Looking for Insurance on a high risk property Chester,PA

6 Replies

Hey I was inherited a house valued around 30k with a LONGG term tenant, but haven’t had property insurance on it for a long time. To cover myself I would like to put a policy on this property, something basic and will cover me. It have boarded windows in the back and I would deem it as high risk giving the reason it don’t have insurance now. Please help if possible thanks

@Deshawn Lewis

Hey Deshawn,

Given the brief description you've given on the property I can almost guarantee no insurer will take this property. Part of obtaining property insurance coverage for a home constitutes an inspection by the insurance company. This home has a tenant which adds another level of complexity to the issue. My best advice is to reach out to a local broker, and try to see if anyone will insure the home as is, if not you may have to invest some money in the home to bring it up to building code. 

Thanks,

Ricardo Alonso

Deshawn,

You should be able to obtain Insurance on this property.  The key word you mentioned is "Basic".   Policies for rented dwellings can have different levels of coverage and different exclusions.  It is likely that the coveage offered will be on a Basic Form (Fire & Extended coverage).  They may call is a DP1 (Dwelling Policy 1) or some thing like that.  The valuation is most likely going to be Actual Cash Value (ACV) which is the depreciated value.

Two companies that may consider it are Foremost and American Modern Home.  You should be able to locate agents in PA from their website but if that is a problem, PM me and I will see what I can find out.  Should no company offer to cover the property, PA may have a High Risk (Assigned Risk) pool that will provide coverage. 

Liability Insurance is the most important part of what coverage you need.  Even if your current insurer will not write a policy for the house, you may be able to extend the Homeowners Liability to cover that location. 

Good luck.

Sorry, I should have put MD not PA. 

Thanks for sharing this information greatly appreciate it...

@Deshawn Lewis  

As another agent said, Foremost or American Modern should do it with no issues.  You can google independent agent/broker in the city and they will have access to one or both companies. 

Originally posted by @Dave Lin :

@Deshawn Lewis 

As another agent said, Foremost or American Modern should do it with no issues.  You can google independent agent/broker in the city and they will have access to one or both companies. 

 I have emailed both companies to request a quote. Hopefully, this works out for me...

Thanks for your input.

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