High Risk Homeowners Insurance Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: On This Page
Wicki58/Getty Images April 04, 2022 June Sham is an insurance writer for Bankrate. Before joining the team, she worked for nearly three years as a licensed producer writing auto, property, umbrella and earthquake policies. Angelica Leicht is an insurance editor on the Bankrate team. She is truly passionate about helping readers make well-informed decisions for their wallets, whether the goal is to find the right comprehensive auto policy or the best life insurance policy for their needs. Bankrate logo The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate logo Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Having a homeowners insurance policy can be an integral part of protecting what might be your largest investment. However, if your home is considered high-risk, or if your homeowner’s profile is viewed as high-risk by insurers, finding the might take a few extra steps. Compare rates and save on home insurance today! Get quotes Close X This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare home insurance rates
Answer a few questions to see personalized rates from top carriers. Continue Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Quick Facts $382/year average savings through Bankrate 2 out of 3 homes are underinsured 1 out of every 20 insured homes makes a claim each year 100% of homes need insurance before getting a mortgage Bankrate See more providers in Choose from insurers in Show More Mortgage Leaving so soon Your custom quotes are just minutes away
Return to form This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare home insurance rates
Answer a few questions to see personalized rates from top carriers. Continue Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Quick Facts $382/year average savings through Bankrate 2 out of 3 homes are underinsured 1 out of every 20 insured homes makes a claim each year 100% of homes need insurance before getting a mortgage Bankrate See more providers in Choose from insurers in Show More Mortgage Leaving so soon Your custom quotes are just minutes away
Return to form But while the search for high-risk homeowners insurance may take a little more work than normal, it’s not impossible to find insurance for a high-risk home. Knowing what factors contribute to a high-risk home, as well as what insurance options are available to you, could help you find a solution that meets the unique needs for your situation. Lightbulb Key takeaways The characteristics of a home and a homeowner’s risk profile could cause an insurance company to consider a home high-risk. Understanding your home’s potential for risk could be helpful when looking for ways to mitigate or remove the likelihood of a claim. Even if your home is considered high-risk, there are steps you can take to obtain insurance coverage. What is high-risk homeowners insurance
When insurance companies evaluate a home’s potential risk, both the factors related to the home and the homeowner’s profile may be taken into consideration. Homeowners insurance companies typically have three main risk-related concerns: what type of loss or losses the house might face, the likelihood of the claim or claims and the associated costs. Greater possibility and higher costs of potential repairs are typically the factors that designate a home as high-risk. Situations that can make you high risk for homeowners insurance
When completing a homeowners insurance quote, an insurance company may also assess a homeowner’s individual profile to determine their risk level. Some factors a company may consider include: Previous claims history: If you have filed a prior claim on any property insurance policy, your current carrier could use this to assess your risk level. Credit score: In states where credit score is an allowed rating factor for home insurance, insurance companies may use this to evaluate your risk. Home usage: This applies if the home will not be your primary residence. Homes that are primarily vacant, such as vacation homes, or homes that are used for business, like short-term rentals, generally have different risk factors than fully owner-occupied homes. Animals: Some insurance carriers may have a list of excluded dog breeds, while others may be more concerned about any dog with a history of biting or displaying dangerous tendencies. This could also apply to any animals in the home that are wild, exotic and non-domesticated with tendencies toward aggressive behaviors. Factors that make a home high risk
Certain characteristics of a home, such as its location in a high-risk area or the home’s condition and type, could categorize it as a high risk to insure. When evaluating a home, insurance companies may consider: High crime: Homes located in an area with a high crime rate could be seen as high-risk to insurance carriers. Risk of natural disasters: An insurance carrier may consider a home to be high risk if it is in an area that typically has extreme weather, such as hurricanes, tornadoes or wildfires. Type of home: Trailers, manufactured and mobile homes, and registered historic homes may be classified as high-risk or denied coverage with a standard homeowners insurance policy. Condition: If a home is visibly lacking regular maintenance or over a certain age, an insurance carrier may consider it to be high risk. These are only some of the most common factors that could make a home high risk. When purchasing a home insurance policy, an insurance inspector will typically visit the property to do an exterior inspection. If there are any concerns, the insurance company will provide that information to you and advise on any action that must be taken to continue coverage. Why does it matter if your home is considered high risk by insurers
If your home is considered a high risk by insurance companies, your homeowners insurance could be more expensive when compared to the . This could be a significant financial expense over the course of owning your home. You may also have more difficulty finding insurance carriers willing to insure your home, especially without significant exclusions or policy limits. Additionally, if you do need to file a claim, you may see a surcharge on your future premiums, making the insurance expense that much greater. The claim may also become part of your individual risk profile as a homeowner. When requesting a new homeowners insurance quote from other insurance companies, your claims history and the amounts paid out may be considered. States or regions that are considered high risk by insurers
While some natural disasters, like home fires and wind storms, are prevalent in regions across the United States, others are more common in certain regions. According to the , the most common natural disasters in each geographic region of the United States include: West (Pacific): Earthquakes, wildfires, hurricanes (Hawaii), volcanoes, tsunami, landslides West (Mountain): Earthquakes, wildfires, winter storms Midwest: Tornadoes, earthquakes, wildfires South and Southeast: Tornadoes, landslides, earthquakes, hurricanes Mid-Atlantic and New England: hurricanes, winter storms What to do if your home is high risk
As a high-risk homeowner, the first step is to assess the risk. Is it due to a factor related to your home or individual profile, and is it within your control to fix? In some cases, it may be. Maintaining your home is something that insurance companies evaluate. This includes clearing away any external debris outside of your home and repairing any major cracks or damages. You may also want to consider the age of your roof and evaluate whether it needs replacement, and decide whether or not you should update any electrical, plumbing and heating systems in your home. However, some risks are outside of your control and, as such, you may need to find alternative ways to address the hurdles. When looking for high-risk homeowners insurance in these situations, some steps could include: Obtaining: A Fair Access to Insurance Requirements plan, or FAIR plan, is a government insurance program intended for people who fail to find standard coverage in the private market. Homeowners who insure their homes via a FAIR Plan are typically not eligible for coverage through private insurers because their home is located in a high-risk area or there are other red-flags that concern insurers. Talk to your neighbors: If your home is located in a high-risk area, your neighbors may have an existing high-risk homeowners insurance policy for their home, as they may have dealt with similar issues. Learning which company insures the other homes in your neighborhood could give you an idea of the companies to request a quote from for your home. Speak to a licensed insurance agent: Choosing a local agent with experience in your area may be able to help connect you with carriers that specialize in high-risk homeowners insurance. Frequently asked questions
What makes high-risk home insurance different from standard home insurance
While the may be the same, an insurance company that specializes in high-risk home insurance may have its own add-on coverage options, limits and exclusions for dwelling and liability coverage as well as covered perils. Finding the best home insurance for a high-risk home may take a little bit more effort, but it can be done. Check with neighbors to see where they are insured. You may also want to consider working with an insurance agent who has the ability to find other solutions, like a private insurer that might insure your home.
How much does high-risk home insurance cost
Because a high-risk home is a unique situation, it can be very hard to provide an estimate of how much the annual premium might be. Still, the typical , like location, size, materials and age, may all still apply. Shopping around and requesting quotes from more than one company will also give you an idea of what your home insurance premium range might be.
How long does an insurance claim stay on your record
may stay on your record for about seven years, but that’s just an estimate. It could be shorter or longer depending on a number of factors. All insurance companies have their own rules, so it’s best to check with your insurance agent or another company representative to find out the company’s policy regarding claims history. SHARE: June Sham is an insurance writer for Bankrate. Before joining the team, she worked for nearly three years as a licensed producer writing auto, property, umbrella and earthquake policies. Angelica Leicht is an insurance editor on the Bankrate team. She is truly passionate about helping readers make well-informed decisions for their wallets, whether the goal is to find the right comprehensive auto policy or the best life insurance policy for their needs. Related Articles