Insurance company is asking too many questions

[Padma Mody]

I bought one SFH with my partner in our both name. Once we fix the house we change the name under our LLC name. So when we bought the house, we got the home insurance through Allstate and now they are not going to insure our single family house since it is under LLC name. So after calling many agents, one company is ready to insure our property.

In order to finalize the application agent is asking for the following information: 

My question is - Is it necessary to provide our SSN, DOB and other personal details? 

Why they need a copy of our current AllState dec page?

We have inspection done again to get this policy and still agent is asking lots of questions regarding property... Is it necessary? 

-Full legal name for one of the owners of the LLC – a person has to be listed on the policy along with the LLC. We will also have to provide the information below on this individual:

-SSN

-DOB

-Occupation

-Employer

-Years in occupation

-Marital status

-Has applicant (including LLC owners) had a foreclosure, repossession or bankruptcy during the past five years?

-Is there a trampoline on the premises?

-Does your home have asbestos siding or roofing?

-Is this still the only property owned by the LLC?

-Any losses within five years at this or any location?

-What mailing address should be used for this policy?

-Is there a swimming pool on the property? If yes, is there a diving board and/or slide? Is the pool fenced/enclosed?

-Does your home have a heat source? If yes, what type of heat?

-Does the property have/plan on having any of the following: electric space heater, kerosene heater, wood burning stove?

-Is the property currently rented on an annual basis?

-Is the property managed by a licensed management company? If yes, I need the company name, phone number, license number, the contractual responsibilities the property management company has, and the tenant screening process.

-Have applicants maintained insurance continuously on all owned dwellings?

-Is home visible to neighbors?

-Does applicant, tenant or any resident have any animals? If yes, I need to know breed of animal and if the animal has any bite history

-Any business conducted on premises?

-Does applicant own any watercraft or recreational vehicles?

-Are there any residence employees (full or part time)?

-Any coverage declined, cancelled, or non-renewed during the last three years?

-Is the building undergoing renovation, vacant or for sale?

-Is the property within 300 feet of a commercial or non-residential property?

-Is there any unrepaired pre-existing damage to the property?

-Is there a sinkhole on the property or within 1000 feet in any direction?

-Is there currently or has there ever been any mold infestation on the premises?

-Is there any structural damage, cracks or settling?

-What pay plan would you like to proceed with?

-A copy of our current AllState dec page.

[John Thedford]

Many of these questions are probably found on the majority of applications. Keep in mind the insurance company is trying to mitigate risks. They want to make sure the applicant doesn't have a history of claims. They want to make sure there are no "dangerous" dogs on the premises. My insurance company charges more if the property goes vacant more than 30 days. They want to make sure they are relatively safe for taking on the risk. I would not worry about the questions because they seem to be standard operating procedure for most companies. Answer them honestly and get a quote. If you don't like it, check another carrier and be prepared to be asked many of the same questions.