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Diane | Can't get insured, help!? |
This is a follow up post to a previous question. I own a home and I am going to run an assisted living business out of it. (I don't live in this home). I have tried numerous insurance agencies and get turned down. I really just want my property protected more than my business but it seems that because I am running a business out of it, it does not fall under residential insurance anymore but commercial. Is ther anyway I can get my property insured just to protect it from damage? The last agent I talked to said the best thing he suggest is to apply with another agency and tell them that I am just renting it out. But if I lie and get renters insurance what could be the down side to that? I don't want to lie have something come up later and find out they won't cover a claim becuase I did not disclose that I was running a business. What can I do here to protect my home?
Additional Details
The reason why I am being turned down is becuase Assisted Living is High risk on top of the fact that I don't have experience or history yet. I have worked with agents that work with several companies and they could not do anything for me. I will keep trying. |
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mbrcatz
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Exactly - if you're running a business out of it, you'll need to put the house on a commercial policy. I would NOT lie to the agent by saying you're renting it out. The down side is, it's material misrepresentation which, at best, voids all your coverage, and at worst, lands you in jail.
If you're going to independent agents, and they can't find an outfit to write commercial property coverage (which shocks me, I'd suspect they are just being lazy about it), you can ALWAYS apply to your state FAIR plan for commercial fire coverage, through one of those agents.
Of course, you're not going to be able to get licensed, unless you ALSO have commercial general liability, and comply with the local licensing codes.
I've written coverage like this before. It's not hard. It's EXPENSIVE though, and it doesn't compare to what a homeowners policy covers. |
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Dave1001
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Your problem is more irritating than insoluble. First of all, never make a material misrepresentation to your prospective insurer. It would void the contract and it isn't right. An insurance contract is based on trust, and if a misrepresentation is made, there goes any hope of getting a claim paid.
I would expand your search to brokers. Obviously somebody will insure you, it just may be very expensive, especially if you have no experience in the field.
Check out a search of "surplus lines" in your state and see what you come up with.
Good luck! |
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me2
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Try going to one of your would be competitors and see how they did it Maybe they can give you some names. Sometimes people are willing and sometimes not. Either way it is worth a shot |
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Mr. Frank
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Goodday,
Lloyds of london may be able to help they are the oldest and finest of the world. http://www.lloyds.com/ |
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mark
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Find out why they are refusing coverage on the property. I own a commercial building Insured through American Family Insurance . The policy covers the building and public liability (if someone falls) but not business liability, because I rent out the place.
A normal reason for refusing coverage is that the risk of claims is too high for the type of business you want to run . The insurance company may feel that the risks of an assisted living facility is too high.
Try finding an insurance broker who deals with more than one company. |
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jane j
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you cannot get personal homeowners insurance for your home if you are running a business out of it. it must be commercial insurance-insurance companies will not cover only SOME of the liability, they will cover all of it, it is the only way they can be assured that they are not taking an undisclosed risk. be honest with your insurance agent, at all times, it is in your best interest to be honest. you may be able to get homeowners insurance while disclosing the commercial risk and giving the homeowners insurance proof of your business insurance...other than that i really can't see any way to do it. you must protect your home, and the insurance companies are trying to do that, to protect ALL the risks...keep working on it and find an agent you trust, it'll work out. good luck! |
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HOUSE27
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Your situation is not as unique as you think and there are a few ways to accomplish your goal.
1. You need to contact a company that handles complex risks, I would recommend Chubb, and AIG.
2. In some cases your home owners policy can cover your home for home based business.
3. Thirdly you can always call an assisted living facility and inquire by making believe you are a college student with a business management class and you chose that business to write about so you need to get some info., sounds funny but the person on the other line will have no reservations in answering your question.
Just keep in mind that a select group of people and/or organizations run that industry and they would like to keep it that way so you may have the inexperience problem. but those are the types of questions you need answered if you decide to call a few places.
Good luck! |
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