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Can’t Get Homeowners Insurance? Here’s What to Do (2021)
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If you fall into a high-risk category, you may find the process of obtaining homeowners insurance difficult. There are a few things that can make you appear high-risk to an insurance company: your insurance claims history, a low credit score, and a prior lapsed homeowners insurance policy.
If you’ve been told in the past that you are ineligible for homeowners insurance , don’t fret. You do have options. Even if you have high-risk characteristics, some homeowners insurance companies will offer you policies, you just have to find them.
Use Insurify’s comparison tool to find insurance quotes quickly for comprehensive and affordable homeowners insurance.
Insurers consider you high-risk if they believe you are more likely to file a claim than the average homeowner. Several factors can make you a higher risk to insurance providers . Understanding what makes you a bad risk for a home insurance policy is the first step to improving your situation.
Your state’s department of insurance may participate in the Fair Access to Insurance Requirements (FAIR) plan. This is a last resort for homeowners who do not qualify for coverage through the standard homeowners insurance market because of their home’s location or other risk factors. With a FAIR homeowners policy, you will have a home insurance plan that satisfies mortgage lender requirements, including personal property coverage for things like natural disasters like wildfires , windstorms , and vandalism and liability coverage .
The FAIR plan may also have certain requirements you must meet before being eligible for coverage, including making required home repairs, installing home security devices, and replacing outdated home systems like wiring or HVAC systems. If you do qualify for a FAIR homeowners policy, you can expect to pay a higher rate than if you buy a policy through private insurers .
If you still have questions about the FAIR plan , contact your insurance agent to discuss further and find out what your coverage options are. If you don’t have an insurance agent , your state insurance department can help you locate a licensed agent in your area who can offer you FAIR home insurance coverage .
If you haven’t had any luck so far finding affordable home coverage because of your risk factors, don’t be discouraged. With a little research and by carefully comparing your coverage options, you can find the right policy for your coverage needs. High-risk homeowners insurance through a FAIR plan can be very expensive and offer less coverage than a traditional homeowners policy. Don’t think you must choose coverage with the FAIR plan before you’ve taken the time to consider all your options with private insurance companies .
It makes sense to keep your home insurance premium as low as possible, but this may be difficult if you are considered high-risk. One easy way to lower your premium is to qualify for discounts by installing home security devices. You can also ask for a higher deductible, which will reduce the cost of your policy. But keep in mind you will also have to pay more money out of pocket if you have a claim. Bundling your home and car insurance can also qualify you for a home insurance discount.
The bigger the risk you are to home insurance companies, the more your insurance premium will cost. You can make your home less of a risk by updating old home systems, such as wiring and HVAC, and staying on top of maintenance and repair issues. You should also work on improving your credit score to help you qualify for the lowest home insurance rates.
Allstate offers several levels of property insurance to all types of homeowners, including homeowners considered high-risk. An Allstate insurance agent will talk to you and help you find a plan that works for you. Policyholders can purchase and service their policies online or through a local Allstate agent.
If you’ve had trouble meeting eligibility requirements for homeowners insurance coverage in the past, it doesn’t mean you won’t be able to find coverage. Carefully compare home insurance quotes to find your best options, and work on things like improving your credit score or installing home security devices to help you qualify for the best rates.
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