Despite the fact that different owners will have the same amount of coverage for homeowner’s insurance, they will pay different costs of premiums. This is because the insurance provider considers numerous factors whenever they calculate a person’s rates. However, there are some people who do not qualify for homeowner’s insurance simply because they do not meet the set minimum required standards of the insurance company. Here are some conditions that render someone ineligible for homeowner’s insurance.
This is a numerical ranking based mainly on one's credit history. Insurance companies use credit history as the basis of how probably someone should file a claim. Studies show a person who has excellent financial management skills will not likely file a claim. Thus, the insurance company will make sure that the higher the insurance score of a person, the less they will have to pay insurance.
Past Claims and Losses
Another thing that can make a homeowner ineligible for coverage is his claims history. If he has a record of an excessive amount of claims, the insurance company will consider his home as a high-risk property. Homeowners may also have problems finding a good insurance company for the home if the previous owners had excessive claims.
External hazards that can disqualify you from getting coverage include trash, tree limbs, a broken or dilapidated roof, broken windows, too many cars, a substandard do-it-yourself job, damaged chimneys and cracks in the foundation. A wood stove that was not professionally installed will count as a high fire risk and will also likely make you ineligible from getting homeowner's insurance. Animals such as a Doberman Pinscher or Pitbull may also disqualify you from getting liability insurance because these dogs can be destructive. The same thing goes with dangerous pets like reptiles or primates.
Insurance companies in some states may not offer hurricane, hail, or windstorm insurance. The same thing goes with other coastal counties. Also, if your home is in a frequently flooded place, you may also find it hard to have it insured. Areas with frequent fires or lightning strikes may also make you ineligible for coverage.
Some Final Words
Qualifying for homeowner’s insurance is a serious matter. You should prepare for your house and fix your credit history first before getting insurance. You should do this in order not to waste time. A good insurance policy will give you your needed coverage as long as you fulfill the standards set by the insurance company.
At Mauser & Tobin Co., Inc, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 747-0171. Get your free quote today by CLICKING HERE.