I am selling my home and upon inspection was told 2 shower pans are leaking. It brought down the value of my home and closing in 10 days. How do i mak
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UPDATED: Mar 12, 2013
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Insurance Question from Alpharetta, GA
Asked on 03/12/2013
I am selling my home and upon inspection was told 2 shower pans are leaking. It brought down the value of my home and closing in 10 days. How do i mak how do i make sure that i get the money from the claim after the home has been sold.
Answer given on March 12, 2013
If you have water damage to your home while you are selling it, the claim will be settled to pay to you since you owned the home at the time of the loss.However, if the buyer wants to know that the repairs are made, they may request that the payment be held in escrow until the repairs are made. The bank lending the money may also want proof of the repairs done before they will close the sale of the home.You need to talk to your insurance company and make sure the claim will be a covered loss. If the damage was over a period of time, they could deny the claim for the water damage. Homeowner insurance covers for “sudden and accidental” losses, and this is something that occurred over a period of time. The adjuster should talk with you to confirm what you will receive as payment for the damage to the shows.
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