Insurance Warning for Home Buyers and Sellers

By Mark Callender

Hello, my name is Mark Callender and I am a licensed real estate agent with RE/MAX Results. Because I have been helping families buy and sell their homes for more than 18 years, I am now helping their children to buy their first homes and their parents to downsize. No matter the direction you’re moving, my goal is to make the process as calm and enjoyable as it can be.

With all the natural disasters happening in our country, insurance companies are being stricter. Right now, they are closely examining insurance papers or insurance binders for buyers.

Here’s the problem: many insurance companies are refusing to insure roofs that are ten years old or older. From my point of view, it’s a bit ridiculous. Why not just bring in an inspector to check if the roof is in good shape? If you’ve paid for a 30-year roof, there shouldn’t be a problem if it’s still in great condition, right?

Not every insurance company is doing this, but the major ones are. So, if you’re selling a home with an older roof, it’s smart to get it checked by an inspector first to assess your roof’s condition. You can also ask your insurance company to take a look and let them know you plan to sell.

Why does this matter? Buyers need proof of insurance or an insurance binder from their insurance company before closing on a home. If they can’t get that insurance, it could delay the closing, or worse, they might not be able to close at all. This has happened with many buyers and sellers in the past few months, and it’s a serious issue.

If you have any questions or need advice, don’t hesitate to reach out to me at (612) 961-9448 or Mark@MarkCallenderHomes.com.

This insurance problem is causing many deals to be delayed. I’ll discuss possible solutions in my next post, so keep an eye out for that.