If you are currently in the market to purchase a house, you might be thinking about a lot of things -- how the home looks inside and out, how much the home costs, whether there is enough space for you and your family to be comfortable, where the home is located and other similar factors. One thing that many people do not think about when home shopping, however, is whether or not they will have trouble finding insurance for the home. However, it can be difficult to find a homeowners insurance company that will insure some homes, and you may have to opt for a non-standard home insurance policy for these types of houses. These are a few signs that a home might be hard to find insurance for.
1. Your Home Has a Non-Standard Construction
Your average stick-built home should be relatively easy to insure, if you take away any other factors. However, some non-standard homes can be tough to find insurance for. For example, if your home has a steel frame or if it was pre-fabricated, you may not qualify for a standard policy. Instead, you may need a non-standard policy, even if your home is built durably and up to code.
2. There are Renovation or Potential Renovation Issues Going On
Are you planning on doing major renovations to the home? If so, you may have trouble getting it insured. This is because insurance companies do not know if damage or injury could be caused during the renovation project. Plus, if the projects are not done properly -- such as having electrical work done by someone who is not a licensed electrical contractor -- this could affect your homeowners insurance as well, if you do happen to qualify for it. Homes that are in need of renovation, such as those that have asbestos, may also be difficult to insure in the traditional way.
3. There is a Subsidence Issue
If a home has a subsidence issue, this means that the ground beneath the home might be slowly sinking. In some cases, there may be little that you can do to help with the problem, so even a renovation might not make a difference. These types of problems can lead to foundation damage and other problems, making them difficult to insure. Luckily, a homeowners insurance company that is accustomed to granting non-standard homeowners insurance policies might still insure your home for you.