I had a FIRE and a THEFT now my insurer will not renew. So far neither will any other company. What am I to do?
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UPDATED: Oct 25, 2012
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Insurance Question from Pelion, SC
Asked on 10/25/2012
I had a FIRE and a THEFT now my insurer will not renew. So far neither will any other company. What am I to do? the fire was in June 12 on the carport ($3900) the theft was electronics ($1000) in Aug. The idea seems to be that both were my fault and preventable.
Answer given on October 26, 2012
Insurance companies are getting more restrictive when it comes to multiple losses under a homeowner policy. Many factors are considered, including the amount of time that you have been insured with the company, number of losses and amounts paid out. In your case you had two losses within a few months.Your insurance agent should have discussed the second claim with you to be sure it was worth the chance of non-renewal. While insurance is intended to protect you in the event of a claim, it may have been better to not report the second claim for the amount you collected.Now that you have been non-renewed you have that “stigma” in addition to the two losses. You may have to find a non-standard insurance company to be able to get insurance. They can write a policy with possibly limited coverage, a higher deductible and, most likely, a higher premium. You can also check with standard companies asking for a higher deductible, say $5,000, and you may be able to get them to insure you. You could also add a burglar alarm system, in an attempt to prevent future theft losses. All of these could convince the insurance companies that you are trying to prevent future losses.
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