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#417655 - 12/30/12 12:45 PM Insuring a home with Asbestos Siding
AML Offline

Registered: 02/02/08
Posts: 152
Loc: Atlanta, GA

I live in a home built in 1920 and it has Asbestos siding. I've always had Auto Owner's Insurance for nearly the 8 years that I've owned this home.

Recently my regular insurance agent retired so I switched the policies to a new company to manage, but still my home, auto and umbrella are with Auto Owner's

Just yesterday I received a letter from Auto Owner's stating that they are dropping my home owner's insurance because I have asbestos siding. So now I have to move all my policies elsewhere.

I know I'm not the only home in America with Asbestos siding. So who insures asbestos siding?

Any help would be appreciated.

#417659 - 12/30/12 02:07 PM Re: Insuring a home with Asbestos Siding [Re: AML]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7883
Loc: Vermont's North-East Kingdom
Sounds like a gross mis-understanding of the properties of this naturally occurring mineral, and demonstrates a limited knowledge of the risks associated with "some" human usage of it.

As a matter of fact, asbestos siding makes your home one of the least fire prone dwellings around, and in that form, the siding does not present a health/respiratory risk as those fibers are rigid and are not fluttering around in the atmosphere and impregnating people's lungs.

But you'll not be able to change a corporate mentality that sees it as a risk. I'm sure you'll find a replacement carrier who'll be glad to insure your residence for the fire hazard. Everyone hasn't thrown the baby out with the bath water.

PS: Asbestos was one of the few minerals mined out of Vermont; but those mines have been shut down a few decades ago.
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

#418110 - 01/09/13 07:59 AM Re: Insuring a home with Asbestos Siding [Re: AML]
Scintillion Offline

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
Sometimes it seems as if getting home insurance these days is extremely difficult compared to times past. It's a shame when you can get turned down for no good reason. Good luck with getting it done.

#442783 - 01/26/15 02:37 PM Re: Insuring a home with Asbestos Siding [Re: AML]

I am having a terrible time insuring my house with asbestos siding also. I am with one carrier, who is insuring me for $210K with a $1000 deductible. I am insured for $650 a year. I am not pleased with my agent's service so I was seeking to transfer my policy elsewhere. I contacted my auto insurance agent and asked him to shop around for a policy for me.

It took him 2 weeks to get back to me, after I called him several times and he responded he hadn't gotten an attractive deal yet. His response after shopping me through countless companies is that my house is nearly uninsurable with asbestos siding. If I chose it, I had a single option for a carrier out of their large cache of resources -- and it would come at a cost of $1800 a year with a "surplus carrier" (which I read to mean 'substandard') and I would need to apply for special 3rd party financing (read, finance charges) if I did not have the money up front. The policy would be for $220K with the same deductible.

I guess I am stuck with my 85 year old no-nothing agent. Fortunately, I realized that my siding material is not listed as "asbestos" on my policy. It is listed as "other", though I made her aware of the substance when we signed this policy 2 years ago. This is how I saved nearly $1200 and was able to sign with a reputable company... you need to find someone willing to check that box.

#444173 - 03/12/15 04:15 AM Re: Insuring a home with Asbestos Siding [Re: Guest]
Nashville Homes Offline

Registered: 07/25/13
Posts: 113
Loc: Nashville, TN
Thank you so much for sharing your story!

Trying to read up on common insurance issues in older homes, doing substantially more work in an older part of town.


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