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Additional Details
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kca | Is taking home insurance from 'surplus line' insurance companies too risky ? |
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Sue
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Surplus Lines carriers are not admitted in you state. That means the State does not license them to do business in their state. Most of the time the companies are certainly financially stable. But, there are a few things you should know. Your policy will not be covered by your state's guaranty fund, which is a fund that you can collect from if you have a covered loss and your company has become insolvent (which can happen to any company if they pay out too much in claims as in a catastrophy). Also, they can limit your coverage & exclude things that an admitted carrier can't. They can exclude off premises liability (an admitted carrier would provide worldwide liability), they can exclude animal liability, they can exclude water damage or extremely limit it. This could leave you open for financial loss. If you have no choice, or can't change things that would make you qualify for a standard carrier (like getting rid of a trampoline or taking out the diving board), ask your agent for all the limitations on coverage that are in the policy. Don't forget, the premium will be very high and you will also have to pay a state tax. Good luck. |
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mbrcatz
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It depends. You can ALWAYS check the rating of the carrier - if they're an A- or better rating, you don't have to worry about them being financially able to pay out the claim.
The question is, why are you going with surplus lines rather than admitted carrier? Unless you're in Florida, the admitted market is cheaper, and usually has broader coverage.
An ethical agent is NOT going to sell you a surplus lines policy when you can get it in the admitted market. If, however, due to claims history, or other risk factors (super bad credit? Pitt Bull breeding on premises? Commercial exposure on site?), a surplus lines policy may be your only option. You'll need to look at the recommended carrier to truly answer that question. |
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van_at_lincoln
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If the excess/surplus lines market is the only place you can find decent coverage what choice do you have? I have faith in excess companies like US Underwriters and Scottsdale, both A rated. However, have you tried placing your coverage with your state's pool? In NY you can place basic dwelling fire coverage with the New York Property Underwriting Association. They are kind of like assigned risk for housing. However, they don't offer liability coverage. So, even if you place your coverage with a company like NYPIUA, you'll still have to find liability coverage and that will most likely be with an excess lines company. |
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Insurancepro
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Surplus Line, or Non-admitted Insurance Carriers are sometimes not licensed by the state you are living in. They sometimes have very low ratings for financial stability and their premiums are very high. When dealing with one, make sure you do your research beforehand and read your policies thoroughly. |
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Matt1331
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I'd have to look through the policy to be sure on whether it's "too risky"...it is risky compared to putting your insurance with a standard carrier admitted by the state you live in.
If you don't have a standard-carrier option, than it's not as risky because it's coverage.
Have your agent go through the policy with you and have them explain the exclusions and take notes and ask questions....OR don't buy it and see if there is an option out there to buy coverage from an admitted carrier. |
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charlotte q
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If you have to ask it is to risky!
Why mess around with homeowners insurance? for m ost Americans a home is the only asset they have. |
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Galactose
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It would seem that if you have to go to a surplus line's company perhaps you are the risk. You don't generally have to go to one of those unless there is something out of the ordinary with either you or your house. Perhaps a home daycare, unusual architecture, old & run down, a long claims history. There is a reason for that. If none of this is the case then you shouldn't have to. When you go from standard carriers to non-standard ie surplus lines companies you get more of a core policy without some of the bells and whistles and more limited coverage. |
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