What should I do if I can't get home insurance?
I've applied for home insurance with a few companies and been turned away. What do I do in this situation?
Finding a homeowners policy can be quite a challenge, and even more so if you have several claims in your history, a low credit score, or a property that is in need of extensive repairs.
If you still have a mortgage on your home, it is most likely a requirement to keep homeowners insurance for the property; the bank can revoke the loan and foreclose on your home if you do not maintain proper coverage. If you own your home outright, there isn’t a penalty for not having insurance. Still, you are leaving yourself unprotected financially from potential disasters or liability lawsuits.
If you are in this situation and have exhausted all other options, get in contact with your state’s insurance department; you may qualify for a FAIR plan. FAIR stands for “Fair Access to Insurance Requirements,” and it is designed for a property that may be higher risk or for individuals who are having trouble getting a policy. Every state has its own version of the FAIR plan and the goal is for everyone who wants coverage to be able to get it!
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