Homeowners Insurance

[bgott]

Anybody besides me having homeowners insurance problems? I've had the same insurance since I've bought my house. It was the same policy the guy I bought the house from had. After seven years the insurance agent that handled my insurance was bought out. Now I have to buy a new policy and, in Texas, that seems to be impossible. Most of the companies won't talk to me because the wiring in the house hasn't been updated. I remodeled the kitchen and re-wired it at the time and I recently installed a new service. That won't do, they want the whole freakin' mess redone. I also have three tractors and supplies for my rental houses in the driveway. That won't do at all. I have a six foot chain link fence surrounding the whole place, no one else has access to the joint. Doesn't matter. The guy that worked for the company that took over the agency told me it was a commercial storage lot and didn't want to touch it. I told him I would build a storage shed in the back yard and move the tractors long enough to have the picture taken. He still didn't want to mess with it, said they were only covering "traditional" homes. When I asked him just what the he11 constituted a "traditional" home he hung up. I guess he didn't like my carport. While I was at the insurance man whom covers my rental properties office, a lady called in that owns a $170,000 home. She had let her insurance lapse since January. No one in Texas is writing new policies, since she let it lapse they didn't think they could do anything for her. I asked him if it was a "traditional" home and he looked at me like I was crazy. The way I understand it the floods and an outrageous jurt award for "mold damage" have given the insurance companies fits so they are screwing everyone. My agent says he is having to re-write 900 policies and they are not renewing a bunch of them. If the've ever had a claim the're dropping them. I've never had a claim on any of my policies. Anyone else having these problems? I told them to hang it on my rent property policy or maybe go commercial with it, I need something! I wonder if I can write it off if I have to go commercial? I was looking for a bigger place, does this mean I won't be able to insure it?This s&%t is gonna drive me nuts!

 

[hazmat]

bgott,

Wow, that's a tough pill to swallow. You need to find yourself a good insurance agent. It's been a pleasure working with mine over the years. I don't even shop around anymore, not worth the hassle to save a few bucks. They get all my business - car & house. They also get recommeded to anybody looking for insurance. Unfortunately I'm in Mass and that doesn't help you much.

 

[Mrwurm]

Brad, I recently heard a news report about the problem you described. The way it was told is this: Insurance companies paid so many claims for storm, mold, and other problems that they exceeded their ability to pay. The insurance companies are insured themselves to cover just such an occasion. Its the big underwriters that actually had to cover the costs and now they are upping the premiums they charge to the primary insurers. They are also refusing some coverage outright and imposing conditions on others. We are all in for a rough ride.

Oh yeah, there is also a national database online now that primary insurers can use to see if you've EVER made a claim with ANY company. Scary stuff !!

Jerry

 

[hayes]

I live outside of Denton, TX. The last time my home owners insurance came due, they informed me that they were rewriting it as a Named Risk policy instead of a All Risk, meaning they only covered things listed. One of the things not covered was mold damage. So I got less coverage for about $100 more. I hear that most of the carriers in TX are doing this.

Larry

 

[Gary_in_Indiana]

Look for an Independent agent. They broker through any number of companies and can likely help you out more readily than a captive agent like All State, State Farm or Farm Bureau. I'm not picking on those agents or companies but rather pointing out that they have only one place to go for your coverage. The Independent agents have more options.

 

[RBrown]

Something similiar happened to me here in Illinois a couple of months back, but I am still quite upset about it. I have had all of my insurance policies through the same agent and company, Safeco, since I started driving 16 years ago. I have never had a claim on my autos and have had only two claims on my home in the past 7 years. 30 days before my home insurance was due I received a notice from Safeco stating that they were cancelling my home policy due to too many claims being filed. The two claims which I received payment on were for a $900 TV that was struck by lighting and for roof repairs from a storm totaling $1,700. They stated that I had over 9 claims filed in the last three years on my home and autos. They went on to say that they were not cancelling my autos, just my house. I asked them for a list of the claims and they began to rattle them off one by one. It seems that whenever you make a call into Safeco with a question, they attach a claim number to it and off you go. I immediately began shopping around and found a couple of companies that offered good rates on the house and cars, however as soon as it got to the underwriter's desk it was denied due to the number of claims filed. I have had to split my coverages apart in order to keep my home and autos covered. I had to go with a local mutual company for my house and another A+ company for my cars. The funny thing is I am getting better coverage for less dollars. I was getting a "great" discount from Safeco because I had everything with them. I immediately cancelled my Safeco auto policy and demanded a refund on the remaining auto coverage, even though I had only a month remaining. I also told them that I would let everyone I know in on my experience. What really tops the cake is that my agent is my uncle! He is now only my agent for my autos and in two years he won't even have them! When I asked why, I was told that even though no payment was made it is an indication of potential claims that may be paid out. I was also told that due to 9/11, the entire insurance industry was turned upside down. How bout dem apples?

 

[cowboydoc]

Don't feel too bad. I have never had a claim or even called my insurance agent for anything. This last year we got a rude awakening when our house insurance doubled. I called around and it was the same for just about everybody. With my malpractice, office, home, auto, and farm insurance I pay about $7000 a month.

 

[fishman]

Yep, my insurance went up about 15-20% this year, but at least I have coverage. You might try Germania, as they cover a lot of rural areas (including mine) in TX. They are operated like a cooperative, so cost is less.

 

[MarkV]

So Rob, you call your insurance company to make sure you have adequate coverage on this, then next month you call to see if your new tractor is covered under your policy, your saying you just made two claims by their standards? Now that is some kind of BS. I’d like to call my company and see if that is their policy except I’m afraid they would cancel me.

MarkV

 

[MikePA]

<font color=blue>I pay about $7000 a month</font color=blue>

I assume that at least $5,000 is for the malpractice insurance? It would be here in PA where we're losing docs right and left because there's no limit on certain (punitive?) types of damages. The legislature refuses to act. One of only two hospitals in York, PA may have to close at the end of this month because it can't get malpractice insurance.