will a insurance company insure me with pre existing damage
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UPDATED: Apr 3, 2013
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Insurance Question from Derry, NH
Asked on 04/03/2013
will a insurance company insure me with pre existing damage my chimney needs repair
Answer given on April 11, 2013
Most homeowner insurance companies do not want to start out insurance on a home that has existing damage. You can advise the company of the issue and see if they will be willing to insure the home before the repairs are made. They may want to apply a higher deductible on your policy until the repairs are made, or they may apply a special exclusion until the work is completed.It may be in your best interests to keep your existing homeowner policy in force and make the necessary repairs to the chimney. After that is done you can move your insurance to the new company. Most insurance companies do not apply any penalty for cancelling your policy mid-term. Check with your present company before cancelling, just to be sure there won’t be any issue. If there is a problem with your existing company, you may have to wait until the renewal date before switching your insurance.
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