Why would an insurance company narrate a client thay have to paint their house and ... Read details please?
My BF just bought house. It does need TLC but is deeply a good house. He insured it right after he bought it & everything was fine. That be about 4 months ago. Now his insurance company is saying that they did an inspection & near are problems to be addressed before July 30th or insurance will be withdrawn. The problems: flaking paint so it have to be repainted, debris in the courtyard that has to be removed & an out building in necessitate of repair. i kind of get the out building issue - he be going to tear it down anyway. As for the debri I don't understand WHY the insurance company would supervision - but nonetheless it has already been taken keeping of. Apparently they did the inspection at least 2 months ago because that's when we got the jetsam out. Anyway - the one that gets me is the paint issue. Why would they care at adjectives? I wanted to ask if they get to choose the color as in good health. He was going to paint anyway but that is beside the point. Can anyone recount me WHY an insurance co. can do this?
Answers:
The paint issue is important to insurance companies because it is an indication of a homeowner who might just be defer maintenance in other areas such as heat, plumbing, electrical, fire protection, or any other area the insurance company could be liable for. Like it or not, we are judged by our appearance when out contained by public and this is exactly what the insurance company is doing as well except they are basing their shrewdness on the general maintenance of our house. The certainty that you have owned the house for such a short time be likely never considered and is not a mitigating factor. Paint the house then ask for a re inspection.
The only reasons I can see in relation to paint are
-If the areas requiring paint will suffer weather damage if they are exposed too long.
-If the flaking paint is a lead base paint that needs to be sealed.
I hope that help some. Source(s): Home renovator for years
Because paint protects that wood from weather and insect destruction. Exposed wood will get rot and mold if it gets drizzling.
Termites, beetles, etc can gain access to the wood easier of their is no paint covering it.
It probably have to do with lead paint. If the house be built before 1980 then head paint was often used. So if it is flaking it could be considered a hazardous substance that causes Cancer.
So they require you to paint it because they don't want anyone to be able to sue your bf because they get cancer from the lead paint flaking off of his house.
The WHY issue is the easiest to answer - because they can. The policy states an underwriting time and their underwriting rules are filed beside the state DOI. So legally they can tell you to follow their underwrite rules or cancel the
policy.
They insure thousands of properties in your state, why would they want to risk money on someone beside peeling paint, crap in the patio and a busted up outbuilding. Shows no pride of ownership. If the house looks terrible on the outside, imagine the inside.
If you choose not to comply, you could find a standard open market or 'high risk' insurer. You premiums will triple and you coverage will be for cash value of the property.
So, paint the house, opening down the outbuilding and clean up the yard. You'll find the neighbors will similar to you all of a sudden. Source(s): http://ohio-insurance-forum.blogspot.com…
Any debris surrounded by the yard is a hazard to the house. If a storm comes it could hurt the house. As far as the paint, they dont want you to buy a house with crappy paint and then when close to the first storm comes you blame the paint on that and you claim it.
Flaking paint = potential hazard loss from LEAD BASED PAINT. They want that issue corrected. Insurers observe ANY condition which might result within a claim against them. If a neighbor kid walks over there and chews a few flakes of older lead based paint, guess who will procure the medical bills resulting ?
Any home built prior to 1978, there's a chance there's lead-based paint still on the home.
If it's chipping or peeling, neighborhood kids or pets could chomp through it and get sick. Then you get sued, and your insurance company pays.
Also, a fitting paint job is a protective coating for the home from the elements.
Though I've never heard of a company requiring their sports car to be repainted, even though those would rust out with chipping paint.
It's probably the first reason, I'd bet. Source(s): 10 years surrounded by mortgage banking
Here's how insurance works:
MANY people put relatively small amounts of money into a "pool". When there is a claim, the insurance company have to pay the claim - according to the terms and conditions of the insurance policy.
Believe it or not, insurance companies & mortgage companies, together next to most other lenders AND just about every municipality, enjoy agents and representatives who do nothing else, except ride around to the different areas their particular investments are surrounded by, doing “windshield inspections“.. Just like your BF and perhaps you, these folks hold a job to do: to make definitely certain the property is maintained according to the vocabulary and conditions of the insurance policy.
When a property isn't maintained according to the policy, the mortgage and/or local building code and ordinances, problems switch on happening - not only beside that particular property, but the street and eventually the neighborhood.
That old expression, "Monkey see. Monkey do." applies to legitimate estate as well as just roughly every other situation.
Here's an Example: Mr. & Mrs. X worked very hard, save their money and bought their home many years ago. Mr. X LOVES cutting the grass, puttering around the courtyard; raking leaves, cleaning the gutters, painting, etc.
Mrs. X LOVES gardening, LOVES seeing the birds come to the birdbath and LOVES - more than anything else - have their children, grandchildren, friends and family over for cook-outs, parties, dinners, etc. Between the two of them, their home is deeply well-maintained. In fact, over the years, the property's value increased. This is true - to one amount or another - for most of the other properties on the street and in the area.
BUT, across the street and down a few properties, a not-so-well maintain house, which has been deserted for quite some time, is sold to a real estate speculator for rehab and possible Dutch auction or renting.
He/She/They are busy with their other investments, apparently too busy to even start working on "the neighborhood eye-sore" or “the dog“. For a very long time, Mr. & Mrs. X, as very well as the other residents, have been calling City Hall, complaining nearly the property.
About a month after the property goes to settlement/closing/escrow [they all imply the same], the insurance company sends an alert to their inspector for that area.
He/She rides to the property, does "a windshield inspection", completes the necessary document and files the report beside the insurance company.
On a monthly basis, the property becomes one of those properties the inspector rides to, inspects, completes a document for and files to the insurance company.
Each and every ratification second, minute, hour, day, week and month, the property becomes a superior risk to the insurance company and its policyholders.
1] A fire could occur - due to spontaneous combustion or mischievous people.
2] Because the put your foot wasn't shoveled or salted after the last snow and ice storm, someone could trip on the sidewalk.
3] The grass could grow so large, its a great attraction for rodents and other vermin. They mate, have babies, grow, mate, hold babies, etc, THEN they don’t have any place else to go but to another property.
4] How nearly squatters, drug dealers and other undesirables? Vacant, poorly maintained properties are “magnets”
4] I'm sure you could estimate of others.
Believe it or not, it ALL starts with a broken window or uncut grass or unshoveled snow.
The reports commence accumulating and they are checked - the most recent against the previous ones. The same situations consistently appear. If the insurance company doesn’t look-out for, protect or do anything about its interest contained by the property, who will?
If you lived in a great neighborhood, wouldn’t you want something done with “THE black eye”?
Looking at it from this perspective, wouldn’t you be bullish to have someone send a reminder/warning - instead of a foreclosure identify?
I wish you well!
VTY,
Ron B. Source(s): In the unadulterated estate business over 30 years.
At one time, the real estate brokerage our family owns, be one of those inspectors.
Related Questions:
Answers:
The paint issue is important to insurance companies because it is an indication of a homeowner who might just be defer maintenance in other areas such as heat, plumbing, electrical, fire protection, or any other area the insurance company could be liable for. Like it or not, we are judged by our appearance when out contained by public and this is exactly what the insurance company is doing as well except they are basing their shrewdness on the general maintenance of our house. The certainty that you have owned the house for such a short time be likely never considered and is not a mitigating factor. Paint the house then ask for a re inspection.
The only reasons I can see in relation to paint are
-If the areas requiring paint will suffer weather damage if they are exposed too long.
-If the flaking paint is a lead base paint that needs to be sealed.
I hope that help some. Source(s): Home renovator for years
Because paint protects that wood from weather and insect destruction. Exposed wood will get rot and mold if it gets drizzling.
Termites, beetles, etc can gain access to the wood easier of their is no paint covering it.
It probably have to do with lead paint. If the house be built before 1980 then head paint was often used. So if it is flaking it could be considered a hazardous substance that causes Cancer.
So they require you to paint it because they don't want anyone to be able to sue your bf because they get cancer from the lead paint flaking off of his house.
The WHY issue is the easiest to answer - because they can. The policy states an underwriting time and their underwriting rules are filed beside the state DOI. So legally they can tell you to follow their underwrite rules or cancel the
policy.
They insure thousands of properties in your state, why would they want to risk money on someone beside peeling paint, crap in the patio and a busted up outbuilding. Shows no pride of ownership. If the house looks terrible on the outside, imagine the inside.
If you choose not to comply, you could find a standard open market or 'high risk' insurer. You premiums will triple and you coverage will be for cash value of the property.
So, paint the house, opening down the outbuilding and clean up the yard. You'll find the neighbors will similar to you all of a sudden. Source(s): http://ohio-insurance-forum.blogspot.com…
Any debris surrounded by the yard is a hazard to the house. If a storm comes it could hurt the house. As far as the paint, they dont want you to buy a house with crappy paint and then when close to the first storm comes you blame the paint on that and you claim it.
Flaking paint = potential hazard loss from LEAD BASED PAINT. They want that issue corrected. Insurers observe ANY condition which might result within a claim against them. If a neighbor kid walks over there and chews a few flakes of older lead based paint, guess who will procure the medical bills resulting ?
Any home built prior to 1978, there's a chance there's lead-based paint still on the home.
If it's chipping or peeling, neighborhood kids or pets could chomp through it and get sick. Then you get sued, and your insurance company pays.
Also, a fitting paint job is a protective coating for the home from the elements.
Though I've never heard of a company requiring their sports car to be repainted, even though those would rust out with chipping paint.
It's probably the first reason, I'd bet. Source(s): 10 years surrounded by mortgage banking
Here's how insurance works:
MANY people put relatively small amounts of money into a "pool". When there is a claim, the insurance company have to pay the claim - according to the terms and conditions of the insurance policy.
Believe it or not, insurance companies & mortgage companies, together next to most other lenders AND just about every municipality, enjoy agents and representatives who do nothing else, except ride around to the different areas their particular investments are surrounded by, doing “windshield inspections“.. Just like your BF and perhaps you, these folks hold a job to do: to make definitely certain the property is maintained according to the vocabulary and conditions of the insurance policy.
When a property isn't maintained according to the policy, the mortgage and/or local building code and ordinances, problems switch on happening - not only beside that particular property, but the street and eventually the neighborhood.
That old expression, "Monkey see. Monkey do." applies to legitimate estate as well as just roughly every other situation.
Here's an Example: Mr. & Mrs. X worked very hard, save their money and bought their home many years ago. Mr. X LOVES cutting the grass, puttering around the courtyard; raking leaves, cleaning the gutters, painting, etc.
Mrs. X LOVES gardening, LOVES seeing the birds come to the birdbath and LOVES - more than anything else - have their children, grandchildren, friends and family over for cook-outs, parties, dinners, etc. Between the two of them, their home is deeply well-maintained. In fact, over the years, the property's value increased. This is true - to one amount or another - for most of the other properties on the street and in the area.
BUT, across the street and down a few properties, a not-so-well maintain house, which has been deserted for quite some time, is sold to a real estate speculator for rehab and possible Dutch auction or renting.
He/She/They are busy with their other investments, apparently too busy to even start working on "the neighborhood eye-sore" or “the dog“. For a very long time, Mr. & Mrs. X, as very well as the other residents, have been calling City Hall, complaining nearly the property.
About a month after the property goes to settlement/closing/escrow [they all imply the same], the insurance company sends an alert to their inspector for that area.
He/She rides to the property, does "a windshield inspection", completes the necessary document and files the report beside the insurance company.
On a monthly basis, the property becomes one of those properties the inspector rides to, inspects, completes a document for and files to the insurance company.
Each and every ratification second, minute, hour, day, week and month, the property becomes a superior risk to the insurance company and its policyholders.
1] A fire could occur - due to spontaneous combustion or mischievous people.
2] Because the put your foot wasn't shoveled or salted after the last snow and ice storm, someone could trip on the sidewalk.
3] The grass could grow so large, its a great attraction for rodents and other vermin. They mate, have babies, grow, mate, hold babies, etc, THEN they don’t have any place else to go but to another property.
4] How nearly squatters, drug dealers and other undesirables? Vacant, poorly maintained properties are “magnets”
4] I'm sure you could estimate of others.
Believe it or not, it ALL starts with a broken window or uncut grass or unshoveled snow.
The reports commence accumulating and they are checked - the most recent against the previous ones. The same situations consistently appear. If the insurance company doesn’t look-out for, protect or do anything about its interest contained by the property, who will?
If you lived in a great neighborhood, wouldn’t you want something done with “THE black eye”?
Looking at it from this perspective, wouldn’t you be bullish to have someone send a reminder/warning - instead of a foreclosure identify?
I wish you well!
VTY,
Ron B. Source(s): In the unadulterated estate business over 30 years.
At one time, the real estate brokerage our family owns, be one of those inspectors.
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