Insurers dropping Chinese home drywall policies
Do you know what's under the paint or wallpaper in your home?
Thousands of homeowners nationwide who bought new houses constructed with Chinese drywall are now finding insurers are dropping their policies or send notices of non-renewal.
Experts say those cancellations will become rampant as insurance companies process hundreds of pending claims to have the defective drywall removed or replaced.
At least three insurers have already canceled or refused to renew policies after homeowners sought their help replacing the bad wallboard. Because mortgage companies require homeowners to insure their properties, they are then at risk of foreclosure, yet no law prevents the cancellations.
By Associated Press
P.S. If you've bought a new home and have questions on where the drywall in your home came from, make sure to contact the builder directly. As always, when you need help in buying or selling a home, call a professional Realtor (me).
Your friendly Realtor,
Juanita Simkins
719-229-5770