All Forum Posts by: Sean K.

Depending on the company and how buildings titled you could also get a commercial liability policy as well possibly.

I am seconding what another person posted before.  Your agent should have told you to make sure when you call to say it was "sudden and accidental" assuming it was.  I have never had a burst water pipe damage not covered.  As previously stated the pipe itself would not be covered but damage would be.

The caveat to this is if you for some reason had what we call a DP1 policy form.  this is basically a "fire only" type policy and water would not be covered.  I generally try not to sell them unless requested.  You need to read the "exclusions".

I'm in NJ and an insurance agent.  You should be able to find coverage even with a claim.  You might have to go to what we refer to as "excess" market and it might get expensive but you should be able to get coverage.

As far as the claim I agree with statement above.  The claim is already established so there is no option for company not to pay if you are canceled/non-renewed.

What damage isn't paid yet?  Tree coverage in general on most policies is low unless it was resting on the home then it is covered differently.  If on ground the $500 limit could be correct. 

As far as mortgage company that is up to them and I really have no goof info on that but you might have a labor claim against previous employer if fired you b/c you were in hospital 

Also assuming in your rental contract you require your tenant to list you as an additional insured you might be able to use their liability as well.  Example of slip and fall on ice.  Who is responsible for clearing/cleaning walk in your contract?  Will that wording hold up in court or will your state mandate that you are responsible as landlord/owner of property?

I currently have insurance client that has over $3M in healthcare costs due to a slip and fall and the court case is going on it's 6th year.  The more liability coverage you can have access to the better.

I would also recommend an umbrella but that is another matter entirely.

Not renters policies cover flood.

David,

Just FYI insurance is also more expensive if you are NOT living in the property.  You'll need a dwelling fire policy, ideally what they call DP3 as this is most comprehensive coverage, assuming you are NOT living in property.

Assuming you are not adding this to a property schedule you will need a dwelling fire policy.  Recommend a DP3 as better coverage.

Erick it would depend on your distance from the flooding source in general.  The elevation certificate helps b/c then you know exactly where you in relation to the BFE(base flood elevation) as that is what all calculations are based off of.

I've sold flood insurance to people less then one block from beach at less then $1k b/c their house was elevated.

As you said I don't think a body shop needs to be involved.  A good detailer should be able to get that off with compound or wet sanding.

I think a full detail for a car runs about $2-300 by me and I'm in NJ but it depends on where you are in NY.

As far as doing work on a house before you own it you shouldn't do that.  usually even for a closing they will give you 30-90 days to fix items.

Peter,

If this is for a closing you want to make sure that this close to date it doesn't push your date.

If for a renewal than it shouldn't be an issue.  yes, you will get refund.  if you are in an admitted market, meaning insurance company under state jurisdiction, then the refund would be pro-rated.  if in a non-admitted market/excess then there could be a penalty.

However if as you said it is for the renewal date you can ask about a flat cancel on renewal and the full amount your escrow paid should be refunded.  Depending on the carrier some will want  you to make a down payment to bind and others will allow you to bill your escrow. 

Assuming the mortgage paid it already if you are going to cancel the old insurance make sure to call the mortgage and tell them you will be canceling and give them new insurance info so they know:

1-to expect refund from old company

2-to pay new bill from new company

Hope that helps.