If I am turned down for homeowner's insurance, what can I do?

If I am turned down for homeowner's insurance, what can I do?

Sam Friedman (Editor-in-Chief, National Underwriter, Property & Casualty Edition) gives expert video advice on: If I have a dog, can I get homeowner's insurance?; If I am turned down for homeowner's insurance, what can I do? and more...

If you're turned down for homeowner's insurance, you have a lot of options. First of all, there are lot of fish in the sea. There are a lot of carriers that write insurance. You can either check with your independent agent if they have other markets. If you were turned down for insurance by a particular carrier which has a captive agent (which is an agent who works only for that company), you could look at other agencies on the block. You might see an ad in your local paper or on TV for an 0800-number to call for homeowner's insurance. But if worse comes to worse, many states--especially those that are prone to catastrophes, such as Florida--have a residual market, a so-called "market of last resort," where if an individual homeowner can't get coverage in the private market, they can be insured in a state-funded facility.