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Are You Hard to Insure?

One of the main reasons why Insurance companies reject people from buying life insurance is when they realize that you are very likely to use it.

Sometime you may not have control over natural disasters, if you live in an active flood plain, or if you are diagnosised with lung cancer, but have no history of tobacco use. Or if you have coronary heart disease but never had been diagnosed with high cholesterol.Also, people who are currently being treated as kidney disease patients. that did not run in your family. But there are a few things that you could amend to ensure that you're given coverage. Some things you should consider changing:

Things That Will Cost you…
Exposure to natural calamities like earthquakes can't be helped. However, if you own an unfenced swimming pool, with a diving board increases your chances of being refused life insurance coverage or pay more for liability claims.
Unsafe Conditions: High crime areas or buildings with high risk of fire are considered unsafe. So be prepared for insurers to check if your house is fire-resistant and whether you maintain your property or not. Any indication of dilapidation such as cracked steps or a leaky roof will be taken into consideration when life insurance agents are deciding on renewing your insurance policy.

Mean Pets
One reason you'd never expect insurers to deny life insurance coverage for is if they find that you own a ferocious dog or even a large number of them as they pose a potential for liability claims.
Wood-burning Stoves: Wood-burning stoves are popularly used but it poses a risk of fire, and insurance companies are sure to increase your premium or refuse coverage all the more if you live far from hydrants or a local fire station.

Heavy Claims Filing
A number of claims filed within a couple of years could lead insurers to believe that you are either not taking maintaining your home and possessions, or engaging in life insurance fraud. Many insurance companies prefer to grant insurance to those with one large claim than a string of small ones. Suppose you recently made a $50,000 claim for damages in your house from a fire caused by faulty electrical wiring. You can still find a new policy if the electrical system is brought up to current building codes in the course of repairs.

However, filing claims every few months for petty losses such as jewelry or a set of golf clubs, will only make new homeowners policy very difficult to find. Take the assistance of an independent agent who will do the legwork for you and also be able to prove to underwriters that you are a responsible homeowner, and these incidences were just a phase of bad luck.

Where do you turn when no one else will have you?
In spite of the fact that most insurance companies offer supplemental earthquake coverage, people who live in an area prone to floods, could be required to buy life insurance separately. If your problem isn't that specific, but still have nowhere else to get one you still have a last resort as there are 31 states that offer Fair Access to Insurance Requirements plans. However, FAIR plan policies are usually highly priced and less comprehensive than standard policies. Check to see if your state office of insurance has this provision.

 

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