weedinthewheat
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Posts: 35
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« on: December 06, 2011, 12:10:00 PM » |
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I am sure the answer is "no", but I wanted to ask just in case...
I am looking for a house in an area that experienced an extreme weather event in the past year. Most houses on the market were damaged, but their insurance paid to fix the damage. One house, though, is abandoned. I am not sure how long the house has been abandoned, or even if the bank has repossessed the property yet. Assuming that the house was insured during the extreme weather event, if I were to buy the house, is there any chance I can get the insurance company to pay for repairs? (Yes, yes... different states, different policies, etc...)
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hegemony
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« Reply #1 on: December 06, 2011, 12:13:37 PM » |
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If the current owner had insurance, you can make having completed that work a condition of buying the house. But if they had insurance, it's unlikely they wouldn't have fixed it already. Other than that, you can't force companies to do things on policies in which you were not the policy holder, or on policies which you hold but which apply to a different property.
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Tragedy tomorrow, comedy tonight.
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weedinthewheat
New member
Posts: 35
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« Reply #2 on: December 06, 2011, 12:23:01 PM » |
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If the house was vacant at the time of the event, the owner might not have even known about the damage.
Do banks pay for insurance when homeowners are delinquent? When I last owned a home, we always had 1 years worth of insurance and tax payments in escrow. The bank is not the policy holder, but can it still make claims? I imagine that if a house is completely destroyed, the insurance company would make the first check out to the bank, not the homeowner.
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hegemony
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« Reply #3 on: December 06, 2011, 01:43:11 PM » |
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I believe the insurance company is required to make the payments to the policy holder. I don't believe they could make payments direct to the bank unless the policy were made out to the bank. Even if the bank forwards the money to the insurance company, they will not be the beneficiary unless named as the beneficiary on the policy. They would certainly not pay the costs of insurance out of their own pocket.
The owner should know about the damage unless the owner has abandoned the property. Certainly, to sell it, the condition of the house would have to be declared.
You seem to be quite uncertain about insurance -- perhaps consulting an insurance office would help answer some of your questions.
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Tragedy tomorrow, comedy tonight.
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clean
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« Reply #4 on: December 06, 2011, 05:09:03 PM » |
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why worry about insurance? It will sell for one price as is, and you fix it the way you want it fixed, or it sells for a higher price once it is patched.
If it was abandoned because they could not make the house payments, then they probably stopped the insurance payments as well.
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"The Emperor is not as forgiving as I am" Darth Vader
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pedanterast
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« Reply #5 on: December 06, 2011, 05:50:44 PM » |
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If you buy as-is you have to figure out how to finance the repairs. That's the difference. But as the OP suspects, anything the insurance was going to do would have already been done.
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