What Do I Do If I Can’t Get Homeowners Insurance?
- 0 POINTSview profileEric NarciscoCEO, Effective Coverage, All StatesMost states have what's called a FAIR Plan, or "insurer of last resort". This is an insurance company required to take on all risks, as long as you can prove two or more carriers have declined you. The coverage and pricing may vary, and may not be as good as you would get on the voluntary market, but coverage is available that way to nearly anyone having trouble finding a market for their homeowners policy.Answered on May 20, 2014flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482Talk to your Insurance Professional about alternatives. Most states have programs that offer such coverage for higher risk or otherwise un insurable properties. The coverage tends to be limited and the premiums are certainly not as favorable as a standard Homeowners policy but it is an alternative. Keep in mind as well that if you have a mortgage and your homeowners policy cancels, if you are not able to produce proof that you have replaced that coverage, the bank will obtain coverage in THEIR interest and pass the cost on to you .Answered on May 20, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question. It would be helpful to know why you are being denied coverage, because resolving that issue is the best way to ease getting insured. If it's because of where the house is located, like having a frequent risk of flooding, for example, what can be done to alleviate the flood risk ? If all else fails, depending upon the State where you live there are Government plans that are insurers of last resort. These FAIR plans aren't the best, but they do provide coverage. If you would like more detail, please contact me, and I'll see what I can do to help. Thanks for asking!Answered on May 21, 2014flag this answer
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