Insurance issues – need help

[Nir]

Hi All,

A 100 years old triplex was recently purchased in Orillia.

Current insurance company is TD insurance. Around a month ago they sent an inspector to the property (a month after the purchase/after the coverage start date). Following the inspection TD sent a report summarizing requirements that need to be completed within a month in order to maintain coverage. The report shows things like electrical panel upgrade, brick repair, open sump pump should be covered and signs of roof deterioration. Regarding roof and electrical panel – report mentioned electrician and roof contractor should be consulted to assess with intention to upgrade/repair.

Here is my dilemma:

Should I fix everything they want (can cost around $10,000) and just see it as an "investment" required in the property anyway? Or, should I start contacting other insurance companies immediately hoping to find one who will insure the property without an inspection? If I do that, how can I explain to the new company why I want to cancel the current insurance coverage?? will they have visibility to the same report I received by contacting the current insurance company or do they not usually do that?

Lastly, to avoid such issues in the future, did I make a mistake in the process mentioned, i.e. was it a mistake to schedule a meeting with the inspector the insurance company sent instead of canceling the insurance?

I would appreciate any advice how to resolve this issue.

Thanks & Regards,
Neil

 

[cryzanowski]

QUOTE (investmart @ Apr 2 2008, 08:55 PM) Hi All,

A 100 years old triplex was recently purchased in Orillia.

Current insurance company is TD insurance. Around a month ago they sent an inspector to the property (a month after the purchase/after the coverage start date). Following the inspection TD sent a report summarizing requirements that need to be completed within a month in order to maintain coverage. The report shows things like electrical panel upgrade, brick repair, open sump pump should be covered and signs of roof deterioration. Regarding roof and electrical panel – report mentioned electrician and roof contractor should be consulted to assess with intention to upgrade/repair.

Here is my dilemma:

Should I fix everything they want (can cost around $10,000) and just see it as an "investment" required in the property anyway? Or, should I start contacting other insurance companies immediately hoping to find one who will insure the property without an inspection? If I do that, how should I explain to the new company why I want to cancel the current insurance coverage?? will they have visibility to the same report I received by contacting the current insurance company or do they not usually do that?

Lastly, to avoid such issues in the future, did I make a mistake in the process mentioned, i.e. was it a mistake to schedule a meeting with the inspector the insurance company sent instead of canceling the insurance?

I would appreciate any advice how to resolve this issue.

Thanks & Regards,
Neil

 

[cryzanowski]

Oops. New at this. Ignore previous post. Have a friend in insurance. Keeping the appointment is a good thing, otherwise they will think you have something to hide. You can cancel insurance for any reason at any time, an insurance company can do the same. Just check around for alternate coverage through an independent broker. A company like TD is not very flexible. You should fix anything notably unsafe ASAP or no one may insure it. You can usually skate on minor stuff.