to replace the remaining floor, baseboards, drywall, and quarter rounds where they had gotten wet. I was actually interviewing for jobs at the time the damage occurred, so if I had gotten them, I would have put the house up much sooner. I just didn’t happen to find anything for about a year after the damage.
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