On 7/7/2011 10:05 AM, bob haller wrote:
On Jul 7, 10:50 am, wrote:
On 7/7/2011 9:26 AM, bob haller wrote:
...

like I said ask your local insurance company. My state farm agent says
the prohibition on NEW homeowners policies with K&T is nationwide....

...

I just finished telling you the local group is doing rehab's
continuously and it is _NOT_ a problem here. These are generally
putting first-time homeowners into these so those _are_ _NEW_ policies;
....

Well home inspectors are natinwide, and if a homeowner EVER will sell
their home, K&T is going to be a issue to make it far harder to sell.

Again, I've just told you that is _NOT_ a problem; many of these have
been resold at fair local market values after the initial owners have
either moved up, moved away, or for other reasons...

Plus your home is likely the greatest investment any individual will
ever make.

And that has what to do with the specifics of the question????

Might as well take care of it, because someday you may want or need to
sell.

See above...

and since your group is rehapping nhomes perhaps theres a prefered
bprovider arrangement for insurance?

No.

why not find out who is insuring thoose homes and post the companies
name here......

Pick a licensed company; the organization is a 501(c) that does expedite
financing for the rehab but it's one of those "sweat equity" arrangement
w/ the prospective purchaser and part of the process is the education
they receive in learning how to and dealing with the proper procedures
for applying for the mortgage, acquiring the insurance, knowing about
taxes, etc., etc., etc., ...

We stand on the sideline and coach but do _NOT_ do the work; if they
don't get it done, they're out (after a reasonable period and remedial
education, etc., of course). There are some that for whatever reason,
simply either "don't get it" or are unwilling to follow through on the
commitment--and it _is_ hard work and an intense process.

We do tend to recommend folks to independent insurance agents/brokers
but they're not required to do that; all they have to do is get the
insurance before the mortgage company will underwrite the loan.

Any/all of the name-brand outfits can, I am quite sure, be found on the
list of underwriters. I do know for a fact of several that are carried
by your favorite example bogeyman as well as several others that have
the word "farm" in the company name/logo.

I have friends with K&T and they are locked in their current
homeowners insurance company because no one else will insure them..

Well, that's there situation perhaps; even if so (and will grant it may
well be an issue in whatever location you are) that doesn't make it so
anywhere else.

As an aside I would think there would be room for a class action lawsuit
or at least action requesting relief from State insurance commissioner's
office or whatever the regulatory agency is there if they can show a
widespread case of refusal to underwrite on the basis of simply the
existence of K&T if it has not been shown to be out of compliance w/ the
appropriate NEC sections for same.

I will say this particular state of current residence has a long history
of a very strong Insurance Commissioner and while not overbearing to the
point of driving companies out of the state as have some excessively
one-side locations, the rules are stringent enough that insurance is not
generally difficult to acquire and compared to other locations where I
have been, quite reasonably priced.

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