Uninsurable Property

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Uninsurable Property

In the United States, a piece of real estate not eligible for insurance through the FHA because it is in need of serious repairs. A property is considered uninsurable if it is a bad risk for the FHA, whose mortgages are guaranteed by the federal government. An uninsurable property is usually not eligible for an FHA mortgage, though, in some circumstances, it may qualify for an FHA refinancing loan.
References in periodicals archive ?
Uninsurable Properties, Mortgage Denials and Real Estate Devaluation Join the Fracking Controversy
The ABI themselves admit that the flood insurance agreement has led the home insurance industry to provide continual cover to otherwise uninsurable properties.
The knock-on effects of floods and climatic change, with predicted increases in windstorms and lightning strikes, could lead to insurers red-lining parts of the UK and creating an underclass of uninsurable properties, irrrespective of value and type.