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Old 05-26-2021, 10:41 AM   #1
Waco1148
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Default Insurance for island properties

Having trouble getting homeowners/fire insurance for an island property, they say that in case of fire it would be a total loss, therefore won't issue a fire policy. There are hundreds of cottages and homes on unbridged islands on Winni, some much nicer than mine. Hard to believe that none of them have insurance, so what do they have? Would appreciate any advice on this subject.
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Old 05-26-2021, 11:04 AM   #2
Sue Doe-Nym
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Quote:
Originally Posted by Waco1148 View Post
Having trouble getting homeowners/fire insurance for an island property, they say that in case of fire it would be a total loss, therefore won't issue a fire policy. There are hundreds of cottages and homes on unbridged islands on Winni, some much nicer than mine. Hard to believe that none of them have insurance, so what do they have? Would appreciate any advice on this subject.
I just talked to our Allstate agent in Wolfeboro. They might be able to help you.
Jon Clark or Courtney Corbett @569-0110. Good luck.
Sue
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Old 05-26-2021, 11:52 AM   #3
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Quote:
Originally Posted by Waco1148 View Post
Having trouble getting homeowners/fire insurance for an island property, they say that in case of fire it would be a total loss, therefore won't issue a fire policy. There are hundreds of cottages and homes on unbridged islands on Winni, some much nicer than mine. Hard to believe that none of them have insurance, so what do they have? Would appreciate any advice on this subject.
Try State farm
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Old 05-26-2021, 12:05 PM   #4
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Also try an independent agency like NFP or Cross.

https://www.co-opinsurance.com/agent...s-Wolfeboro-NH

We were setup with the Concord Group insurance by NFP. In order to cover the island property, we also had to list our home and auto insurance with them.
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Old 05-26-2021, 12:12 PM   #5
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Mine happens to be with Liberty Mutual. My understanding is they usually do thius as accommodation to existing customers, not as a lead line. That could have changed since I started many years ago.
There are other threads here that discuss this issue, many local agents who will cover island properties. Whoever handles your primary home/auto/boat, even if out of state, should be the first call. If all your business is scattered, it will be more difficult.
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Old 05-26-2021, 01:54 PM   #6
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Melchor and Prescott got ours for us, i think it's Vermont mutual.
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Old 05-26-2021, 04:30 PM   #7
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I recently got a policy from Liberty Mutual thru Geico when I bundled my home, auto, and Island home with them.


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Old 05-26-2021, 06:49 PM   #8
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We and a few of our island neighbors go through Avery Insurance in Wolfeboro. We have had our policy through Phenix Mutual for probably 10+ years, and I know that they also do island insurance through Hanover (but I think Hanover requires you to do a bundle for them to cover island properties). My suggestion is to go through a local insurance agency around the lake like Avery, as island property insurance seems to raise a whole bunch of peculiarities that most agents/companies aren’t familiar with (I recall the fact that we drew water from the lake instead of a well was somehow an issue for a lot of companies, and that was just one of the issues when I tried to find an insurance company on my own).
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Old 05-26-2021, 09:50 PM   #9
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Call these guys. Very helpful and responsive. They'll hook you up with some options.

https://the-insurance-outlet.com/
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Old 05-26-2021, 10:14 PM   #10
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We use Hanover and bundle with our home and vehicles.
It was much cheaper and gave us all of the same liability coverages and benefits our main house has. Other providers were just offering a fire loss only policy for 2x what we pay.
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Old 05-27-2021, 02:01 PM   #11
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I have State Farm. They did dictate the terms of the policy and coverage limits since I also carry an umbrella policy with them. It’s pretty much written up as a catastrophic policy due to the location it’s expected that if something like a fire were to break out the building would be a total loss. Coverage is identical in terms of comparing to my primary residence just that the cost is more due to the aforementioned. Annual cost is not bad since I use them for everything and heavily discount bundled insurance policies.
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Old 05-27-2021, 04:22 PM   #12
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A few years ago we did a survey of where Bear Island residents got their insurance. Some carriers will keep you on if you are grandfathered. Some will take you if you bundle with other insurance. Some offer limited policies.

The only carrier we could find that was writing new, stand alone, full coverage was Lloyds. The American version of Lloyds of London. We are signed up with them through Decotis www.decotis.com However there are other agents that use Lloyds.
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Old 05-28-2021, 02:05 PM   #13
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Default LLoyds

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A few years ago we did a survey of where Bear Island residents got their insurance. Some carriers will keep you on if you are grandfathered. Some will take you if you bundle with other insurance. Some offer limited policies.

The only carrier we could find that was writing new, stand alone, full coverage was Lloyds. The American version of Lloyds of London. We are signed up with them through Decotis www.decotis.com However there are other agents that use Lloyds.
Lloyd’s is where we ended up a few years ago when our prior insurer (where we were bundling all our business), dropped us on the island homeowners. Needless to say, we moved all or other business….
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Old 06-04-2021, 10:13 PM   #14
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When we bought our island place a couple years ago, we had the same problem. We had used State Farm for years for other property and cars, but State Farm wouldn’t insure the island place. We called around, but kept finding that companies just automatically refused island property.
Anyway, we ended up using Avery in Wolfeboro, and we could only get bundled insurance. We moved all our policies to Hanover. In all- I second CowTimes & suggest you talk to Avery or another local agency.


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