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Old 09-11-2010, 12:36 PM
 
1 posts, read 3,042 times
Reputation: 10

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I'm putting an offer on a house in New Orleans that has been completely renovated after Katrina. The homeowners insurance broker I am working with was able to put the "age of dwelling" as 2010, even though it was originally built in 1971, after asking the contractor some questions about the house. This results in a $1000 decrease in the premium. Does anybody know what parts of the house have to be knew to qualify changing the age of the house for insurance purposes? I don't want to be denied a claim in the future because I misrepresented the age of the house.
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Old 09-13-2010, 04:25 PM
 
Location: Destrehan, Louisiana
2,192 posts, read 6,368,233 times
Reputation: 3629
Quote:
Originally Posted by sanfrantreat View Post
I'm putting an offer on a house in New Orleans that has been completely renovated after Katrina. The homeowners insurance broker I am working with was able to put the "age of dwelling" as 2010, even though it was originally built in 1971, after asking the contractor some questions about the house. This results in a $1000 decrease in the premium. Does anybody know what parts of the house have to be knew to qualify changing the age of the house for insurance purposes? I don't want to be denied a claim in the future because I misrepresented the age of the house.

Complete up grade for electrical, plumbing, ac and heating, etc. The house has to be opened to the studs and everything completely replaced, not repaired.

Ask your insurance company this question because it may vary depending on what company you use.

busta
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Old 09-22-2010, 09:20 PM
 
Location: Alexandria, VA - Kingstowne Subdivision
391 posts, read 484,168 times
Reputation: 361
Electrical, A/C, Plumbing, Windows, Sheetrock, Roof, Heater. Ask the contractor for all of the receipts to make sure you can prove the age to the insurance company. Most Insurance companies will require an extra inspection to fill out the forms need to prove the age of the house. We used Home Inspectors a year ago but a lot of insurance carrier have stopped post dating houses.

Another way to reduce your HO insurance cost is hurricane proofing your home. Ask your agent about discounts for hurricane straps, roof tie downs, hurricane clips, extra nails in the roof, shutters, etc. Most carriers have the deduction but you have to ask about the specifics. R

Keep this in mind, your insurance "agent" is an "agent for the insurance company. You never sign disclosure stating fiduciary duties or obligations to protect your best interest. Get multiple quotes.

Check with your agent about the specifics and get documentation about your conversation.

Hope this helps.
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