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Learn more about the five most dangerous landlord insurance companies to have the best chance of protecting your property and its contents.
Home Fire Insurance For Historic And Antique Homes: Special Considerations
Written by Mike Miller Written by Mike Miller Senior Writer Mike Miller is a writer with ten years of experience creating product and service content to help consumers make informed purchasing decisions. Mike has a bachelor’s degree in marketing. In his spare time, Mike enjoys riding and repairing motorcycles, reading a good book and spending time with his wife and two cats.
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Editor Veronika Jelenik Editor Veronika Jelenik Editor Veronika Jelenik is an editor who specializes in journalism. Her work has previously been published in the New York Daily News and the Hartford Courant, and she has covered a wide range of topics. Veronika has a bachelor’s degree in journalism and social and cultural studies. When not immersed in local service activities, Veronika enjoys spending time with her friends and Chihuahua, Beanie.
Mark Friedlander Reviews Mark Friedlander Consultant Mark Friedlander is the Director, Marketing Communications, at the Insurance Information Institute (Triple-I), a New York-based independent research and education organization focused on providing consumers with a better understanding insurance. Mark serves as a national spokesperson for Triple-I, handling a wide range of media issues for the insurance industry. His responsibilities also include leading the organization’s hurricane communications strategy and supporting its member companies and media in Florida, where he is based.
Shopping for the right homeowners insurance policy can be complicated, but it gets complicated when insurers classify you or your property as high risk. High risk homeowners insurance covers many perils, such as a recent claim or a high number of natural disasters in your area. Depending on your risks and assets, insurers may exclude specific risks from your policy, charge higher premiums or deny you coverage altogether.
We at Master Home Group have researched the best homeowner’s insurance companies across the country. We then narrowed them down to the best high risk homeowners insurance providers.
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A home can be considered high risk if it has structural issues, is in disrepair or is in a high crime area or is prone to natural disasters. Insurers will also consider the homeowner high risk if they have a history of submitting a liability claim – a claim that the insurer pays for a covered loss caused to someone else or their property.
Older homes, dangerous dog breeds and poor credit are some of the factors that can make your home insurance policy a high risk. Check out our breakdown below.
We analyzed add-on coverage, regional availability and discounts to match the cost-per-risk ratio when ranking our top five companies. After extensive research, the following insurers have emerged as the best ones to start with when shopping for high-risk homeowners insurance rates:
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Liberty Mutual is our choice for ways to save – you can qualify for up to 10% discount to lower your high risk home insurance premiums. The insurer will reward you with a new roof, combine your home and auto policies, buy your insurance policy online and more.
While Liberty Mutual doesn’t offer as many add-ons as its competitors, optional earthquake or hurricane coverage can protect homes in high-risk areas that frequently experience extreme weather or natural disasters. Similarly, decorative blanket coverings are useful for property owners in high crime areas.
Liberty Mutual is one of the best home risk insurance companies because of its national coverage area, additional coverage for hurricane and earthquake damage, and various discounts to adjust the risk coverage rate. It is also the third largest domestic company in the United States in terms of market share, providing a solid foundation for taking on risks that smaller companies cannot cover.
Pros available in all 50 states and Washington, DC Hurricane and earthquake approval available Longer discounts for home and property coverage Average customer satisfaction rating Fewer additional options than other insurers.
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Over the past 90 years, Allstate has earned the highest financial strength rating from AM Best and has become a reliable insurer with the ability to spend to pay claims from high-risk customers. Competitive coverage options include a range of deductibles and attractive deductibles for combining home and auto policies.
Allstate’s nationwide presence increases coverage potential in areas affected by extreme weather or natural disasters. Planners can add approvals for things like their land and garden, musical instruments, sporting goods, luxury goods and commercial properties. Allstate also offers comprehensive coverage through its subsidiary, National General Insurance, with higher limits than the Federal Emergency Management Agency (FEMA)-backed NFIP.
Allstate is a good choice for flood insurance and limited liability coverage for your yard, yard and roof. Additionally, Allstate’s Claim RateGuard feature ensures your rate will stay the same after your first claim every five years. You can contact an Allstate insurance agent to evaluate your coverage options.
Pros in all 50 states and Washington, D.C. Discounts. to combine policy Premium stability with Claim RateGuard Cons Higher than the average price based on the State online.
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With an AM Best rating and a consumer satisfaction score of 835 from J.D. Power, State Farm is a popular choice for home and rental insurance, as well as auto and property insurance. His industry-leading financial strength allowed him to take risks. Further, its online tools and direct benefits system help first-time homeowners find the right policy for their unique risk.
State Farm uses a network of dedicated local agents to issue and service policies, so you can work with an expert to determine if an insurer can cover your hazardous property. Talk to them to find out which home insurance policies can be tailored to the additional coverage you need. If your home can’t be closed through State Farm, your agent can at least provide some good insight that you can use as you continue to shop.
State Farm has a user-friendly website and resource library to help beginners understand complex insurance concepts, such as what to risk. An established network of agents adds a personal touch to the buying process and provides homeowners with the human resources to negotiate coverage options. Agents can advise customers on reducing their risk if coverage is denied.
Pros available in all 50 states America’s largest home insurer by market share Features online resources to help you understand your coverage An online tool that features home value appraisals Cons less discounts than some competitors.
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USAA is the top insurance choice for military members and veterans. It reinforces its competitive advantage with benefits such as financial services, dealer and rental car discounts, and a strong willingness to carry military equipment. Policyholders agree – USAA has a JD Power customer satisfaction rating of 893 out of 1,000, the highest score on this list.
USAA’s earthquake protection and homeowners insurance coverage can help high-risk homeowners, but there’s a catch. Homeownership is not available in all states, and earthquake coverage is available in Oregon and Washington. If you need flood coverage, USAA can help you get it through the National Flood Insurance Program (NFIP).
Still, USAA is expanding nationally with personal property protection that covers items valued at $200 or more, such as jewelry, smart watches, firearms, cameras and musical instruments. There are no deductibles, and personal items are covered at today’s exchange rate without discount.
While this company only insures the military, veterans and eligible family members, there are many things you will want when it comes to accident coverage. Natural disaster coverage and personal property coverage with no deductibles or deductibles provide the protection that high-risk homeowners need. Additionally, members can use USAA’s online risk assessment tool to analyze a property before purchasing it and avoid the risk situation altogether.
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Pros available in all 50 states and Washington, D.C. Multiple member benefits Personal property protection with no deductible Limited catastrophic coverage Limited to military personnel.
Travelers is one of the strongest insurance companies in the market. Its 30,000 employees and 13,500 independent agents draw on more than 165 years of industry knowledge to help you find the right policy for your unique risk factors.
In addition to property and personal liability, high-risk customers can benefit from device protection discounts when reducing their risk of property crime. For example, installing smoke detectors, fire alarms, home security systems and smart home technology that alerts you when a fire or burglary occurs can increase your chances of getting coverage in a high-risk area.
Travelers offer competitive removal plans. Each year, Travelers provides policyholders with a cumulative $100 credit that will cover your deductible in the event of a loss. The package also prevents premium increases associated with your first loss within five years.
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