WHAT ARE THE NEW INSURANCE ISSUES HOMEOWNERS ARE FACING WHEN BUYING A RESALE HOME?
top of page The new rules, regulations, and numerous restrictions that insurance companies have written and rewritten since Sept. 11, 2001 continue to surprise us. Homeowners that have never had a problem insuring their homes are suddenly faced with unbelievably high premiums or facing the reality of no insurance at all. In the case of no insurance, these homeowners are being asked to make changes (in some cases changes that are costly upgrades), in order to make the home “insurable”. I may not agree with the definitions of “high risk” as a Registered Home Inspector, but this is the reality many purchasers face when shopping for insurance. It is also my understanding that some real estate agents are adding insurance clauses into the offer of purchase and sale to help protect their clients. Some companies will still offer a “high risk” category for homeowners who are either unwilling or unable to comply with the required upgrades, but these companies are getting harder and harder to fin
