Lakes Region Homeowner's Insurance Info
The following is a list of some of the problem areas, but doesn't cover all potential problem areas and you should check with your agent to see how these areas impact your coverage (Avery Insurance website link below):
Underground Oil Tanks (These are a major concern and many companies will not write the risk at all).
- When was the tank installed?
- Is there a liner? What kind?
- When was the tank last inspected?
Above Ground Oil Tanks
- Is the tank under a roof overhang? Most times it needs to be protected on a slab.
Trampolines
- These are a high liability risk and many companies will not write coverage until it is removed.
Dogs (Almost every company has a list of restricted breeds)
- What breed? including a mix
- Age of dog
- Obedience training and nature of the dog (past history of aggressive behavior?)
- There is pending NH legislature to try and address this area of coverage and companies abilities to deny based on breed of dog.
Older Homes
- Need year and type of updates (roof, heating, electrical & plumbing systems).
Island Homes/Isolated properties (This is generally any risk greater than 5 miles from a fire station)
- Fewer and fewer companies are writing these risks. In our area there is a large number of properties that fit this category.
- How many miles from fire station?
- Visible from neighbors?
- Value? (High value is a huge concern and may take several companies to cover the exposure).
Antique Homes
- Because insurance contracts are based on “like kind and quality” replication of existing construction is a concern. Some companies such as Chubb specialize in these risks.
High Value Homes (Generally dwelling value over 700,000)
- Fire and Burglary systems (i.e. central station)?
- Caretaker?
- On fire hydrants? (If it is not on hydrants or hydrants with enough flow capacity for the size of the home there needs to be a year round accessible water source.) This is a MAJOR concern. With the size of many of the lake front homes there is insufficient water supply from hydrants and fire department tanker trucks to put out a fire. Most if not all companies will not take this risk until the client installs an adequate system either from the lake as a dry hydrant or a underground cistern that water could be pulled from.
Flood Insurance- The bank will need to provide a “Flood Determination” form to the buyer. Full premium payment and a signed application must be mailed to the company no later than 48 hours prior to the closing date.
Rental Properties- Generally if it is 4-6 weeks of rental it can remain on a homeowner policy. If it is a true rental property then it needs to be written as a dwelling fire or as a business policy.
- Need length of time property is rented? Thru an agency?
- If it is a multi family, will the owner be living there?
Farm Properties- Generally keeping animals for own use is acceptable but should review to make sure.
- Horse “farms” require special handling.
- Riding schools or renting of barns also require special handling.
Business Use- Some incidental business use out of your home is acceptable but should be reviewed.
- Many classes of business use could void coverage and requires writing commercially. Including renting of garages or barns for someone to store items or run a business from.
If anyone has run into other problems or would like to discuss any insurance related issue please don't hesitate to give my office a call.
Tod O'Dowd click for Avery Insurance, Lakes Region web site...
