Home Owners Insurance

jaw2000September 27, 2002

I am (was) insured by Allstate.

We had a hail damage claim in 99, a water damage in 99, and now, in 02 a unknown (but it's water) damage claim in process.

Guess what, the Good Hands People? They have told us to shove off, as of mid Nov, we won't be insured by them any longer.

Any tips on what we can do?

Any new places that you folks out there can recommend?

Thanks

JAW

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kathyg_in_mi

That's pretty much the way the insurance industry works. We had 3 claims and they drop you like a hot potato! I went to a local agent and went over everything with her, and she got us homeowners thru Citizens (here in MI). We did have to state that we had had claims (fire, tree fall on house, theft), but got insurance right away and it wasn't any more expensive than the last company.
Good luck, Kathy G in MI

    Bookmark   September 27, 2002 at 9:31PM
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kframe19

Erie Insurance

    Bookmark   September 28, 2002 at 7:07PM
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ohforpetesake

I don't know what "Erie Insurance" means, but stay away from them unless you like high premiums. DH was with them when we got married and we paid out the wazoo until I did some checking. We ended up going with State Farm,who already insured my vehicles. The cost of our homeowners policy was cancelled out entirely by the discount on our cars for having more than one policy. I've never been cancelled by anyone but it must be legal. What does (did) your policy state about it?

    Bookmark   September 29, 2002 at 3:29PM
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Karen_sl

In Michigan it is legal to cancel after 3 claims in 3 years with a total of over $1500.
All companies do.
I think its the way its set up with the insurance bureau.
Other companies will take you but they have the same policy, thats why its good to have a higher deductible, so you are not temped to turn in a small claim. Its better to pay the small ones yourself.
Karen L

    Bookmark   September 29, 2002 at 10:32PM
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ranchhand

I have been with Encompass (used to be called CNA) for years, they gave me the best deal but I had to include my car also. Very good at paying claims.

    Bookmark   September 30, 2002 at 1:48PM
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TwoAcres

Take a look at who underwrites Emcompass.
3 claims in 3 years. Not many options other than a state pool. Many companies are not taking prior water claims, others are not writing new homeowners. Depending on where you are, some companies are out of that business for now. I sell it every day. Where are you located? The letter you got from Allstate should have given you some basic information as to who you can call. When were your 99 claims? Most companies are looking at the past 3 years. We are almost through this year making your claims either 3 years old or very close to it. Need more specifics if you want further assistance. Whatever you do, don't submit anymore claims for a couple of years.

    Bookmark   October 1, 2002 at 5:13PM
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ohforpetesake

What a crock! We paid for our homeowners at our last home for nine years, and in that time we had one single solitary claim. No one gets up in arms about that, though do they? They are perfectly happy pocketing the money and having us get no benefit out of it except for an extra set of papers in our safe and peace of mind, supposedly. This isn't meant for anyone in particular, it just struck me how much money the average person wastes on insurance. But heaven forbid you should actually need it.

    Bookmark   October 2, 2002 at 12:01PM
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TwoAcres

Underwriters do not want to see more than one incident in 3 years. If people are wasting money on insurance, then don't waste your money. Who says you have to? Mortgage companies, banks and finance companies in order to protect their property. You can get coverages that will protect the "property" and not yourself. Depending on the state in which you live, you may not even be required to carry auto liability coverage's. It's really your choice, however it's nice to have when a hail storm comes in and destroys your 25 year old roof. Or, when a hurricane comes in and you can't control it. Or, how about that jewelry that misteriously disappears from you car. Personally, and many of you may not like it, I purchase it because there is potential for risk, some of our risks are higher than others. I couldn't take a 35k loss to my truck if it were in an accident. When I had a home, I couldn't have afforded a severe loss, one that I had no control over. The way I look at it, my insurance is like a savings plan for the loss that will no doubt happen. It's a numbers game. Yes, I sell insurance.

    Bookmark   October 2, 2002 at 12:32PM
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ohforpetesake

Figures! ;P

    Bookmark   October 3, 2002 at 10:44AM
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vatmark

Safeco!

    Bookmark   October 4, 2002 at 11:12PM
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TwoAcres

Not taking new business in certain states!

    Bookmark   October 7, 2002 at 11:10AM
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Karen_sl

Do you know what insurance is???
It is sharing the risk...
And if you have one taking out of the pot too often do you want them in your group??
I do not!
I no longer sell insurance but still think it is the best buy around...and think about that when you have a claim.
And also think about that when your neighbor puts in a false claim or tries to inflate his claim to screw the insurance companies!!
Karen L

    Bookmark   October 11, 2002 at 10:05AM
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ohforpetesake

I agree with that pov in general, but I hope they consider the big picture, and not just three claims and you're out. Say they have been members for years and years and suddenly, s$%^ starts happening. I would hope the history of the policy as a whole would be taken into consideration. I get what you're saying about dishonesty and policy milking- it's a shame that these kind of underhanded tactics affect everyone in the longrun.

    Bookmark   October 11, 2002 at 10:33AM
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TwoAcres

Well that's really what it comes down to. And yes, there are companies that waive the first incident if you've been with them for a certain period. It's worth asking your agent about and perhaps reviewing your policies.

    Bookmark   October 11, 2002 at 11:35AM
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jaw2000

Karen

While what you have said may be true, the underlying assumption is rather brazen. I am offended by the assumptions of false claims and screwing the ins cos as you have suggested.

Fact is good people are frequently screwed by them, as they no longer consider the reality anymore than you did in your remarks.

My agent RECOMMENDED A LOW DEDUCTIBLE POLICY, ON HIS ADVICE WE ACCEPTED IT AND PAID THROUGH THE NOSE FOR IT. Now that we are using it for legitimate claims they are dumping us. And that combined with your comments prove that screwing folks is a 2 way street.

Look at both sides of the story before making such comments and they may be better received.

    Bookmark   October 14, 2002 at 9:34AM
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kframe19

Pete'ssake,

"I don't know what "Erie Insurance" means, but stay away from them unless you like high premiums."

I'm not sure if you're referring to Erie Insurance's premiums being high, or another company's.

Erie's prices, at least for me, are EXTREMELY low.

I checked out going with other insurance companies, transferring my car and house insurance, a few years ago.

Combined, with Erie, in metro Washington, DC, it's right around $800 for both policies.

No other company I investigated would have been under $1,000.

All State, State Farm, and one other company (can't remember which) would have each been over $2,000 per year for the SAME coverage.

That's for a single man, no previous claims, EVER, and no tickets or points on my license.

The only company I know that would have been cheaper would have been USAA, and I'm not eligible for insurance through them.

    Bookmark   October 29, 2002 at 4:34PM
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weed30

I have Safeco for my car & home and so far have been very happy. I say so far because last Oct. there was a hail storm that damaged my car, my roof and my fence. The roof and fence were on one claim, the car on another. They responded very quickly and the payment was more than fair.

It is unfortunate that I now have to cross my fingers that nothing else happens for a few years.

Truthfully I don't know how these insurance companies are faring these days. In the last 15 months there have been two major hailstorms in our area. In my immediate neighborhood at least 50% of the roofs were replaced. In my MIL's area it was probably 70%. I know we've been paying for years with no claims, but when that many people file claims all at once it makes me wonder what's around the bend.

    Bookmark   November 7, 2002 at 12:34AM
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maltbie

After reviewing the posts in this thread and the article in the link below, I am very nervous that I will not be able to sell my home because the purchaser will be unable to obtain home insurance.

I have filed three claims for water damage with State Farm in the past four years. Two claims were during the past three years. The claims amounted to less than $4,000, combined. State Farm has not canceled the policy but has increased the rate from $400 to $550 per year.

I am considering buying a new home from a builder in the next few weeks but the builder refuses to accept an offer contingent on selling my existing home. I do not want to be stuck with two mortgages if I buy the new home and cannot sell my existing one.

Should I speak with my State Farm agent to see whether there is a risk that a purchaser of my home will be unable to obtain home insurance? If this risk is low, then I will likely contract with the builder to build a new home before selling my existing home. Is there a risk that by speaking with my agent, State Farm will drop my insurance? Should I also talk to my agent about whether I will be able to obtain home insurance for my new home?

http://moneycentral.msn.com/articles/insure/basics/10321.asp?Printer

    Bookmark   November 9, 2002 at 2:58AM
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earthworm

The single most important thing to remember about insurance companies (the whole lot of them) is that they are in the business of making money, and lots of it. Look around and observe their multi-million dollar headquarters and their salesmen driving Mercedes and BMWs, and the millions spend on advertising.
At one time, there were no insurence companies, yet we survived quite well, to this day the Amish people have no insurance, but rely on themselves.
Is their method better ???
Two things I cannot understand.
Our '88 Accord was hit in the rear by a Ford Taurus, suffered $2,000 in damage, and the "hitter's" insurance company paid 100%, at $2k I was certain the Honda was a total.(the assessed value of the 14 year old car was still 3,000$$ !!). The Ford suffered less than $100 damage, IMO !!
Then for the man with hailstorm damage on a 25 year old roof. Depending on the quality(and longevity) of that roof,his payout should have been no more than, say ,50 % of replacement value, if he had a roof good for 50 years.
I believe it is fair that men who insist on living in dangerous areas (flood zones, most cities, atop mudslides and fault lines) should pay more that those with good sense.
But the problem is one of judgement and common sense, for instance, we were forced to pay floor insurance in Goldsboro, PA, even though our home was on high ground.
I also think some states regulate their insurance companies better than others, but it is nearly impossible to regulate the people .

    Bookmark   November 9, 2002 at 11:08AM
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TwoAcres

Maltbie, getting back to your questions. Insurance companies pull loss information on the people they are going to insure and the property. Yes, they should know that your home has had water damages. Yes, any future company you go with should also know you have had 2 claims in the past three years. Some companies will pass on your current home and yes, some more companies will pass on your future home.
By all means, get on the phone with your agent. State Farm is going through some challenges right now. If you were here in IL they are capped which means they are not writing new homeowners business unless another policy falls off the books. I can also tell you that if you were here in IL, I could not write you a new policy nor could a half a dozen others that I know of. This is a tough market right now. Whatever you do, don't file anymore claims and consider increasing your deductible. Have a good conversation with your agent, address all your questions. And for those of you building and buying, make home insurance one of your priorities, I have seen closings go south because people could not obtain insurance.

    Bookmark   November 11, 2002 at 12:45PM
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bonelady

I live in a townhome complex in Illinois, and we have just been notified that the association policy has been increased from $90,000 to $286,000!

    Bookmark   November 11, 2002 at 1:32PM
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TwoAcres

Need more details. Does the association cover your unit from the paint out as in the actual structure? Are you responsible for the paint in? Is it similiar to a condo? How many units share common walls? Is the $286k supposed to cover your structure and other units? Was the association under insured and now over insured or are they now insured accurately. Many townhomes in this area are treated like condo's. Check your association by laws for what coverages your required to carry and what they are required to carry. Always make sure to have a copy of both in your association guide.

    Bookmark   November 11, 2002 at 6:04PM
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