Kanetix Forum

Hello;

I have had insurance for a house approx 15 years ago because we had mortgaged it. After we had sold the house and moved to apartments, we hadn't had any house insurance since.

I am now separating with my wife and would like to start anew and part of that is that I would like to have the assurance of my belongings protected. To my dismay, there seems to be a policy in place that if one hasn't had insurance for a time, that none can be issued anew. At least that is what I am finding.

I have been with my present company now 15 years and make a good salary. With my present separation from my wife, a payment plan would suit me best to balance the budget.

The TD Insurance company just refused me due to the fact that I haven't had insurance for a length of time. I can't see how that would effect my coverage but it seems that this is important.

What must I do to get coverage for my new place of residence in my upper duplex ?

Andre

Hi Andre,



Most insurers will refuse to insure you if you¿ve had a gap in insurance without a good reason for it. ¿I didn¿t want to cover my belongings until now¿ is an answer that raises red flags with insurers since they will wonder why you¿re getting insurance now. They¿ll wonder if you just recently suffer a loss. Are you encountering more risk so you¿re deciding to insure now? This makes you a high risk person to insure in their eyes since you should have had tenants insurance for the past 15 years. Your best bet is to shop around, pair your auto insurance with your property, and paint a picture for the broker or agent that you are employed, responsible and are wanting to fix your insurance situation after years of making it low priority.



Sean Graham, Principal Broker at KTX Insurance Brokers