Who provides no-inspection home owners insurance?
Monday, December 29th, 2008 at
5:49 am
Alex C asked:
My house is basically a shell, but we’ve been conditionally approved for a line of credit to fix the house. We need to have home insurance, but if we go with any of the local insurers we’ll be turned down because of the condition of our house. It was built in 1897. Are there reputable online providers of insurance that don’t do inspections prior to approval? If so, recommend some.
Tagged with: Home Owners Insurance • Insurance • Shell
Filed under: Homeowners Insurance
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Try GEICO, they’re idiots.
You asked:
“are there reputable ….providers….that don’t do inspections..” Think about that.
Sorry – those that are reputable will require you to truthtfully represent the condition of your home, and arrange to verify. Reputable carriers are funny that way – they want to know what they’re insuring. What you seek is one that is NOT reputable — a carrier who asks few questions, and then issues policies so full of exclusions that little real coverage is provided.
Ask your ragent for a FAIR Plan (state backed) policy, or one from Lloyds of London. Then make sure you don’t have any losses.
Though you will have to answer some questions about what the house contains in terms of amenities, Kemper does not send an agent out to visually or physically inspect the property. However, you should call and report the remodels, upgrades, additions, etc. you do because it will increase your insurance coverage afterward.
Find a local insurance broker. I took ownership of a house once with a deed-in-lieu of foreclosure that was vacant with back taxes and that was pretty trashed. Even before I took ownership I found a local broker that gave me a fire insurance policy (a 3 month policy) so I could insure the house and protect the investment I made. There was no inspection or anything and it was not that big of a deal.
In fact, I’ve taken out policies on several houses, some owner occupied, some vacant, and some rentals, and NEVER did someone come out and inspect. I used Travelers Insurance for most of them…
Kemper is in the process of cancelling us now because they want thousands of dollars in home repairs done that we cannot afford. THEY DO DO HOME INSPECTIONS