Question : Can I ever get home insurance again if a previous one has been cancelled?
About 1 yr ago I cancelled my DD for my home insurance to cut costs. My bank then said as I never told them directly they have refused my insurance policy and that I would find it difficult to get another policy. I am now looking to start another home insurance policy but they all ask the question if I have been refused before? What does this mean? As it is obviously important to have it as you never know what will happen.
- asked by Mrs Captain
All Answers:
Answer #1
I am sure if you told new insurance company why itwas cancelled then they would disregard why it wasrefused.....Refusal because of building defects orbad security is what insurance companies arelooking out for not for petty spite reasons putforward by a bank..
- answered by veg_rose
Answer #2
Getting homeowners insurance if you have had apolicy cancelled, although difficult, is notimpossible to get. Be honest with the agent whenyou speak with them and they should try to helpyou out.Good luck!
- answered by Jason S
Answer #3
No, you'll still be able to get a policy. A fewextra steps will need to be taken, but itshouldn't be an issue. The Insurance company willneed to send a Rep to take photos of the home andany unrepaired damage will need to be fixed beforethe policy is issued, or they might just excludethat damage.Did you have a mortgage this pastyear? If you did, the bank might have ForcePlaced an Insurance policy on your home and beencharging you through the Escrow Company.
- answered by saberhilt
Answer #4
Shouldn't be a problem; if your claims history isclean and credit decent, you should be able tofind a company that will start a policy for you.You haven't really been refused, you werecancelled for non-payment. Don't know what thedeal is with your bank, you'd think they'd behappy to add an insurer and happier still toescrow the payment.
- answered by ernesto_tig
Answer #5
How does cancelling direct deposit cut costs? Youstill have to pay the insurance premium. Does thismean they cancelled you for non-payment? Anymortagage lender requires home owners insurance.It is mandatory, not optional, if you don't pay itthey will assign an insurance provider for you ata significantly higher rate and add it to yourmortgage payments. Something in your story doesnot add up.
- answered by been_here_and_gone
| 
measure and fulfill your financial needs
