Get Your Property Insurance Early
Redwood City, CA: Need property insurance? Ever heard of BuildFax? The way BuildFax describe themselves is…”BuildFax is the creator of the first automated source for property condition data, providing intelligence for the insurance industry, analysts, inspectors and more. They keep history of homes. They manage the largest Permitting Database in the US. Well these guy have just been bought by guess who? No that is not even close.
Who purchased BuildFax?
BuildFax has been purchased by Equifax. You know Equifax as one of the three credit reporting agencies in America. So what will this new partnership do? It’s going to affect the way you will be able to get their property insurance. Whhhaaatttt you say?
Yes this new partnership is going make it possible, (because they want to), for your insurance agent to pull permits on your new home. That means when you order property insurance during the escrow process the insurance company will pull the permits to see if there is any un-permitted construction work performed in the past, but not final by the building department. Also if they see lets say, an unfinished rear deck and there is no permit to be found guess what?
They are going to need you, as conditions to the property insurance policy, that the work done without permits, be permitted by the building department and the permit to be signed off by them too before issuance of a policy. Mercy!
Every loan package has conditions to the homeowners insurance, and it is required before funding. This mean your local insurance agent can now KILL your transaction too. Just like your appraiser, underwriter, and friendly lender.
What is the solution?
The solution obviously is to order your fire insurance early on during the transaction and see what pops up so you can take care of it and close the escrow on your new home. Or, have the seller take care of it during the contingency period. It’s kinda like a rash…it itches but we have a cream for it.
Here’s what BuildFax is uses as their commercial statement to bring in new clients. This is copied off their website word for word. Quote…
“BuildFax Enterprise is the most comprehensive source of property intelligence out there. We’ve partnered with several of the world’s
largest insurance companies to deliver unparalleled property insight straight from the source – Our massive database of over 19 billion
points of building and remodeling records. We use proprietary big data algorithms to discover and display patterns that are proven to predict risk so you can increase profitability, save money, and secure your competitive edge”
This is how they want to be view by the Insurance Industry. They want to make sure that the insurance company is protected, sic. It’s sad by only another hurdle your professional real estate agent will help you solve. It can definitely cause undue stress and problems to the home buying process that is already too stressful. Property insurance isn’t a sure thing anymore.
SF Bay Homes
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#insurance #buildfax #escrow #loan #buyahouse #home #realestateTags: build fax, building, building department, building dept., city hall, code, Equifax, escrow, fire insurance, home insurance, insurance, permits, property insurance, violations