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2015-03-27 15:59:37
Home Owner's Insurance and Due Diligence!

Another part of a buyer's due diligence is to see how much home owner's insurance will cost for the the home/condo you want to purchase.  Why is this important?  The home may of had water damage in the past and it may cost you triple to insure the home.

If a home has had water damage and the past owners used a home owner's insurance company to repair the damage, there's a good chance the home is listed on the CLUE report.  CLUE stands for Comprehensive Loss Underwriting Exchange.  The CLUE report ties to a that allows all of the insurance companies to know if there has been a claim paid out for damage to a home.  If the home is on the CLUE report for water damage or other repairs, the home owner's insurance can be much higher than normal.  Here's a good link to learn about the CLUE report https://www.privacyrights.org/clue-and-you-how-insurers-size-you

There's a lot of things the buyer needs to do during the due diligence period as discussed in a previous post.  Home insurance is just one of them.  If you discover the insurance is to high for the home, you can cancel the transaction during the due diligence period.  You do not have to order home insurance until a couple of days before closing.  Between the due diligence period and closing you will have time to shop rates and see which company offers you the best rate.  I hope you find this blog post helpful.  I have many other helpful blogs under my blog tab on the main page of this website.  If you have questions, please feel free to call, text or email me.  Thanks for your time and have a great Friday.

Sincerely,
James 'Brad' Zebio
Realty ONE Group
702-809-6300
bradzsellsvegas@gmail.com
www.bradzsellsvegas.com

 

 
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