- Loss history : A history of multiple claims.
- Non-payment of premiums : A contract cancelled for non-payment.
- Poor credit history : A low credit score can be a factor.
- Type of property at risk : Old houses, non-compliant constructions.
- Unusual occupancy : Unoccupied or temporarily rented dwellings.
- Higher premiums : The cost is usually higher to compensate for the risk.
- Stricter Terms : Some exclusions or limitations may apply.
- Request for additional coverage : Some insurers require upgrades (alarm, renovated roof, annual payment instead of monthly).
A must-know!
To limit the cost of your insurance, you can: Increase your deductible. Bundle your home insurance with car insurance. Use a broker to negotiate a more advantageous premium. Improve the security of your home (alarm, cameras, armored doors).
Even though 2nd chance home insurance is often more expensive due to the risk perceived by insurers, there are several ways to get a discount and reduce your insurance premium. Here are some tips to save money:
- 1. Multi-Policy Discount: If you also have auto insurance, business insurance or other insurance products, bundle them with the same insurer. Many companies offer discounts of 5% to 15% for customers who combine several insurances.
- Increase your deductible: By accepting a higher deductible (the amount you pay before the insurance covers the rest), you reduce the risk for the insurer and thus get a lower premium. Going from a $500 deductible to $1,000 can reduce your premium by 10% to 20%.
- Be claim-free for a few years: Even with a risky record, each claim-free year can give you a progressive discount. Some companies offer up to 20% off after 3 to 5 years without a claim.
2nd chance home insurance is an ideal solution for people who have been refused by traditional insurers. Even though the premiums may be higher, this option offers several advantages that allow you to obtain coverage adapted to your situation.
- Access to Insurance Despite a Difficult History: One of the main advantages of 2nd chance home insurance is that it allows you to be covered even after a refusal. Whether it’s because of an irregular payment history, frequent claims or a file deemed risky, this insurance gives you the opportunity to get the protection you need.
Essential Protection for Your Home and Property
Like any home insurance, depending on the insurer, it can cover damage to property and housing, including:
✔ Fires
✔ Water damage
✔ Theft and vandalism
✔ Civil liability (protection against lawsuits if you cause damage to others)
Even if your profile is considered risky, this insurance allows you to avoid major financial losses in the event of a claim.
FAQ
