It can feel like steering through a rough sea, especially when it comes to high-risk homeowners insurance. In 2024, the hunt for broad insurance coverage for homes that are considered high-risk by insurance companies can be challenging for homeowners.
If your home is situated in wildfire-prone zones, on a cliff that is exposed to potential landslides, or has a history that insurance providers avoid, do not worry. There are many lighthouses that you can turn to if you want to receive safety and protection in exchange for monthly premium payments.
What is High-Risk Home Insurance?
High-risk home insurance is also known as non-standard home insurance, and it is a form of insurance that is created especially for homeowners and homes that normal insurance providers call or view as high-risk or too risky to offer insurance coverage to.
These risks are considered on various grounds, for example, your financial and claim history, your home location, and the condition of your home.
10 Best High-Risk Homeowners Insurance Companies of 2024
As mentioned earlier, there are many insurance companies that offer high-risk coverage, but I will not be making an exhausting list. Instead, I will be selecting the top 10 best high-risk homeowners insurance companies in 2024 and showing you how they got to this list. Now, let’s dive into it:
1. Chubb
Chubb is among the best high-risk homeowners insurance companies in 2024. It provides a high-risk and high-value home insurance market but offers premium coverage options that can help you reduce the chances of possible losses. In addition to this, Chubb is quite famous for its fast claim processing and diligent service.
2. USAA
This is the top pick for veterans. It offers services to military members, veterans, and their families and provides high-risk home insurance coverage that addresses the challenges that those in service face. For example, if your home is in a natural disaster-prone area, you can get competitive rates from USAA and enjoy amazing customer service.
3. FAIR Plans
FAIR Plans are the best alternatives for homeowners who are not able to find high-risk insurance. Furthermore, they act as a safety net for people who are not able to procure a quote in the standard insurance market because their property is considered high-risk.
Meanwhile, FAIR plans are usually mandatory in states and offer primary property insurance. Here is the coverage that a FAIR plan offers: vandalism, windstorm damages (depending on the state), and fire.
4. State Farm
One of the highly recommended high-risk insurance companies is State Farm, and it is an amazing choice for new homeowners. It participates in state FAIR plans, but it has its own specific range of risks.
But do not be discouraged; even if you are not a new homeowner, State Farm also offers services to any homeowner, no matter the level of risk.
5. Nationwide
This insurance company is recognized for its customizable quotes and flexibility. This is to meet the needs of any homeowner, including high-risk ones. Regardless of the condition, location, and other factors of the home, you can get proper coverage from Nationwide. Additionally, there are discounts, which can help you save more and pay less.
6. Foremost
Foremost is the suitable insurance provider for complex coverage needs. What’s more, they offer coverage for non-standard properties and homes and are a part of the Farmers Insurance Group. As part of the Farmers Insurance Group. Thus, if you are not able to get or receive coverage from any insurer, Foremost is there for you, and they are quite flexible.
7. Allstate
Allstate is another runner-up for the best insurance company for high-risk homes and homeowners. They are also popular for their comprehensive coverage options and innovative tools, which can help you find possible risks and reduce their chances of happening.
8. American Family
American Family Insurance is known for its excellent customer service and adaptability. They also offer personalized quotes that will meet the needs of homeowners, including those residing in high-risk areas.
9. Liberty Mutual
Liberty Mutual stands out for its discount-offering services. They also extend their service to homes in high-risk or coastal areas. Apart from this, Liberty Mutual has different resources and online tools for risk management and assessment.
10. Farmers
Farmers Insurance has a special approach to high-risk properties by providing customized insurance solutions that surpass the basics to make sure homeowners have the wide coverage they need.
How to Find the Best Policy
Here are some helpful tips for finding the best high-risk insurance policy from any insurance company of your preference:
- Determine your needs
- Ask your neighbors
- Contact your current insurance company
- Shop around
- Ask for discounts
- Consider a FAIR plan
- Improve your home’s safety
So, you can implement these steps when selecting or choosing a high-risk insurance policy. Do not forget to also check their reviews and read the terms before agreeing.
Frequently Asked Questions
Why do companies deny home insurance coverage?
Here are some of the common reasons why insurance companies deny home insurance coverage:
- Property age
- Misrepresentation
- Claims history
- Location
- Pets
- Criminal record
- Condition of the property
- Credit score.
What makes a house high-risk for insurance?
Factors include location in disaster-prone areas, poor physical condition, a history of many claims, and high crime rates in the area.
What should I do if I can’t get coverage?
Consider a FAIR Plan as a last resort, improve your home’s safety to reduce risk, and consult with an insurance broker for alternative options.
