Insurance Issues - Update

Some Insurance issues are listed below. 

The insurance industry is certainly complicates the buying process! We conducted the concerns of many insurance in the insurance world post 9 / 11. Unfortunately, the list of topics is a moving target, so the possibility of new problems that arise is always present.

The first is the issue of control wiring and tubing. The short answer is: if the house has not insurable. The long answer is that small amounts may be acceptable for certain insurers in certain seasons. We recommend a call to the insurance broker buyers immediately. We will include the cost of removal and replacement in our report. Usually less than 10 percent of the total electrical installation is the maximum amount an insurance company is willing to insure.

Another electrical problem is 60 Amp service. This was typical serving size in homes before 1960. That can be overloaded with modern electrical needs. Expect that any insurance company to require an upgrade of the service a few months of ownership change.

Aluminum cables should usually be updated within a few months of ownership change. Aluminum wire is mainly used from 1969 to 1977. If found, you will find the outlets, switches and wire nuts to the need to update. We examined about 150 homes per year aluminum cable. Most require an upgrade to varying degrees.

Oil tanks are another common theme of insurance. The risk is the loss and environmental pollution around the tank. Tanks inside the house should usually be younger than 20 years, and underground storage tanks is usually not insurable, even if they are in use. Abandoned tanks must be removed.

Pipe galvanized steel supply is now uninsurable. Supply lines under pressure, and the steel corrodes over time, so the risk of flooding associated with galvanized steel pipes that age is no insurer wants to take. Immediate replacement is recommended when we found this.

Polybutylene pipes installed supply between 1979 and 1995 and there have been no problems with it under normal use. The reason for their failure is not well understood. Many polybutylene piping systems are still in use, and have not experienced failures. Rumer has some insurance companies do not feel comfortable to ensure the piping system. A call to the insurance comany is suggested.

Some coating materials to security concerns in the past. These are usually a problem with fire insurance, because they were highly combustible. Insulbrick is an example of this.