Obtaining hazard insurance on property can sometimes be a challenge. This is because of the extraordinary losses that insurance companies have paid out from disasters and mold claims.
Since lenders require hazard insurance to be in place prior to close of escrow, unknown claims discovered prior to close could be frustrating and/or expensive through a delayed close date, or renegotiating the purchase price should the buyer in contract on your property not be able to close escrow.
Its prudent to order a CLUE (Comprehensive Loss Underwriting Exchange) report from your insurance carrier to disclose any claims that may have been made on the property over the last five years. Your insurance agent, for a small fee, can order this document for you, or you can order it yourself online from www.choicetrust.com-you can obtain one free report a year by signing up on the site, which does require a social security number to order the report.