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Probably a maintenance issue and not a sudden and accidental loss.
Our past UNCOVERED losses: 80 year old chimney came crashing down. Lacked mortar between brick, lacked maintenance. 40 year old boiler stopped. No water was getting into it and it seized up, lack of maintenance. Leak behind a shower wall for 6 months. You never saw water on floor or basement? Lack of maintenance. Insurance is NOT for the upkeep of your home. It is for sudden and accidental loss. A 60 mph wind blows shingles off your roof. A tree falls and damages your garage. A 2nd floor bathroom pipe bursts and there is damage to the 1st floor walls, ceilings and flooring……that is what homeowners insurance is for.
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Liability wise 100%! Our claims have been for a hairdresser burning someone’s scalp - $125,000. A slip and fall at a rental property - $50,000 paid. A gas company meter reader falling down basement stairs at a landlord’s property - $75,000. A broken tooth at a restaurant - $14,000 paid out. Would you want to pay these in cash if they were your business without insurance? Actual claims paid through my insurance agency.
I would not own a business without business insurance. Yes and no. The no part - you cannot be forced to sell your home in a judgement. The yes part, it becomes a lien on real property in NY state, so payable upon the sale and/or refinance of your home. Cannot be forced to pay but you will pay this to get a clear title to sell when you are ready!
So you must pay eventually but being forced to sell - NO. |
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