Where can you obtain homeowners insurance on a home that has recently been deemed condemned? Current insurance company is non-renewing the policy

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jun 26, 2013

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Insurance Question from Bremerton, WA

Asked on 06/26/2013

Where can you obtain homeowners insurance on a home that has recently been deemed condemned? Current insurance company is non-renewing the policy NULL

Answer given on July 24, 2013

If you own a home that has been condemned it is very unlikely you will be able to find any insurance company willing to insure the home. You indicate the category as homeowner. Does this mean you live in this home? Are you planning to repair it? These questions need to be answered before you can proceed with getting any type of insurance.Insurance companies insure properties that have a value, usually based on its replacement cost. However, if your home is condemned there is no insurable value to the home. It would be to your benefit if the home burned to the ground, since it is condemned. This presents a moral hazard to the insurance company and no reputable insurance company will take this risk.If the home is run down and you will be fixing it up, you may be able to find insurance, but it will be with a high risk company and a large deductible will probably apply. If you have a loan on the home, your lender may be able to place insurance on the home, at least until it is fixed up and insurable. That too will be more expensive than standard insurance, but it is a temporary fix.

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