Underwriting guidelines

  • Underwriting guidelinesThe age of the home: Many people do not insure their house if its more than 25 years old. Complete with pre-inspection check before you are granted with the coverage.
  • The age of the roof, plumbing, electrical wiring, etc. : If your house is old, your home insurance company will not know when you have replaced or upgraded your roofing, plumbing items. Before you are granted with the coverage, inspection is required for all the items. You should produce documented proof to home insurance company to show that the items have been replaced.
  • The location of the home : If your home is located in a very risky area then many of the insurers will not insure. If you are located in a wind pool area, insurers will not cover for wind.
  • The occupancy of the home :
    1. If somebody else other than owner is staying in your place or if the house is vacant, insurers will not insure it.
    2. You need to ask for renters policy if a renter is shopping.
    3. Landlords package policy can be purchased if the owner of the house is shopping and if he is planning to rent the house.
    4. If your house is vacant and the owner is planning to buy the policy, then he can ask the company to write for dwelling policy.
  • Animals on the premises: If your house is located on a farmland with animals many insurers may not insure the house. If you are having many breeds of dogs then the insurer might deny to give the coverage to the owner.
  • Claims experience of the applicant: Claims history will be considered by all insurance companies.
  • Credit history of the applicant: Most insurance companies consider the credit history and depending upon that, your insurance premium will increase or decrease.

Leave a Reply

Your email address will not be published. Required fields are marked *