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If I am Unable to Get Homeowners Insurance What Options Do I Have?
May 9, 2020
Explore the right option based on why you can't get insurance
The specific answer is going to depend on why it is that you can’t get homeowners insurance.
Some of the reasons people can’t get homeowners insurance include:
- Condition of the home
- Homes that are in disrepair or under construction may be eligible for other forms of coverage such as:
- Dwelling/Standard Fire Policy
- Builders Risk
- Occupancy of the home
- An unoccupied or vacant structure may be able to obtain a dwelling or standard fire policy.
- A non-owner occupied house may find a landlord or dwelling fire policy is an option.
- A Home located in a High Hazard Area
- Homes near high hazard areas such as coastal properties or wild-fire areas may have state-sponsored Fair Access to Insurance Requirements (FAIR) plans available.
FAIR plans may also be available for homes that do not qualify for homeowners insurance because of their current condition.
Examples of FAIR plans include:
- New York: New York Property Insurance Underwriting Association
- Florida: Citizens Property Insurance Corporation
- Louisiana: Citizens Property Insurance Corporation
- California: FAIR Plan
When looking to insure a home that has been turned down by other carriers, employ the services of an insurance agent who represents numerous companies. Called a Broker or Independent Insurance Agent, these professionals have access to a greater number of options and solutions. The Ryan Agency is your local Independent Insurance Agency. Give us a call
, send us an email or text
, or request a quote. We can help.
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
