Can I Get Home Insurance for Free?
Thereâ€™s nothing like getting a freebie, right? Whether youâ€™re getting the free cup of cup or ice cream cone, itâ€™s always nice to get something that you didnâ€™t have to pay for.
But what if you were able to get free home insurance? For some, it seems that it may be possible. But is if for you?
Home Insurance Requirements
While home insurance is required for most homes that have an outstanding mortgage, on occasion, a homeowner may be rejected by private home insurance companies on their home or condo because of one of the following reasons:
- Excessive home insurance claims
- The property is in a high-risk area
If this occurs to a homeowner who is required to have coverage on their home, the government may step in to help under what is known as The Fair Plan.
The Fair Plan
The Fair Plan (also known as the Fair Access to Insurance Requirements Plan) is a set of state programs that are usually subsidized by private insurance companies. While the plans usually charge more than the private insurer would for coverage, the homeowner may be available for government subsidies that could help lower the coverage cost or make it available for free.
In order to determine if the home is uninsurable due to living in a high-risk area, an inspector may have to visit the house. If you can’t afford to get this done, it is usually offered for free. Each state decides the rules for their Fair Plan, however, so itâ€™s difficult to determine whether you qualify. The best way to know for sure is to contact your state insurance commissioner.
How to Get Home Insurance
If you have yet to get a home insurance policy, nowâ€™s the time to search for home insurance policies. It is easy to get a free online home insurance quote by simply visiting Go Insurance Ratesâ€™ home insurance section then following the steps.
By taking these steps, you get acquire a home insurance policy that, if not is free, could at least be very affordable.