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Old 01-03-2011, 10:20 PM   #41
JohnTheBrewist
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I think you can be comfortable that there is no fraud in not reporting it to your insurance company. The EPA guidelines dont require it. However, if they specifically told you that you must report any such findings (read your policy's small print), and you didn't, then they may likely withhold payment of a claim (especially if the claim was related to the lead.)

I also can't see any justification behind raising the rate just because you found lead in a house where lead is likely to have been. If your worried at all about it, call an insurance company and ask them how this new law affects the rates.

 
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Old 01-04-2011, 02:46 AM   #42
dataz722
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Quote:
Originally Posted by MenkeMoose View Post
I think you can be comfortable that there is no fraud in not reporting it to your insurance company. The EPA guidelines dont require it. However, if they specifically told you that you must report any such findings (read your policy's small print), and you didn't, then they may likely withhold payment of a claim (especially if the claim was related to the lead.)

I also can't see any justification behind raising the rate just because you found lead in a house where lead is likely to have been. If your worried at all about it, call an insurance company and ask them how this new law affects the rates.
Not really sure what the EPA has to do with insurance company and laws but I can tell you that it does matter. And there is no need to call some random insurance company. I can tell you that just about every insurance company will either raise your rates or cancel/not accept someone with lead paint. That is true at least for the 6 states that I am licensed to sell insurance in.
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Old 01-04-2011, 04:18 AM   #43
JohnTheBrewist
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I mention the EPA because this EPA law was just promulgated last year. Otherwise, you wouldn't have been required to do the testing to begin with.

So my questions are "Wouldn't one already be paying a higher rate for a 1935 home unless you could prove the lead had been abated?" And "If that's the case, why would they care if you had a test that shows there is still lead?"

 
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Old 01-04-2011, 01:43 PM   #44
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I can tell you that just about every insurance company will either raise your rates or cancel/not accept someone with lead paint. That is true at least for the 6 states that I am licensed to sell insurance in.
Are you serious? What six states is that?

Menke has some damn good questions as well.

 
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Old 01-04-2011, 02:52 PM   #45
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Originally Posted by MenkeMoose View Post
So my questions are "Wouldn't one already be paying a higher rate for a 1935 home unless you could prove the lead had been abated?" And "If that's the case, why would they care if you had a test that shows there is still lead?"
As far as a higher rate already, that really is a case by case basis, sometimes yes sometimes no. It depends on mayn different things like the company, the area, the condition of the home, and updates done to the home.

The reason insurance companies care about lead paint is that it is a liability exposure for them and also could increase the repair costs if there was a physical damage claim.

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Are you serious? What six states is that?

Menke has some damn good questions as well.
VA, DC, MD, DE, PA, and NJ.
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