An insurance question - older homes - Posted by CarolFLUT

Posted by Patti-FL on June 21, 2000 at 14:50:56:

The HUD bid opening date was 3/22/00; and yes my buyer is qualified except they will need 10% down; ($5800)and closing cost ($2600)my math my be off a little; but I will gift them 3% of closing for the sale.

An insurance question - older homes - Posted by CarolFLUT

Posted by CarolFLUT on June 20, 2000 at 18:55:30:

OK, half the houses we touch areover 40 yrs old, and probably 20%+ are60+ and a few are " '20’s " houses. I am having trouble getting insurance through my agent (Nationwide agent, but who uses other companies when need be).

We are not talking about war zones, not falling down huts. In fact, our own home was built in 1920, the one next door ( 5 apts now) in 1923, and one we took “subj to” last week, in 1925. All in great shape, updated, (though in many cases we records of updates may not be available), and HAVING WITHSTOOD the dreaded hurricanes - by cracky!

Anybody have an insurance company to recommend checking into who is not loathe to insure properties that were built more than 40 yrs ago?

Wld appreciate the lead.
Thnks.
Carol

Re: An insurance question - older homes - Posted by Laure

Posted by Laure on June 21, 2000 at 23:53:17:

I’m with State Farm also. 500 deduct, and Yes, I 've had claims… uh… like a major murder last summer! They have NEVER refused to insure a property. Even 100 year old homes, homes with aluminum wiring, homes with knob and tube wiring. Guess it’s because I have a lot of policies with them, but they are good to me.

Laure :slight_smile:

Re: Cost for older home coverage? - Posted by Patti - FL

Posted by Patti - FL on June 21, 2000 at 12:10:24:

Could any of you give me a cost comparsion for a SFR built in 1957; Brick 1757 ft^2; has ch/a w/unit inside but did not see a heat pump outside?;electric has been upgraded; roof look older than 5 years ; no termite demage. It is a HUD home that I have sold already but have not won the bid, maybe by friday I will have the results- feel very good about it. I also have the hard money lender waiting for the word; will lend me purchase/repair/hold costs. The holding will not be long about a week. What do you think?

Insurance companies are concerned about… - Posted by David Krulac

Posted by David Krulac on June 21, 2000 at 05:45:21:

age and type of roofs, Erie Insurance for example won’t insure houses with slate roofs or standing seam roofs,
siding, they won’t insure insulbrick houses, electrical service, the won’t insure anything less than 100 amps, furnance, no space heaters.
They have the best rates but are fussy on the houses, for houses that they won’t insure I shop around between 3 or 4 other companies that I use through an agent that sells different companies, a non-captive agent.

Re: An insurance question - older homes - Posted by Ben (OH)

Posted by Ben (OH) on June 21, 2000 at 03:52:01:

Nationwide is crap. Besides that if they are redlining you can complain to the atty or insurance regs in your state. I’ve had nothing but problems with Nationwide.

Re: An insurance question - older homes - Posted by Millie I.

Posted by Millie I. on June 21, 2000 at 24:15:04:

Carol,

All my apartment buildings are insured by State Farm. They are expensive, but they never give me trouble. Could be because I have been with them for over 10 years, and never claimed a cent. My deductable is $1000.

Most of my SFRs are insured by American Family, they are cheaper, but much more picky. Age of the property has not been a problem. All my SFR rentals are over 50 years old.

Millie I.

Re: An insurance question - older homes - Posted by JPiper

Posted by JPiper on June 20, 2000 at 22:24:55:

I haven’t had difficulty insuring older houses. The insurance companies though seem to be concerned about issues like wiring, plumbing, age of roof, etc.

In the past I’ve used Farmers, State Farm, American Family. Right now I’m using Columbia Insurance.

JPiper

Re: An insurance question - older homes - Posted by phil fernandez

Posted by phil fernandez on June 20, 2000 at 19:24:26:

Hi Carol,

Not sure why Nationwide has a problem with older houses, especially if they are in good condition. I use State Farm and most of my properties are over 40 plus years old. One of my 10 units is a 1890 Victorian and State Farm has insured it for many years.

Re: Cost for older home coverage? - Posted by CarolFLUT

Posted by CarolFLUT on June 21, 2000 at 14:35:28:

1957 is not “older”.
Rates depend on the value of the home (replacement).
When is your HUD bid opening date? This info is posted on a web site. Trust your sale is contingent upon completion of your purchase!
Carol

Re: Nationwide Insurance - Posted by Peter

Posted by Peter on June 21, 2000 at 17:59:37:

I’ve had nothing but TROUBLE with nationwide…
they do in fact redline