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Amit Gupta | Home Owner Insurance? |
I am buying a home, where previous owner had an insurance claim in 2002. Does my HOA premium will be higher because of that? Also, am I obliged to informed by HOA-company about this previous claim?
Thanks
Additional Details
My mistake. I should not write HOA, I mean HOI (home owner insurance). I will correct it in my original question. |
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John G
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Actually, STRANGE as it may seem, the previous owner's claims experience CAN figure into your rate, If the claims arises from some problem with the property itself - or its location.
And just as strange, if not more so, is the claims experience YOU had with a previous property which is totally unrelated to the new property you own or are about to buy.
Go figure. But either way, the issues are ARGUABLE and logical instruction may persuade the current carrier to forget all that stuff. But you said 2002. Five years ago. Unlikely that would survive to haunt your rate today. Are you obligated to tell YOUR insurer about it? Only if they ask, in which case, I would say something like:
"There was some kind of claim, I think, about 5 years ago. Obviously, I wasn't there at the time. so I can't tell you much more."
Truth is -the insurer already KNOWS about that claim, because it all goes into a big database. What they really want to know is, "Are YOU telling the truth?" And thus, you come to realize that YOU are important to the risk -as is the property.
Be guided accordingly. |
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Jerry H
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mrbcatz17, I love you!
I'm just looking through the list for interesting questions and invariably when I find one, you have already answered the way I would have. I agree water / mold claims can definitely be the kiss of death for future coverage. No matter who the current owner is. |
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xwdguy
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It's unfair and shouldn't happen, but I've seen it happen but not often (without disclosure by the owner!). Your state statutes determine your rights here (my state omits). You may need to argue the nature of the claim (the claim was from faulty ___, but we've had that updated) if the home was more to blame than the prior owners. You are not obliged to disclose. Keep in mind -- ground water (basement flooded through foundation) is not a covered peril, by any company. |
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mbrcatz
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Well, the second question is a legal question - but if you have a standard purchase contract, you're entitled to full disclosure of prior damage to the house, and the status of the repairs, or you don't have to buy it.
Depending on the type of claim, your insurance MIGHT be higher. And if it was a water or mold claim, it COULD make your insurance nearly impossible to buy. So you really, really want to find out. |
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Etta P
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You have been informed about a homeowners claim from previous owner from 2002, but most sellers do not disclose this unless it is a part of the particular disclosure. I think when you call up to get insurance, and they ask "have you ever filed a claim" you would say no.
I certainly would not lie, but I would not volunteer any more than needed. Below is a website that may be is designed to inform you on the regulations for just such an event. Hope it helps! |
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el tonto
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No. Thats like saying I'm buying a used car in which the previous owner ran into another car so my rates are going to be higher. They only thing that is going to affect your rates are homes worth, crime stats in area, coverage, credit and deductible amount. |
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financing_loans
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Okay our question doesnt make alot of sense. Your HOA company normally pays the Hazard Insurance for your property. So no it wont affect it.
In the rare case that you have an HOA but get your own hazard insurance. The hazard insurance will be based on you, not what the previous owners claimed. That claim follows them to their next house. So in that case it wont affect you either.
And no you dont have to inform anybody of what somebody else did. Only the claims you have made, and if you dont tell them they will find out anyway. |
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