Quote:
Originally Posted by debron911
If you are buying a pre-owned home here please take note that, if any plumbing issues/leaks are found in the inspection report, they may result in their underwriter's threatening to cancel your policy AFTER you close the sale. After living in our first Villages home for seven years we purchased a larger pre-owned home in October. It was inspected, a small water leak from the outside spigot, which did damage some wood around it, was discovered and repaired. A month AFTER closing on the home Tower Hill Insurance sent a cancellation notice. They also are cancelling our previous home's policy because it is "unoccupied" pending a sale. The underwriters have demanded a NEW inspection of our new home not even a "re-inspection" to verify repairs were made will suffice. We sent an invoice from the company that performed all the repairs but that was not satisfactory.
Our insurance agent sent the following: "Any time there has been ANY water related issues this will happen now. This year the companies have all been tightening their underwriting and this is no longer unusual."
Don't know if insurance agents or realtors/sales agents are giving any advice but if your inspection has plumbing issues probably safest course of action is to rectify and have the original inspector verify in writing of the repair. Apparently insurance company underwriters can go in after a closing and a policy is initiated, and make demands or threaten to cancel the policy. Would be interested in any currently working insurance agents think about this.
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As a footnote almost every home built in the US from 1976 to 2000 was plumbed with Polypropylene plastic piping (it is grey flexible piping) if your home has it and you have chlorine or it's replacement in your water it will degrade your plumbing. It is a ticking time bomb. No Insurance company will insure that home until all plumbing is replaced regardless of the water source. It is now part of the preinspection prior to a home sale. My home in Palm Harbor FL. Built in 1991 had to have all plumbing replaced at a cost of $8000. before we could sell and move to TV.