Unbeknownst to any homeowner, many homes built around 2006 and 2007 were built with imported Chinese drywall. The drywall may be defective and can emit sulfide fumes suspected of causing corrosion of electrical wires and plumbing. Correction of the problem can cost up to $100,000 or more.
People have also reported health problems including skin irritation and respiratory difficulties.
As many as 100,000 homes could be affected. At least 2 insurers have notified homeowners that their insurance won’t be renewed OR is being cancelled. Reason: “Unacceptable Condition.”
To some extent, we have to understand the position of the insurer. Why should they be held accountable for losses caused by a builder who used a substandard product? Who should be held liable? The builder perhaps?
Odds are you will not be a victim of this. But if your home was built in 2006 or close to it, be aware should something in your home seem suspect.
Read Wall Street Journal article.
To stay completely up-to-date on all the pending mortgage changes, to see how they will affect you, and get news about interest rates and programs, just read my weekly updates - Click for free email alerts.
