3-point inspection-fail?

[annalu]

Florida-

I'm in the process of purchasing a 40 year old home in Miami . I have applied for a home-owner's insurance policy but they require a 3-point inspection first. What happens if it fails? Will I not be able to get insured at all? Will my premium just be higher? Will they allow me to correct whatever didn't pass and then insure? I'm closing end of June 2002. Help????????

 

[ALawyer]

.

I have no idea what this company means by 3 point inspection, but generally homeowners insurance is a go, no go issue. Unlike auto and life insurance, there are not often "ratings" or "classes".

In some cases -- such as if the house is an imminent fire hazard, or if you have a bad claim history, for example -- they may not insure you at any price. What would happen then depends on the contract you have with the seller. You may be jumping the gun. Usually a bank will not close on the mortgage loan unless there is homeowners insurance in force on the home, but there There are lots of companies out there, and if company A says No, company K may say yes.