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| *Loan,banking and credit>>>property insurance |
Do insurance companies buy back property if they are unable to fix it? |
Will my insurance company buy back my flat as they are unable to find a solution to damp and leakage for the last 6 months If your flat is a new build then it has a 10 year build warranty which covers the structure of the flat - If this is the case then the company you bought it off MUST fix any problem with house structure (including dampness and leakage) or provide alternative property to the same value and standard as the one you purchased, the company will try to do this as close to your chosen area as possible but it is not guaranteed. In a circumstance where the company can not provide suitable property close to or in your chosen area then they may offer a refund of the entire amount paid on the property - but this is not the common method. If your flat is not a new build and you have house and content insurance then you can make as many claims as you need to (up to the maximum claim value in any claim period) until the problem is sorted. The only way you will get an insurance company to 'buy back' you flat as you put it is to have it declared a health hazard and listed for deconstruction (to be demolished) Source(s): I work in this area nope, it won't happen i dont think so get a damp proof firm in when they fix it they will pay the bill I doubt it. I was thinking that they would drop your coverage. Look how many covered people that were the victims of Katrina that had to SUE to get ANY payment. Depends more on the agent and where you live, but dont hold your breath waiting ont them to buy a house from you. I have never heard of such. What would they even want from a house that you couldnt fix. If the house was totally destroyed (caught on fire or whatever) they would pay to have your home repaired but even then they wouldnt buy it No they will not buy your property,the will pay for the repairs,but you will after to give them time to sort it out . no they wont .they are there only to help pay for damages they are not a real-estate company or a contractor they make there money by people who do not use there insurance.What they might do is concider it a total lose and pay you for that which is less than what you pay for it .And the bank oe leaser is stuck with it . |
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