We help homeowners of all backgrounds, shapes and sizes with their home purchase process. That's one of the thing Insurance For Texans actually considers FUN.
Consider it like a CarFax report for a home. We like digging in to see what the house is all about before you call it a home (or decide not to).
We advise home buyers to always check the CLUE Report. This will tip you off to previous claims on the house.
Here's another story on why our help is a good idea . . .
Tom Buys a Home
Moving closer to extended family was a good reason for Tom to move his family to Grapevine, Texas.
He and his spouse located a property outside of town on a nice piece of land. Sure, the move was huge, but worth it to know the kids would grow up with cousins and there'd be plenty of room to run around.
Into the process of buying the home, they knew an inspection was in order by a professionally licensed inspector. The report came back containing some concerning information.
The sellers had been a little evasive to begin with and confirming some suspicion, Tom and his wife found the roof had a lot more damage to it than previously mentioned.
At this point, the question hanging in the air was whether or not this roof could even be insured.
Their realtor reached out to Insurance For Texans for assistance and we came to the plate with connections to qualified roofers who could better evaluate the situation.
The roofer assessed prominent damage that needed to be addressed before Tom and his family could even move in.
We also checked the CLUE Report on the home to assist the buyer.
Get A CLUE From the Report
For Tom, the CLUE Report unearthed some interesting information. A claim made by the previous homeowner for wind and hail turned up on the report.
Ding! Ding! Ding! The cause of damage could have been from that hail and had been paid out by the insurance company. Here is where the real estate transaction gets challenging.
Here is the dilemma. The roof didn't get repaired from the claim disbursement. There was also additional claim activity that surfaced, 3 to be exact int eh span of the previous 12 months, one of those being for theft.
Some insurance carriers will go as far as to deny coverage in this case. Since one of these claims was still classified as open or pending even though the home was listed for sale, the situation grows even more problematic.
What Did Tom Do?
The big decision for Tom and his wife, how much do they really want this house? They have to balance their emotional attachment with the realty that the home could mean a bad situation. However, if they REALLY want the house knowing the challenges, Tom must do the following to satisfy items on the CLUE Report:
- Provide proof of wind/hail related repairs being completed
- Provide an explanation regarding the theft from the insured so the underwriter has the ability to approve a new policy for purchasing the home
- Provide a resolution to the open claim before closing (if possible)
A caveat, even by doing these things, many home insurance companies covering Texans won't issue a policy for the home.
That's where we can help. By working with a local, independent insurance agent, Tom is able to have access to carriers that have more flexibility to write a policy even when the situation presents more challenging hurdles.
So if you plan to buy a home, is there a plan in place to handle the stranger situations that are less straight forward? We know we can help you.