Window Egress + Home Insurance

[domsoma]

So I’m getting ready to close on a house. It will be an owner occupied rental. Through inspection we learned that one of the bedroom windows in the basement bedroom apartment didn’t meet egress. We asked the seller to have it replaced and they agreed, however due to supply chain issues the window won’t be installed prior to close. We’ll have a letter of undertaking on it, but my lawyer is concerned that I may not be able to get home insurance during the undertaking period prior to install. Had anyone else experienced this? We’ve chatted with our insurance broker but I’m not confident they understand what it is I’m asking them to confirm. Appreciate any info you can give!

 

[studentinprayer]

@domsoma I think you’ll be okay, we had this done in our house when we finished the basement and it was done in a day. I don’t think it would be something your broker/insurance company would be concerned with especially since you are remedying it asap. The inspection is more for buyer/seller terms, as long as all your systems are upgraded/inspected within 25 years. We had insurance already at the time we had ours changed out so may be a bit different. Has your broker quoted and agreed to bind already? If they aren’t sure ask them to call the underwriter.
Edit: a word

 

[pinetowntree]

@domsoma I am a licensed insurance advisor in Ontario. If you are able to provide some kind of proof that the work is in the works of being completed, it will be fine. Most insurance companies won’t even ask about it. So don’t bring it up unless the ask. But make sure to have proof that work will be completed. A quote from your contractor, work agreement or something similar.

 

[domsoma]

@pinetowntree Thanks so much for this! Yes we have proof of payment from the sellers that we can supply to the insurance company if required.

 

[pinetowntree]

@domsoma Perfect. Like I said, chances are they won’t be bothered about it. If you are doing construction and won’t be living in the home for more than 60 days, ask them for a “short term vacancy” rider or a “under construction” rider. If you are staying in the home while the repairs are done, just wait until repairs are completed and then let your insurance company know of what the repairs were.