Can I Sell My Property If I Have an Open Insurance Claim?
With the Florida property market so hot, many homeowners may be considering selling their properties. However, if you have an open property insurance claim, you may be wondering whether you can sell your property while the claim is open.
A home may be sold with an open insurance claim, but the buyer and seller have a few options for how to negotiate the claim. One option is for the seller to "assign" their rights under the present insurance claim to the buyer, allowing the buyer to recover and repair the property after the claim is paid. Another option is for the seller to reduce the cost of their home and maintain the property insurance claim after the home is sold.
If a seller chooses to sell their home with an open insurance claim, it is important for the seller to disclose the nature of the claim to any interested buyers, as well as the damages and not make any efforts to conceal them.
Whether you are a seller or buyer, if you have a property insurance claim that is being underpaid, denied, or partially denied, it may be time to contact a property damage attorney. Call our office today for a consultation.
This article is not intended to be legal advice nor create an attorney-client relationship.