State Farm has dropped my Home Owner Insurance because of 3 claims in 3 years. I need Home Owner Insurance now. How should I start looking for new Insurance?
Where Can I Find Home Owners Insurance After Being Dropped For 3 Claims In 3 Years?
429 POINTSview profileRich HaagPresident, Rich Haag & Associates, Inc., Clayton, NCThat is going to be a tough property to insure. In most states home owner policies are a voluntary product, which means that the insurance companies can be very picky about whom they choose to insure. In your case, you have a history of claims (frequency) that will leave most of the larger insurance companies unwilling to offer you a quote. I would contact a local independent agent that will be able to place your coverage with a "second tier" company. The premiums will be higher, as well as the deductibles, and the product will not have all the bells and whistles of the larger companies, but you will get coverage.Answered on January 6, 2015flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482You may have difficulty and certainly you may find coverage but at a price that is potentially quite a bit more than you are used to paying. Talk to your Insurance Professional to see if there may be companies that offer standard coverage in higher risk situations. Beyond that, in Connecticut as in other states, there is a program available called the "Fair Access to Insurance Requierments" (FAIR). This is specifically available to provide coverage, albeit limited, for higher risk residential properties.Answered on January 6, 2015flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaMost states offer a plan to insure difficult risks. Talk to your agent. Even top tier companies will accept such a risk if there has been active steps taken to preclude future losses and the losses don’t appear to be the result of a moral hazard. I agree with my colleagues, though, you may find the risk difficult to insure and should anticipate increased cost.Answered on January 8, 2015flag this answer
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