Can't capture insured, assist!?
This is a follow up post to a previous question. I own a home and I am going to run an assisted living business out of it. (I don't live within this home). I have tried numerous insurance agencies and get hold of turned down. I really just want my property protected more than my business but it seem that because I am running a business out of it, it does not fall below residential insurance anymore but commercial. Is ther anyway I can get my property insured merely to protect it from damage? The ultimate agent I talked to said the best article he suggest is to apply with another agency and let somebody know them that I am just renting it out. But if I pull the wool over your eyes and get renters insurance what could be the down side to that? I don't want to lie back have something come up subsequent and find out they won't cover a claim becuase I did not disclose that I was running a business. What can I do here to protect my home?
Answers:
Exactly - if you're running a business out of it, you'll stipulation to put the house on a commercial policy. I would NOT lie to the agent by proverb you're renting it out. The down side is, it's material misrepresentation which, at best, voids adjectives your coverage, and at worst, lands you in detention centre.
If you're going to independent agents, and they can't find an outfit to write commercial property coverage (which shocks me, I'd suspect they are just self lazy more or less it), you can ALWAYS apply to your state FAIR plan for commercial fire coverage, through one of those agents.
Of course, you're not going to be able to win licensed, unless you ALSO have commercial nonspecific liability, and comply with the local license codes.
I've written coverage like this past. It's not hard. It's EXPENSIVE though, and it doesn't compare to what a homeowners policy covers.
Your problem is more irritating than insoluble. First of adjectives, never make a stuff misrepresentation to your prospective insurer. It would void the contract and it isn't right. An insurance contract is base on trust, and if a misrepresentation is made, there go any hope of getting a claim paid.
I would expand your turn out to brokers. Obviously somebody will insure you, it just may be highly expensive, especially if you have no experience within the field.
Check out a rummage through of "surplus lines" in your state and see what you come up beside.
Good luck!
you cannot get personal homeowners insurance for your home if you are running a business out of it. it must be commercial insurance-insurance companies will not cover individual SOME of the liability, they will cover all of it, it is the one and only way they can be assured that they are not taking an undisclosed risk. be honest near your insurance agent, at all times, it is contained by your best interest to be honest. you may be able to find homeowners insurance while disclosing the commercial risk and giving the homeowners insurance proof of your business insurance...other than that i really can't see any means of access to do it. you must protect your home, and the insurance companies are trying to do that, to protect ALL the risks...keep working on it and find an agent you trust, it'll work out. dutiful luck!
Find out why they are refuse coverage on the property. I own a commercial building Insured through American Family Insurance . The policy covers the building and public liability (if someone falls) but not business liability, because I rent out the place.
A normal use for refusing coverage is that the risk of claims is too soaring for the type of business you want to run . The insurance company may feel that the risks of an assisted living facility is too lofty.
Try finding an insurance broker who deals beside more than one company.
Try going to one of your would be competitors and see how they did it Maybe they can give you some name. Sometimes people are of a mind and sometimes not. Either way it is worth a shot
Goodday,
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Your situation is not as unique as you devise and there are a few ways to accomplish your desire.
1. You need to contact a company that handle complex risks, I would recommend Chubb, and AIG.
2. In some cases your home owners policy can cover your home for home based business.
3. Thirdly you can other call an assisted living facility and inquire by making believe you are a college student beside a business management class and you chose that business to write give or take a few so you need to take some info., sounds funny but the person on the other dash will have no reservations within answering your question.
Just save in mind that a select group of citizens and/or organizations run that industry and they would close to to keep it that agency so you may have the inexperience problem. but those are the types of question you need answered if you resolve to call a few places.
Good luck!