For blog Insurance issues to be aware of.
Why is home insurance needed to buy a property?
A mortgage lender will require property insurance as a condition of borrowing.
What do insurance companies look for and what are their concerns when it comes to issuing a property insurance policy?
Insurance companies will review a variety of facts including the personal records of the applicant, they will look into the age of the home, size of the home, construction, type of home as well as the insurance history of the home and sometimes that of the applicant. Insurance companies concerns include, aluminum wiring, 60 amp electrical service, knob and tube wiring, gas furnaces over 20 year olds, oil tanks, wood burning appliances, the presence of mould and the insurability point system that some insurance companies are now using.