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So I found the perfect lot to fit the perfect home plan that I’ve generated, and the lot has this little cottage on it to live in while I build. Perfect!! Trouble is that when I went to the bank for financing, they said that if the property has an existing structure on it (cottage) I need to have it insured before they’ll finance.
So I head to the insurance company, and they say that the property can’t be insured because the existing structure has an insulbrick exterior on it, and they will only insure it if the exterior is removed and replaced with another material.
Now That cottage has been there for 50 years, and that insulbrick has been there as long. What the heck is wrong with it?
(For those who have never seen it before, Insulbrick is kinda like shingles made to look like bricks and cover the outside of a house well, like shingles)
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Well...I can see their requiring insurance....but I can't understand their anti-insulbrick stance. I'd check a bunch more insurance companies. There are a few insulbrick homes around here.....I'm just guessing at least some of them have insurance.
My own home, the last owners bought it with the insulbrick, and later had the vinyl siding put over. I haven't had the need to check.....but I'm guessing they just put fanfold over the insul....and sided over that.
......maybe you can just wrap the whole thing in "hillbilly siding".....aka....30lbs roof felt......and call it "unfinished"! Or....upgrade a step, and go with a nice roll roof! They didn't say it had to be pretty did they? Good Luck, Jeff
*I would not install vinyl over that stuff. It holds and conducts a pretty good amount of heat. You could nail up some t1-11 over it and reuse it as sheathing for your new home.
*Our house was sided.....I'd guess.....a good 10 years ago.....good siding job.....everything still looks like new. No problems here. ...besides that......I think he just wants to know if anything is wrong with the insulbrick.......aside from it being butt-ugly. I don't think he's planning to vinyl over what he's got. Sounds to me like he'd like to leave well enough alone.....and work on building the dream house. Jeff
*I was addressing your home in my first sentence. His in my second.
*Butt ugly is right, but who cares, anyway, we're hoping not to have to invest much in the existing cottage, and get on with building. Of course ground-breaking is still a ways off, so we want to use the property until then. ANyway, If I can get away with just leaving the cottage as is thats what I'll do, but the banks want insurance and the insurance wants siding. Grrr. Still wonder why the Insurance company doesn't like the stuff. In any case we may be able to find another insurance company that will let the place pass.
*Maybe if you ask them Why they want the building insured? Seems to me the only reason they want it insured is to gurantee a saleable lot without having to pay for clearing the debris after a fire and after you went belly up. A clear collateral kind of thing. Maybe there is some other way of satisfying that without even worrying about property insurance.
*ChrisFirst shop insurance companies and then shop them again. What one company will find a liability the next company could careless.Also try a large $1000-$5000 deductable.
*"Butt ugly is right", my wife just about pukes when she sees an insulbrick house (not many on West coast, but lots in midwest)I believe ins. co. concern is that it burns like heck once started, being on a vertical surface, and they have a poor record of claims for similar structures. Also got a notice from insurance co. in current billing that houses with pvc insulated wiring (most romex)older than 40 years will have a premium rider due to fire hazard claims, wonder if they will do that to vinyl siding in a few years also.
*Chris,I'm not at all familiar with the siding product but it's unusual for an insurance carrier to take such a stance. I'm an Agent with a large company, and we don't take all applicants nor do we take all homes, but we don't have reules against any particular siding product. Materials and workmanship are normally not covered anyway. I would check with an independent agent, someone who writes for several companies rather than a "captive" agent writing for only one.As a last resort, most states have "fair access to insurance" laws and they (through the State) will insure most anything. Here in Georgia, the coverage is good and the rate is only 15% to 20% higher than the voluntary market. A good agent would find a way to help you. Good luck. Greg.
*We found an insurance company, Liberty Mutual will cover the place, looks like we're in business!!
*Good news! Jeff
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So I found the perfect lot to fit the perfect home plan that I've generated, and the lot has this little cottage on it to live in while I build. Perfect!! Trouble is that when I went to the bank for financing, they said that if the property has an existing structure on it (cottage) I need to have it insured before they'll finance.
So I head to the insurance company, and they say that the property can't be insured because the existing structure has an insulbrick exterior on it, and they will only insure it if the exterior is removed and replaced with another material.
Now That cottage has been there for 50 years, and that insulbrick has been there as long. What the heck is wrong with it?
(For those who have never seen it before, Insulbrick is kinda like shingles made to look like bricks and cover the outside of a house well, like shingles)