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Old Home Insurance Open Claim From Prior Owner Stopping Buyer From Insuring Home.

Story takes place in North Jersey with the sale of a Multi Family property.

I'm an agent currently helping a seller with the sale of his home and brought a buyer who was interested and put in an offer. We proceeded forward and the buyer is in the process of getting insurance but the quotes he's requesting continues to get denied due to an open fire claim. Insurance broker mentioned the open fire claim is from July of 2018 which is prior to when the current owner (the seller in this transaction) actually purchased it (he purchased it a year later). Seller mentioned he had the same issue back then when getting insurance but let the brokers know that the property has no fire damage and his insurance company appropriately insured the home. He believed the open claim was taken care of and removed when they went ahead to insure the property.

I'm asking in this sub because I too invest in real estate and would like to know how I can go about solving and removing this open claim for the future ( and to help those who have the same question). I requested any documentation from the insurance broker in regards to the open claim but they simply mention that they don't have anything, something just pops up in their screen that lets them know there is an open claim.

Anyone have experience on how to go about closing out this open claim from the prior owner?

submitted by /u/Goodjorge
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/qicnbz/old_home_insurance_open_claim_from_prior_owner/
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