I Have Been Deemed High Risk for Home Insurance.  What do I do?

As mentioned earlier, check if your state offers a Fair Access to Insurance Requirements (FAIR) Plan. These plans are designed as a last resort for homeowners who are unable to obtain insurance through the standard market due to their property being considered high risk. Coverage through a FAIR Plan might be more limited and more expensive than standard policies, but it provides essential protections that you otherwise wouldn't have.

Surplus line insurers (also known as excess line or non-admitted insurers) specialize in covering high-risk properties and individuals. While they can offer insurance when traditional companies won't, and they are not regulated in the same way as standard insurers. Make sure to research any surplus line insurer thoroughly to ensure you understand the terms of the policy.

If specific issues with your property are making it high risk, take steps to address these problems. This could involve making structural improvements, updating old electrical or plumbing systems, adding security features, or mitigating risks related to natural disasters. Documentation of these improvements can be presented to insurance companies as evidence of reduced risk.

An experienced insurance agent or broker can be invaluable in finding coverage. They often have knowledge of the market and can assist high-risk clients in finding suitable coverage. They may know of companies that are more willing to take on high-risk clients or have strategies for making your application more appealing.

If you live in a community with a homeowners association (HOA), they might have a master insurance policy that can provide you with some level of coverage. While this is not a substitute for having your own homeowners insurance, it can offer some protection and may help you negotiate better terms with insurers.

Insurance markets and policies change, so continue to shop around and compare options. New insurers may enter the market, or existing companies may change their policies regarding high-risk properties.

While this is not ideal, as a last resort, you might consider accepting a policy with less coverage than you initially wanted, just to have some protection in place. Over time, as you work to lower your risk profile, you can seek to upgrade your coverage.

Remember, being deemed high risk is not a permanent status. By addressing the factors that are within your control and continuously seeking out insurance options, you can improve your situation and eventually find suitable coverage.