Denied home insurannce?

i've been denied home home insurance due to number of claims and non-dosclosure of details, what can i do.

I would suggest you quit filing piddly claims and be forthright with your insurance company. I dont blame them, you sound like a high risk individual and they dont trust you.

Well, you are in trouble! Insurance companies share information so as you have been a problem in the past to one or more companies you will find it nearly impossible to get insurance.

Apply to another company and don't lie when applying this time!

Insurance Companies share information via a central database, so the quick answer is 'not a lot' ...

However it's possible your Mortgage Co. would agree to a combined Buildings & Contents cover .. also there are some Insurance Companies (eg. Norwich Union) who will Insure just about anybody and anything FOR A PRICE & with conditions (eg. you might have to accept an 'excess' of Â£1000 or more on each contents claim).

NB> Beware cowboys who promise to 'arrange' insurance for you, take a fee, and never actaully arrange anything .. or perhaps worse, take your premiums and (when you come to claim) suddenly say 'sorry you are not covered'..

Every state has what is called a "FAIR" plan. Basically it is quasi-governmental system that has been set up to provide a mechanism where people who are in your situation can still purchase insurance. You do not provide the name of your state otherwise I would have given you the contact information for your local "FAIR" plan. However, you can either respond with the state as additional information or you have two other ways to find this information. The notice of cancellation you were sent by your prior company should contain the name of the FAIR plan in your state (it is called by different names in different states for example in Maryland it is the Joint Insurance Association, in Washington, DC it is the D.C. Property Insurance Facility). If you cannot find the notice then I suggest you visit an independent agent who will either help you to apply for insurance through the FAIR plan or will give you the contact information so you can do it directly.

It is better to go through an independent agent to do the application and it does not cost you extra to have an agent but not all agents like to do these applications since it usually involves a lot of work and the commission is lower than a normal policy.

You will have to obtain coverage through the FAIR plan for 3 to 5 years from the date of your last claim. Usually the FAIR plan's policies are more expensive and offer more restricted coverage than you can purchase in the standard market. **The advantages of the FAIR plan is that you cannot be denied coverage as long as the property is in good condition. And the FAIR plan is still less expensive than "forced placed coverage" which is what the bank or mortgage company will purchase and add onto your escrow if you fail to obtain insurance. The FAIR plan cannot decline you for your past claims history or the fact that you were cancelled for non-disclosure.

*****Contrary to what others have stated the FAIR plan can only decline for uncorrected property conditions. I write insurance through the FAIR plan in several states for people just like you to assist them in getting coverage and in resolving these issues.******

You do however need to do a few things to rehabilitate yourself. First of all do everything that you can do to avoid filing a claim--i.e. be diligent about your maintenance, check the exterior of your home with an eye on avoiding any slip and fall hazards (check handrails, steps, etc.), do not store any junk (abandoned vehicles, appliances, etc.) on your property, install multiple fire extinguishers, central station burglar & fire alarms.

When you apply for any type of insurance you must be totally forthcoming on any pertinent information. Failing to disclose pertinent information in an application for insurance can be grounds for voiding of a policy, denial of insurance, even criminal prosecution for misrepresentation.

You should only use your insurance for damages that you can not afford to pay for (e.g. a catastrophic fire, a tornado ripping off your roof, etc.) so the next time you are thinking of submitting a claim please analyze whether you might be better off not submitting the claim.

Good Luck

LoL - Now I know why my premium has gone up again,,,
When will this country ever be a nice place to live with friendly and non materialistic people grabbing every spare penny and loop hole

Well, what did you expect? Would you think the odds are of you making numerous claims again? If you can lie about your non disclosures then what else are you prepared to lie about? You could contact the British Insurance Association to see what the recommend? But it likely you would have terms imposed such as no cover for certain elements or extremely high excess!

Look at brokers.
A specialist I have used is Heath Lambert, AKA Key Connect. They insure just about any risk, albeit at a cost.
For the future, set your excess as high as you can and don't make any claim that you would stand to gain less than Â£500 from.

FAIR Plan has stipulations, too. They don't have to insure your home. Claims history and non-disclosure will be just as big an issue with a state-funded insurance program.

Due to your previous non-disclosure, it will be very difficult for you to get home insurance in the future, although some places may be willing to accept you for a high premium. There is no excuse for non-disclosure and I don't blame anyone for denying you insurance as your behaviour means you are a bad "moral hazard".

As for the number of claims you have made in the past - you need to think about the root causes of these and what you could do to reduce them in future. For example, if most of your previous claims were due to burglary, it could be a good idea to have an intruder alarm installed.

If you can't find anyone willing to insure you then you will have to set aside a certain amount of money each month in a separate account from your main one, and use that to pay for any damage in the house.

nothing unfortunately, buy an alarm for your house!

Change your name.
Leave the country.
Goodbye.

Enter Your Message or Comment

User Name:
User Email:
Post a comment:

Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.004
Copyright (c) 2011 Financial Crisis Sunday, May 27, 2012 - Terms of use - Privacy Policy