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daisy m | 1 wk Before house was purchased Hail storm may have caused damage. Can I contact Prev owners Ins to check ? |
The storm garner media and Insurance Assoc. press. Neighbor brought to our attention today when his ins co sent adjuster to check his roof etc for damage. Accord to his adjust the damage was substantial and has occurred to many in the neighborhood. Will the prev owners insurance company be responsible since the damage would have occurred while the house was still under their coverage? Or do I contact my insurance agent?
Additional Details
The storm occured a week before the paperwork and closing on the house happened |
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mopar_murph
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Was the paper work finalized and Deed title transferred yet? |
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W. E
 |
Did your home have a Home Warrenty with a Realitory - check with the realitor - if there is a warrenty that is.
Good Luck with the sellers - |
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Bob
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If the damage is substantial then check to see if you can make it a condition that the previous owner repair the damage. Since escrow had not closed the responsibility for the damage is the previous owners. You had the right to know about the loss before escrow closed. You may have to seek legal advise because the previous owners are responsible not only for the damage but for advising you that there was damage. Also check on the inspection that was completed on the house prior to closing. If the damage was not there it's clear you are not responsible. Next time pay more attention. |
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*♪♡SnowShoer1♡♪*
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If you had a home inspection done, prior to the time the hail storm happened, then you would have an easier time proving that the hail damage occurred between the time of that inspection and the closing. IF that is the case, then the following would likely apply:
1 - Your personal homeowners insurance would NOT cover it, because they will not cover property that you do not own or control.
2 - The prior homeowner would be liable - hopefully they were insured & had coverage that insured against hailstorm damage.
3 - Even if they may not have had coverage, You may be able to get the prior homeowner to pay for the repairs.
Whether or not the funds to purchase the property was in escrow is not relevant, because OWNERSHIP is what the insurance policy will cover. That being so, the former homeowner would be liable, AND it depends on HOW the offer to purchase was written. |
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mkulda
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Very, very simple answer.
If the house was still not yet purchased by you when the damage happened, then the seller's insurance is on the hook.
You can even get your insurance to pay the claim and just ask them to subrogate it to the other insurer, which they to all the time. |
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barryfl
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I agree with Mark. But as far as Kandi goes, its not just ownership, its insurable interest. You can have all sorts of 3 parties getting paid, not just the owners. |
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Badkitty
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If the previous owner maintained their insurance at the time it should cover any loss prior to settlement. |
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C R
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Both of you had insurable interest, you because of the purchase and the previous owner because of the purchase not being final.
Since the incident occurred before of the property transfer, the answer lies with the inception and expiration dates of both policies.
If neither coverage will pay, try the mortgage companies. They often have blanket coverages to protect their interests.
But contact your agent anyway. Let them make the decision. |
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J. C.
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i think you must check the status on the escrow at the time. if escrow was transfered then your agent (or maybe the holding comp) if not then theirs> i think?? |
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mbrcatz
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Did you do a walk through immediately before the closing?
Technically, you can't file a claim on someone else's policy. You can ask the prior owner to file the claim under their policy, but any payment check would be made in their name. The claim would count against THEIR record. As far as that goes, you don't know that they DIDN'T file a claim and get paid for the damages already!
Accordingly, your new homeowner's carrier isn't responsible for the loss, as damage occurred before the policy was in effect.
I think you're going to end up holding the bag for this one yourself. Unless maybe your real estate agent inspected the house prior to closing, on your behalf, and didn't notice the damage - in which case you can sue them under their Errors & Ommissions coverage. |
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