What if an insurance company won’t sell me insurance?

img_20110830_084450As crazy as it sounds, there may be situations in which a person tries to purchase homeowner’s insurance but they are denied because of the location of the home. This can be frustrating for a homeowner, and inevitably become quite costly if a disaster were to occur that damages the structure. This unfortunate situation is often seen in locations that are considered to be prone to frequent flooding. Insurance companies will deny you an insurance policy if they believe they will lose money on you. Remember, insurance companies are “for-profit” companies and will only accept business offers they believe may make them a profit.

Not being able to obtain an insurance policy can be a serious source of stress for a homeowner. If you have been denied insurance coverage, there are a few options that may be available to you. For example, the Coastal Market Assistance Program, or C-MAP, provides homeowners in New York’s coastal areas such as Brooklyn, Nassau County, Queens, the Bronx, Westchester County, Suffolk County, and Staten Island. It may be difficult for some homeowners to obtain insurance companies in these flood-prone areas and therefore, it is a good idea to apply for a program that helps those in this situation find coverage. In order to apply, a homeowner must prove that their previous insurer did not renew or chose to cancel the insurance policy for a reason other than the insured’s failure to make premium payments.

If your homeowner’s insurance policy has been denied renewal or canceled, you should consult with an experienced insurance law attorney who can provide you with the resources you need to help find coverage.

The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.