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Looking For High Risk Home Insurance?
Some homeowners may find it difficult to be approved for homeowners insurance or may find the insurance premiums unreasonable. This is because those homeowners have been classified as “high risk”.
Who Needs High Risk Home Insurance Coverage
On occasion, people will be targeted as high risk due to bad credit rating. This problem can be addressed by improving your credit rating over time. For the most part, however, people are classified as high risk for reasons beyond their control.
A consumer looking to purchase homeowners insurance may be classified as high risk because of where their house is located. If your house is in an area prone to natural disaster such as wildfires, coastal storms or tornados, or if you live in an area where there may be a higher level of crime, you may have to pay higher premiums, or you may find some insurance companies unwilling to provide you with any coverage. Likewise, certain mobile home insurance coverage can be classified as high risk.
Being placed in a high risk homeowner insurance category is also common if you, or the previous homeowners, have filed insurance claims on your property. Your premiums may increase depending on the amount you have claimed in the past, making it difficult to find cheap or even affordable home owners insurance. If you file two or more claims in one year, you could be considered high risk.
If this is the case, or if you are unable to secure homeowner insurance because you live in a high risk area, you may be forced to buy insurance through a state provided high risk insurance pool, where the funding is provided from eligible people pooling resources to get better group rates for insurance.
Some insurance companies do offer high risk homeowner insurance, however, which may provide you with coverage to better suit your individual needs.
High risk homeowner insurance may be more expensive than homeowners insurance for those who are not in the high risk category. Be sure to shop around and compare prices. Through careful comparison you likely will find coverage that fits your needs for your home.
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