Consumption and Real Estate
Home Insurance For Special Cases?
Question : Home Insurance For Special Cases?
I am trying to find an insurance company that will write an insurance policy on a very special home. It is way out in the middle of no where. They run on generators not normal electricity. They might have a well but more than likely they haul water in to the property. It is a small house that was more than likely not built to standard. It is on 43 acres and is about 3 miles away from a volunteer fire department. Does anyone know of an insurance company that will write insurance on this home? The home is located in northern Arizona. Thanks a bunch!!
arizona home insurance
Best answer:
Answer by jodapoet
I’m sure there are some companies such as Fireman’s Fund Insurance etc… that will cover it however the premiums will be very high. It may not even be cost effective to even insure it. The best thing to do is contact a local homeowner’s insurance agent who can help you with the details.
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#2 written by STEVEO 1 year ago
you might ask a local agent about a farm or ranch policy. failing that, ask about a “named peril” policy. these policies insure for specific perils such as fire only or possibly fire and wind combined. these policies are written to “value” rather than to “replacement cost” so you will be able to insure to a much lower dollar amount.
the rate per thousand of coverage will be higher than a regular homeowners policy for various reasons; more than ten road miles from fire station, no source of water, etc. but because you are insuring for the lower amount your total premium may still be affordable. underwriting is not as stringent on these types of policies also.
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#4 written by mbrcatz17 1 year ago
Firemans Fund isn’t going to touch this, IMO.
You CAN get property coverage. It’s NOT going to be a standard homeowners. My guess is, the CHEAPEST way to do this would be through your state FAIR plan.
If you don’t want the state fair plan policy, or if they’ve already turned you down, you can probably STILL get coverage, but it’s going to be mongo, mongo expensive – like in the thousands of dollars, with alarm requirements, and lots of exclusions.
Bottom line – you’re going to have to use a local agent anyway, so start shopping for a new local, independent agent.
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First, find a local independent agent, they are your best source for uncommon properties. I have a few companies that would write that property if it was located in rural New England. Most fire depts here are volunteer, there are no fire hydrants (unless you live in one of 2 towns in the whole county). We have many people “off the grid” in my area that have standard policies, there are just a few safeguards that the companies require.
Anyway, only 3 miles from the fire department is not in the middle of nowhere (we have many places here that are up to 8 miles from the fire department on standard policies), 43 acres is quite average size land here too (I have one neighbor with over 125 acres & another with 47 in the middle of town).
Good luck to you.