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Respected Contributor
Posts: 2,430
Registered: ‎03-11-2010

Re: anyone ever have their insurance company

chickenbutt Exactly! why couldn't they send a letter saying these things need attention, and BE SPECIFIC about what they are. Let me know.  This is a rental. I don't go over there unless there is a problem, or something.  I don't monitor my tenants.  They pay their rent, i leave them alone. FWIW They are ending my coverage there next month. 

Esteemed Contributor
Posts: 5,188
Registered: ‎03-11-2010

Re: anyone ever have their insurance company

I suggest u find a good agent in ur area - who has access to several companies. I always use Yelp - so u could check there to find a good agent/insurance company in ur area ---- then google the name of the insurance company the agent recommends. That's how I found my insurance agent.

It's interesting how u say u never made a claimd. Insurance companies just love receiving premiums from people - year after year - and act like we're not supposed to put in claims. So - now they get rid of people who don't file claims. Interesting!!!

Esteemed Contributor
Posts: 6,162
Registered: ‎03-10-2010

Re: anyone ever have their insurance company

Yes. The year lightening struck our air conditioning unit during spring storms and a tree fell on our garage during a winter storm, our home owner's dropped us. I kinda get it, but then again, as with poster -- we were with the company for a very long time. 

"I took a walk in the woods and came out taller than the trees." Henry David Thoreau
Honored Contributor
Posts: 14,318
Registered: ‎03-16-2010

Re: anyone ever have their insurance company

I live in NYC and was with State Farm. After Super Storm Sandy ( I didn’t file a claim) I got a letter from them stating they weren’t writing homeowners policies in my area anymore. They were more than happy for me to keep my car insurance with them. I decided to move my business to Allstate ( homeowners, car, and umbrella). I put in a claim about two years in, my car was hit in a parking lot, no note left. Allstate was not pleased gave me a hard time with repairing my car and told me my rates could go up! I’m not entirely happy with them, but don’t know who to turn to next.

Honored Contributor
Posts: 16,231
Registered: ‎03-09-2010

Re: anyone ever have their insurance company

I'vce been cancelled by a company I'd done business with for over 25 years.  It wasn't so much a personal cancellation though -  they cancelled all their policies anywhere near the water.  It didn't matter that I wasn't insuring all that much because what they were cancelling was my renter's insurance.  Didn't matter that I also had auto with them.  I'm not threatening to concel that because I have a guaranteed renewal policy which they no longer sell and when you're my age, you definitely want that guarantee.

 

On the cost -  renter's insurance for the renter tends to be inexpensive; after all, it's the building itself that costs the big dollars unless you're insuring expensive contents, but then you need special riders.  Finding a company to write renter's insurance or owner's insurance when you're in zones that experience shows are subject to more loss than other places always costs more if you can even find coverage.  Works on the same principle as auto insurance -  costs more to insure a new Mercedes than  an old Ford.

 

Some years ago when I owned both a house and my condo, the condo insurance cost about twice what the house coverage cost even though the condo was valued lower.  The reason -  not many companies wanted to insure a condo close to the water in a hurricane zone.  They still don't and thatr lack of choice makes the cost higher than you might expect.

 

 

 

Insuring a property that you rent to others can be more expensive than your own house just because the actuarial tables show renters have more issues than homeowners overall.

Regular Contributor
Posts: 169
Registered: ‎03-16-2010

Re: anyone ever have their insurance company

Underwriters typically send people to do inspections on rental property, because a lot of rental property is not well maintained, and the owner is not always there to check on conditions. The possibility of something going wrong with a rental property is quite great, and if they did not inspect, they would not be doing their job.  Insurance is a business, and they have the right to require certain repairs be made to property that they insure.

I feel sure they would not want to lose your business, since you have a number of properties.  The correct thing to do is contact your broker and calmly review with him/her the problems so you can continue coverage.  Just posting on a QVC forum doesn't accomplish what you want.

 

I worked for an insurance company for 25 years, and they will want to work with you if 

you want to continue your coverage though you may need to meet their requirements.

Respected Contributor
Posts: 3,513
Registered: ‎10-27-2010

Re: anyone ever have their insurance company

Yes. They do it more and more. I think it's good that they actually inspect properties, but in our case, they said the roof of our guesthouse needed to be replaced or they would not insure it. The roof was not that old. We had it inspected and successfully fought the insurance demand because we knew it was in error. 

Frequent Contributor
Posts: 122
Registered: ‎08-18-2014

Re: anyone ever have their insurance company

We decided to shop around for new homeowners insurance a few years ago. My brother who lives next door to us suggested the company he uses. They sent someone out to takes pictures and look around our property. We recieved a denial letter a week or so later. They said we lived in a questionable neighborhood. What??? No body in our neighborhood has been robbed or vandalized. The first three homes on the other side of our street are run down, not taken care of, and have junk in the yards. These are all across the street from my brother and us. We have reported these people for several years now to the county and nothing has ever been done. I didn't persue the denial letter because I didn't want my brother to be dropped by this company. 

Trusted Contributor
Posts: 1,816
Registered: ‎03-09-2010

Re: anyone ever have their insurance company

We had homeowner  and two cars with Allstate for about 18 years.  I hydroplaned on a wet interstate and totalled my car, then a few months later, we had to turn in a roof claim because remnants of a hurricane demolished our roof!  (We lived an hour from the very beach where the hurricane came ashore).  But, even with those 2 large claims, Allstate still did not cancel us.  I ended up switching over to GEICO a few months ago because they are a lot lower than Allstate!

 

So, @Jordan2, you might want to check rates with GEICO for your car insurance!

 

Honored Contributor
Posts: 13,913
Registered: ‎03-10-2010

Re: anyone ever have their insurance company

[ Edited ]

 

@kittyloo

 

Ain't that nice? Sorry about this happening especially after 20 claim free years and multiple properties. I can relate to a certain degree, except for the "claim free" part.

 

Was with my home owners insurance for 19 years. Yes we had claims, most of which were from "mother nature", and to me those should not even factor in to your premium. That should be already factored in for your area of the country.

 

We had 100% replacement value all those years, but oh, the fine print! DEPRECIATION!  Major sewage flood in our basement: Fully finished/Living Area/Home Theater/Huge Home Gym. I was in the hospital when this occurred which left my wife with enough issues.

 

Lost most all of my Home Theater Audio and Video Surround Sound Equipment/High $$$ Exercise Equipment/Most of our furniture. Well over $150,000 as a modest estimate.

 

After 2 years of wrangling(they depreciated almost every item 80%), I managed to get at most 40% of what we lost. Needed all receipts etc., many of which I could not find, and so on.

 

Get the premium for the next year, up 300%. Needless to say I changed companies. The new company knew of all of  our claims and we got better coverage for a smaller premium than prior to our basement sewage flood. Quite an experience that I wish on nobody. So read ALL the Fine Print before signing.

 

 

 

hckynut(john)

hckynut(john)