What Happens If You Can’t Get Homeowners Insurance?

  1. 22 POINTS
    Dan Beukelman
    CSR, American Family Insurance,
    Many states have a FAIR plan, which is a fund administered by the state to be a Property Insurance company of last resort.  Their rates may be significantly higher but they can normally place coverage for you.  Also, if you talk to an insurance agent that writes for multiple companies, there are many high-risk insurance companies that will take people with multiple claims or very bad credit, etc.  I have found very few people who can't get Home Insurance at some cost, but often the costs become so prohibitive that they have to either go without, or sell their home.
    Answered on March 18, 2014
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  2. 1370 POINTS
    Jack Heller
    Owner, Insurance Browser,
    In Property Insurance in particular there is something called the Excess and Surplus Lines Market. When the normal market is not available such as because insured is overseas or too many prior claims etc. There is an opportunity to shop through most independent agents for an Excess and Surplus Lines policy. Be aware of a couple things: The policy language may be specifically drafted and limit the coverage you are seeking. Forms and rates are based on the insurers judgement and are not filed with the various insurance departments. You will find that the need for coverage is readily filled, but the price may be a great deal more than you are expecting > Also there are often minimum earned premium requirements meaning that if you buy such a policy, you may then find a better deal and think about switching . The minimum earned premium requirement may give you reason to ride out the term.
    Answered on March 18, 2014
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