Insurance Expert On Buying A Home

Real Estate, House, ResidentialInsurance expert Henry Blumenthal says you should tell your insurance agent before buying a home. The vice-president and chief underwriter of TD Insurance has seen homes with problems so bad they would have increased the buyer’s insurance premiums or even invalidated their home insurance.

“I was working on a file where a home inspection revealed that the basement had experienced water damage several times and it would cost over $75,000 to fix. After speaking to us, the potential buyer learned that the home was in a zone where we receive frequent water damage claims and, because of its location, would be susceptible to water damage even after the repairs,” Mr. Blumenthal says. “This is a perfect example of how an insurer’s unique insight helped a buyer make his decision. In this case, he decided not to purchase the home.”

Insurers are primarily looking at two factors when assessing risk: the frequency with which a particular problem occurs and the potential magnitude of the loss associated with the problem.

Read more: CTVNews.

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