Things that may Make you ineligible for Homeowners Insurance in Ohio
Here is a list of issues, or situations that may make you or your home ineligible for Homeowner’s Insurance through, what we call in the insurance industry, the “standard market”.
- Roof over 15 years old
- Old wiring such as a fuse box, active knob and tube
- Specific breeds of dogs that may be considered viscous; Pit bulls, Rottweilers, Chows, Presa Canario, Akita, Doberman Pinscher, Wolf hybrids, Mastiff, Wolf, and German shepherd’s. There may be others depending on the underwriting insurance company.
- Unusual pets like snakes
- A fire claim (loss)
- Excessive claims and/or losses
- Damaged Chimneys
- A pool (sometimes a pool with a fence around it is acceptable, or your rates may be increased)
- A trampoline (in most cases a net around your trampoline is sufficient)
- Cracks in the foundation
- A felony or felonies (Some insurance companies go back five years while others go back ten years. It depends on the company and their requirements)
- Home additions where no permit was obtained or the work was completed by someone other than a licensed contractor or DIY’s
These are just some of the issues that may make you ineligible for Homeowner’s insurance in the “standard market”. There are companies that will accept some of these issues, however, you may not be able to obtain the same amount of coverage you would be able to obtain through a standard market company. For example, if your roof is over 15 years old some companies will insure your roof based on ACV “actual cash value” rather than RC “replacement cost”. Actual cash value is the cost to replace an item minus depreciation. If your roof is over 25 years old, most companies will not write your policy – the same goes for knob and tube wiring and certain fuse boxes that are outdated and known to be unsafe.
You may be able to get a homeowners insurance policy through a substandard market, but you may wind up paying more than if your home were in great shape and able to be written in a standard market. Typically the bigger the risk, the higher the premium. If you are unable to obtain homeowners insurance through the voluntary market, your agent may be able to assist you with obtaining coverage through the Ohio Fair Plan