Q

Our insured has a rental property insured on a dwelling fire policy. He now wants to sell the house, but there is a problem. The house is built on a slab, and under the slab is the oil tank for the furnace. The owner has been told he will be unable to sell the house unless the oil tank is removed. This will cost about $20,000. Is there coverage for this?

New Jersey Subscriber

A

The dwelling fire policy covers direct loss to the insured property. The described situation is an economic loss, which is not addressed by the policy.