Insurance for a home with a Fuse type panel
Hello!
I recently purchased a home in Michigan and it has a fuse type panel. I've called several insurance companies and no one wants to insure it due to the old style panel. I am planning on updating all the electrical as soon as I close, but I still need insurance in the meantime. Any advice on how to navigate this is much appreciated!
Martin
Martin,
My best advice for you is to call a couple independent insurance agents in Michigan and explain to them the situation. It's going to more than likely be a smaller company that will say yes and give you a date as to when you have to have the panel updated or might be a nonstandard company that will write it for a higher premium until you are able to update the box. Good luck with the new purchase.
#1 Insurance Contributor
- Insurance Agent
- Norwalk, CT
Martin,
Sometimes, if the agent discusses it with the underwriter, they may allow for the fuses for a limited time (ie week, 2 weeks). It is not common, but if you can show a proposal from the electrician and a letter/email from them confirming the date the work is scheduled to be done that may help convince the Underwriter at the company.
Baring that, keep calling. You may have to take a quote from an excess market (lloyds, etc.) and then switch when the electrical work is done. Be careful with the excess policies. Many have a 25% minimum earned premium which means that you will pay approx. 3 months premium even if you cancel before that.
#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
- 3,654
- Votes |
- 7,050
- Posts
#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
@Martin Cervantes find an agent that brokers with Michigan basic
Thank you all for your responses! I ended up calling an insurance broker who had a company that was willing to insure the house after providing a timeframe for the repairs. Appreciate your time and advice!