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| *Ostroff, Fair and Company>>>Insurance |
10 points for best answer.? |
Are there specific reasons why an insurance company would deny you coverage for your home. If so, why? There are many reason to why an insurance company can deny you. I currently work for State farm and we deny people on a daily bases these are our requirement in the state of florida you have to have an auto policy with us since march 16 2006 and the home has to be build after 2002. If you dont meet that you are denied otherwise you may be denied due to location of home or number of previou losses. This is State farms requrements also if you have homeowners policy with us and you purchased a new home that is older than 2002 the roof has to have atleast five years of life in it or the roof has to be replaced. Every company has its own guidelines and there are many reasons to be denied. The reason State farm set those guidelines in florida is due to hurricane Andrew a while ago. The company had to take money from the auto policies to cover the homeowners. There is a reason behind everything when it comes to insurance Insurance companies can use any excuse to decline coverage. It could be for the age of the home, construction type, claims on the home and the insured, credit score, roof type, closed zips, etc. All carriers have different guidelines for accepting new business. In Florida most carriers are going to homes built 1995 or newer due to high re-insurance prices. 4 yrs in business I agree with all of what jrameriz wrote with the exception of his remark on homes built after 1995 in Florida. I cannot verify this. added to his answer is the location where the home is will also be a factor with some insurance companies. Sometimes a home is purchased for more than the replacement value and they cannot insure it to satisfy the mortgage. Conclusion: Contact an Independent Insurance Broker in your area. The Insurance Brokers have a wide variety of Homeowner Insurance Companies that can help you out. You can try as many Brokers as you want as they all might not have a book of business with the same Insurance Company. Good Luck!!! There are also other reasons than what jramirez stated. It could be type of pet you own, pool on premises, trampoline on premises, no hand rail on steps, bad or old shingles, siding, wiring, heating. There are alot of reason why it could be denied. If you have been denied coverage, they will send you a cancellation notice. Contact your agent and they will explain why it is being denied. Insurance agent 20+ years There are quite a few reasons. Lets see how many I can think of... -Your credit score is a factor, as well as any prior claims history. -The location of your home is also a factor. Are you in a coastal area like Miami where there is risk of windstorm damage? -Age and construction of the home can sometimes me a factor. As older wooden homes would pose a higher fire hazard. -If its an older home, when were the last updates to your electric, plumbing, and roofing? -If you have oil heat, is your oil tank in the basement or underground. If it's underground, some companies wont write it because of pollution liability if the tank leaks. -Also, after writing your insurance, a company will visit the home to see if there are any fire or safety hazards. Stairway without a railing would both be a problem. -A trampoline, pool thats not fenced in or other attractive nuisance that could cause neighborhood children to get hurt. -If you have a dog that has bitten someone (and you were sued), a carrier might deny you. Well, thats about all I can think of right now.... |
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