When house hunting, the price of homeowners insurance probably isn’t top of mind. But homes with hidden risks can make getting coverage difficult, expensive or both. Learning how to identify them could save you a bundle.

This could be a particularly important concern for first-time home buyers and those moving from cities to suburban or rural areas who may not be aware of common hazards, says Jennifer Naughton, risk consulting officer for North America for Chubb, an insurance company.

Three out of 10 city dwellers told a Chubb survey in early August that they were considering moving out of the city because of the novel coronavirus outbreak. Meanwhile, the number of first-time home buyers in the first half of 2020 rose 4% compared to a year earlier as lower interest rates made mortgages more affordable, according to Genworth Mortgage Insurance.

 

WHERE’S THE NEAREST FIRE HYDRANT?

A homeowners insurance premium can depend in part on distance to the nearest fire hydrant and fire station, Naughton says. Homes that are on narrow roads or otherwise difficult for firetrucks to access also could be more expensive to insure.

“If they have to cross over a bridge, it’s not only a consideration of can a car go over that bridge, but also can a fire engine,” she says.

Some homes are at such high risk of wildfires and severe weather — hurricanes, tornadoes, windstorms and hail — that private companies won’t insure them. Without insurance, you can’t get a mortgage, so you’d need to turn to state-run risk pools such as Beach and Windstorm Plans or Fair Access to Insurance Requirements Plans, better known as FAIR. These policies typically cost more and cover less than regular homeowners insurance.

Also, many homeowners policies in storm-prone areas have hurricane deductibles that are higher than the normal

When house hunting, the price of homeowners insurance probably isn’t top of mind. But homes with hidden risks can make getting coverage difficult, expensive or both. Learning how to identify them could save a homeowner a bundle.

This could be a particularly important concern for first-time homebuyers and those moving from cities to suburban or rural areas who may not be aware of common hazards, says Jennifer Naughton, risk consulting officer for North America for Chubb, an insurance company.

Three out of 10 city dwellers told a Chubb survey in early August that they were considering moving out of the city because of the novel coronavirus outbreak. Meanwhile, the number of first-time homebuyers in the first half of 2020 rose 4% compared to a year earlier as lower interest rates made mortgages more affordable, according to Genworth Mortgage Insurance.

A homeowners insurance premium can depend in part on distance to the nearest fire hydrant and fire station, Naughton says. Homes that are on narrow roads or otherwise difficult for fire trucks to access also could be more expensive to insure.

Three out of 10 city dwellers told a Chubb survey that they were considering moving out of the city because of the coronavirus outbreak.

“If they have to cross over a bridge, it’s not only a consideration of can a car go over that bridge, but also can a fire engine,” she says.

Some homes are at such high risk of wildfires and severe weather — hurricanes, tornadoes, windstorms and hail —that private companies won’t insure them. Without insurance, buyers can’t get a mortgage, so they need to turn to state-run risk pools such as Beach and Windstorm Plans or Fair Access to Insurance Requirements Plans, better known as FAIR. These policies typically cost more and cover less than regular

When house hunting, the price of homeowners insurance probably isn’t top of mind. But homes with hidden risks can make getting coverage difficult, expensive or both. Learning how to identify them could save you a bundle.

This could be a particularly important concern for first-time homebuyers and those moving from cities to suburban or rural areas who may not be aware of common hazards, says Jennifer Naughton, risk consulting officer for North America for Chubb, an insurance company.

Three out of 10 city dwellers told a Chubb survey in early August that they were considering moving out of the city because of the novel coronavirus outbreak. Meanwhile, the number of first-time homebuyers in the first half of 2020 rose 4% compared to a year earlier as lower interest rates made mortgages more affordable, according to Genworth Mortgage Insurance.

WHERE’S THE NEAREST FIRE HYDRANT?

A homeowners insurance premium can depend in part on distance to the nearest fire hydrant and fire station, Naughton says. Homes that are on narrow roads or otherwise difficult for fire trucks to access also could be more expensive to insure.

“If they have to cross over a bridge, it’s not only a consideration of can a car go over that bridge, but also can a fire engine,” she says.

Some homes are at such high risk of wildfires and severe weather — hurricanes, tornadoes, windstorms and hail — that private companies won’t insure them. Without insurance, you can’t get a mortgage, so you’d need to turn to state-run risk pools such as Beach and Windstorm Plans or Fair Access to Insurance Requirements Plans, better known as FAIR. These policies typically cost more and cover less than regular homeowners insurance.

Also, many homeowners policies in storm-prone areas have hurricane deductibles that are higher than the normal deductible,

Press release content from Accesswire. The AP news staff was not involved in its creation.

LOS ANGELES, CA / ACCESSWIRE / October 2, 2020 / Compare-autoinsurance.org ( https://compare-autoinsurance.org ) has launched a new blog post that explains how high-risk drivers can find their best non-standard car insurance company.

For more info and free car insurance quotes online, visit https://compare-autoinsurance.org/how-to-find-the-best-non-standard-car-insurance-company-for-high-risk-drivers

Finding a car insurance company that accepts high-risk drivers can be a challenge. Most large insurance providers do not offer coverage for high-risk drivers, so most of them are forced to search for insurance at smaller specialized carriers. Not all persons that are labeled as high-risk are bad drivers. Drivers with traffic tickets, at-fault accidents or DUI convictions, new drivers, seniors, drivers with poor credit scores, or drivers with long coverage lapses are considered to be high-risk by the insurers.

Drivers that are looking for an insurer that accepts high-risk drivers should analyze these factors:

  • Complaints. An important factor that every high-risk driver should consider before purchasing car insurance from an insurer is the number of complaints that the insurer has. Drivers can check how many complaints a non-standard carrier has by going to the National Association of Insurance Commissioners (NAIC) site. There they can find the NAIC complaint ratio that is based on the number of complaints filed against an insurance company with state regulators, adjusted for market share. Insurance companies that have a high number of complaints are likely to be providers that have had many unsatisfied customers relative to the value of premiums they had written during the year. Usually, policyholders complained about the low value of the settlements, claim denials, or delays in the claims processing.
  • Financial strength. High-risk drivers should carefully analyze multiple non-standard carriers and pick one that is reliable

Press release content from Accesswire. The AP news staff was not involved in its creation.

LOS ANGELES, CA / ACCESSWIRE / September 30, 2020 / Compare-autoinsurance.org ( https://compare-autoinsurance.org ) has launched a new online guide that presents several tips that will help high-risk drivers find better car insurance deals.

Affordable car insurance for high-risk drivers is not that easy to obtain. There are many reasons why car insurance companies classify drivers as high-risk. Usually, teen drivers, drivers that caused accidents, drivers that were involved in DUI incidents are seen as high-risk by the insurers.

High-risk drivers can find affordable car insurance if they follow the next tips:

  • Check for specialized non-standard carriers. These insurance companies are specialized in insuring high-risk drivers. Many standard insurance companies have subsidiaries that are non-standard carriers. Although standard insurance companies can insure high-risk drivers, many prefer to not be associated with this type of driver.
  • Buy a cheap car to insure. The last thing a high-risk driver need is a car that is expensive to insure. Instead, high-risk drivers should look at slightly used sedans, minivans, or SUV’s that are already equipped with several safety devices.
  • Check the available discounts. There are many discounts available for high-risk drivers. Some of the most popular discounts are low-mileage discount, safety devices discount, or bundled policies discount
  • Maintain a good credit score. In most states, insurance companies are allowed to look at the drivers’ credit score before determining their insurance rates. Drivers with a good credit score will pay less on their premiums, so it’s important for high-risk drivers to maintain a good credit score or even improve it.
  • Compare online quotes. Even though there are still several standard insurance carriers willing to insure high-risk drivers, their premiums are very high. High-risk drivers should