by Brooks3 » Tue May 12, 2009 03:28 pm
I have been with this company for 10yrs I have 500 deductible had $3,442 claim for hail storm damage but did not get the work done now want to cancel my policy will it be hard to get a new insurance
Posted: Tue May 12, 2009 03:30 pm Post Subject:
Might be... depends on where you live, your credit history, the extent of the existing damage, the cost of the home, and what you consider "difficult".
Posted: Tue May 12, 2009 08:04 pm Post Subject:
Yes, it would only create problems for you. Try to negotiate once again with your insurance company. At this point of time it would not be wise of you to change the insurance company. Moreover, if you get one, they will charge ou higher and it would act as a burden on you.
Check out with your insurance agent.
Posted: Tue May 12, 2009 10:30 pm Post Subject:
How did they find out you didn't repair it? Did you turn in another hail claim?
Posted: Wed May 13, 2009 02:16 am Post Subject:
My first question would be "why do you want to change carriers?" You never told us that. Was it something about the claim?
Secondly, you will absolutely have issues getting a new policy from a different insurer. First of all, you just had a loss. Insurance companies rarely want new customers that have recently experienced any kind of homeowners loss. Third- they will more than likely inspect your home, and if they see the unrepaired hail damage, it will result in a problem there as well.
Have you been cancelled or non-renewed by your present company? That would certainly explain the need for a new insurer.
InsTeacher 8)
Posted: Wed May 13, 2009 07:25 am Post Subject:
Are you changing the carriers only because you did not repair it on time..
i would advised talk to them.
Getting a new policy is gonna be very difficullt. Your property is damaged and a new carrier might not take the risk..
Posted: Wed May 13, 2009 11:42 am Post Subject:
Guys, in the OP's subject line he/she says,
my home insurance has threaten to cancel my policy if i dont
I would assume the rest is, 'repair my roof'....I'd say he's looking for a way out of doing that by switching carriers..as apparently spent the money he/she was paid to do so by his own carrier.Posted: Thu May 14, 2009 01:35 am Post Subject:
So I amtaking it the question may have been if the poster does not repair his home then could he get canceled? I wonder if the question was cut off.
Posted: Thu May 14, 2009 05:27 am Post Subject:
fireyone, I think you're right. And Lori- I missed the cancel threat, and I would also assume it has to do with the repairs (or lack thereof) on the house. But I don't think it has anything to do with the lack of repair, I think it has everything to do with either (a) it's coming to renewal time and the carrier is going to get off the risk at renewal unless the homeowner completes the repairs, which they have every right to do or (b) if they're trying to get off the risk mid-term, which they cannot normally do. Insurers usually have a 60-day period in which they can "get off the risk," which in layman's terms is cancel or non-renew the policy. So, the insurer has a couple of months in which they can blow you off after the renewal date. The only other time that they can cancel you is if there is a "material and substantial change to the risk that increases the insurers exposure to loss." In other words, oh never mind...you get it.
To the Original Poster- If you're still around, can you fill in the blanks for us? If you can, we can probably help you. Oh yeah- my hunch is that you spent the money on something else, huh? Don't worry, it's really rare that that would cause you problems.
Finally, Has your mortgage company said anything???
InsTeacher
8)
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