Hello everyone,
I just bought a house on a slight hill that backs up on to an alley maybe 15 ft above the back of the house (I can figure out the gradient for you if it would make a difference). The previous owners re-terraced the back yard, and did an outstanding job. We have the plans for it; it is re-enforced with heavy stone work and gravel filled plastic hex-shells, etc. And the hill is not steep. However, to do the work they had to sign a waiver with the city absolving the city of liability if the alley slides into the property.
Because of this waiver, our mortgage lender is requiring us to get slide insurance. We don't have time to get another lender as we are set to close on Oct 25th. Because slide insurance is so uncommon, the only provider we have been able to find is asking for a policy that is extremely expensive in our opinion ($1099 a year + a 20% deductible). This is absurd. More than $30k on a 30 year loan? The previous owners had no such insurance, and NO ONE in our neighborhood has slide insurance. We live on a slight hill. There is almost ZERO chance of a landslide. I can provide diagrams, photos; we would be more than happy for a local (Seattle) insurance agent to come and inspect the property.
Does anyone have any suggestions? Do any of the major homeowners insurance providers offer landslide riders? We would be willing to have a policy with a super-high deductible if it would bring the premiums down.
Thanks everyone
Fitz
I just bought a house on a slight hill that backs up on to an alley maybe 15 ft above the back of the house (I can figure out the gradient for you if it would make a difference). The previous owners re-terraced the back yard, and did an outstanding job. We have the plans for it; it is re-enforced with heavy stone work and gravel filled plastic hex-shells, etc. And the hill is not steep. However, to do the work they had to sign a waiver with the city absolving the city of liability if the alley slides into the property.
Because of this waiver, our mortgage lender is requiring us to get slide insurance. We don't have time to get another lender as we are set to close on Oct 25th. Because slide insurance is so uncommon, the only provider we have been able to find is asking for a policy that is extremely expensive in our opinion ($1099 a year + a 20% deductible). This is absurd. More than $30k on a 30 year loan? The previous owners had no such insurance, and NO ONE in our neighborhood has slide insurance. We live on a slight hill. There is almost ZERO chance of a landslide. I can provide diagrams, photos; we would be more than happy for a local (Seattle) insurance agent to come and inspect the property.
Does anyone have any suggestions? Do any of the major homeowners insurance providers offer landslide riders? We would be willing to have a policy with a super-high deductible if it would bring the premiums down.
Thanks everyone
Fitz
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