Home Insurance Questions

[terminator]

Hey All,

I recently bought an aged house (195x) and insurers refuse to insure it. Its gong to be a rental property for a year and after that I will be tearing her down.

Does anyone know whwere I can get insurance that would cover my neighbors from damage incase it were to burn down?

Thanks,

[mrkajz44]

Is it possible to ask the sellers? I assume they would have similar issues with insuring the place and might have some solutions.

[calgarygeologist]

What are the issues with insurance? I have a house from the 1950's and had no problems getting insurance. I'm with TD Meloche Monnex.

[terminator]

Originally Posted by mrkajz44

Is it possible to ask the sellers? I assume they would have similar issues with insuring the place and might have some solutions.

Already bought the place, didn't think much of it at the time or purchase.

Originally Posted by calgarygeologist

What are the issues with insurance? I have a house from the 1950's and had no problems getting insurance. I'm with TD Meloche Monnex.

TD is actually the place that said no. They said age as one factor and the fact that 4-days of non-insured time as lapsed its not possible.

Thanks though, keep the ideas coming.

[undercoverbrother]

Go see a broker.


A broker, unlike TD, can shop the house to different markets. Do not go to Brokerlink.

[Ducay]

Sounds like you must have had a shoddy lawyer. How such a transaction went through without proper insurances in place is beyond me.

[BlackArcher101]

They can't insure a house at that age? For what godly reason? Is there something fishy with the property like a wood burning fireplace they want inspected first?

[terminator]

Originally Posted by BlackArcher101

They can't insure a house at that age? For what godly reason? Is there something fishy with the property like a wood burning fireplace they want inspected first?

Not that I can figure out.

Originally Posted by Ducay

Sounds like you must have had a shoddy lawyer. How such a transaction went through without proper insurances in place is beyond me.

yes, this I realize now is the issue. It was the lawyers responsibility to make sure insurance as in place, yet she failed.

Is there anything I can do in this regard?

[troutman]

Was there a mortgage? Can't request funds without insurance.

[townie_80]

We purchased a 1960s era home and have insurance through TD. They would not insure if we did not have 100 amp service upgrade. My parents use some other insurance company (not sure who) and they have a 1950s home and they had the same requirement. Is it possible that you do not have 100 amp service at the house?

[terminator]

Originally Posted by troutman

Was there a mortgage? Can't request funds without insurance.

Yes there was a mortgage. and the lawyer did this.

I just talked to her and she said I gave her a verbal I have insurance on that property which I did not.

ANy idea there troutman?

[terminator]

Originally Posted by townie_80

We purchased a 1960s era home and have insurance through TD. They would not insure if we did not have 100 amp service upgrade. My parents use some other insurance company (not sure who) and they have a 1950s home and they had the same requirement. Is it possible that you do not have 100 amp service at the house?

I do have 100amp service!

Thanks though

[townie_80]

Originally Posted by BlackArcher101

They can't insure a house at that age? For what godly reason? Is there something fishy with the property like a wood burning fireplace they want inspected first?

When we moved from a new house to a 1960s home we were not eligible for near the same level of insurance. And our premiums went up significantly even though home size and therefore replacement value should have been somewhat similar? I asked why we couldn't get the same level and they said because of age. I am totally confused about this too. Is my house more likely to burn down because of its age? More likely to be broken into? I guess there could be a higher likelihood of a pipe break but nothing else really seemed to make sense and they could not provide me with anything other than it's old. If any insurance people have insight I would love to hear it!

[squiggs96]

I bought a detached home this year with the intent on tearing it down. As such, I didn't want insurance. After talking with a few people they said I needed it to close, since there was a mortgage. I didn't think I did, as I'd bought several places without it before. It turned out because all of those places were condos, the strata had the insurance. On those I only needed content insurance, which I did purchase. I asked my RBC mortgage guy and he said there was no need for insurance, but it was recommended. I asked several times, and got it in writing. Sure enough, RBC wouldn't release the funds without insurance. Luckily my lawyer had informed me this would happen, and made sure I had insurance. If not, RBC wouldn't have released the funds, I would be in default on the purchase agreement, and the seller likely could have taken by deposit of $50,000. When I went back to the RBC mortgage "specialist", he had no idea that was a requirement. I showed him the closing letter that the insurance part is multiple pages. He shrugged and said he'll know for next time. It infuriated me.

Looking back, it also makes no sense why I wouldn't want the liability insurance in case my house burns down my neighbor's house, or someone is injured on my property. That was really poor planning and lack of thinking on my part.

I had trouble getting insurance on the place, as it was built in 1921, had an old roof, old boiler, some poor wiring, etc. TD said no, as they are a direct writer of insurance, and have a much lower risk tolerance. This is after me being with them for five years. Some places would automatically say no based on age of the roof, and age of the water tank. Others said no based on the wiring. Some would do it with an inspection, but I knew I'd fail it. Others quoted me very high prices. I believe co-operators priced it at about $5,000 for the year. I ended up getting it through BCAA for about $800 for the year.

Long story short, check out AMA.

[troutman]

Originally Posted by terminator

Yes there was a mortgage. and the lawyer did this.

I just talked to her and she said I gave her a verbal I have insurance on that property which I did not.

ANy idea there troutman?

Usually the lender requires proof in writing that there is insurance (an "insurance binder").

I don't know all your circumstances - I think your lawyer will need to work with you on the insurance issue. The lender is also her client.

Maybe my friend Shawna can help:

http://www.auviinsurance.com/contact.html

[InglewoodFan]

Originally Posted by squiggs96

When I went back to the RBC mortgage "specialist", he had no idea that was a requirement. I showed him the closing letter that the insurance part is multiple pages. He shrugged and said he'll know for next time. It infuriated me.

As an aside, jeezus-eff there are some dumb ass people working as purported banking professionals. My old banker retired, and the new one I was given is driving me bonkers with her lack of knowledge and piss poor attention to detail.

[EverfresH15]

Just moved into my house which was built in 1958 and I had no problems getting insurance. Sorry I cant help more than that.

[ken0042]

^^ Why can't you give the name of your insurance company?

[ricosuave]

call touchstone insurance. they are great.

[Tailspin]

Is your primary residence insured with TD? Most companies do not like to write rentals if they don't have the primary.. If the elec is 100a, plumbing is copper or pex, roof is less than 15 years you can try Wawanesa. If not an Intact broker may be able to write you with Niche, or someone like Premier Marine. The premium will hurt though.

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