Home Insurance Dropped Me After Claim
Your homeowners insurance is there to protect you, but what if you file too many claims and the company refuses to cover you anymore? Getting dropped from your insurance company for filing
Homeowners Insurance Cancelled or Not Renewed. Updated on Thursday, December 27 2018 By Erika Sommer. Learn what to do if your homeowners insurance policy is cancelled or not renewed by your insurer. We'll also show you how to avoid having your home insurance coverage dropped in the first place.
Basically one of two things will happen. First, your home insurance premiums may more than double after filing claims. From research I've learned that it appears the Department of Insurance has approved rate filings that will allow an insurance company to surcharge your home insurance for filing claims. In some ways this is a good thing.
How to Find Home Insurance After You've Been Dropped. My insurer dropped me after I filed two water-damage claims in the past year, and I'm being turned down by other companies, too
Multiple claims: Your home insurance can be cancelled after filing too many claims. Filing multiple claims may make your insurer think there are too many risks in your home, and this could result in a higher premium or cancellation. If you bundle your homeowners insurance with your car insurance, this may affect your auto policy, too.
Your insurance carrier may consider dropping you simply because you file too many claims, regardless of severity or fault. The simple truth is that insurers are in business to make money, and if they have to pay out more to you than they are bringing in from your premiums, they will probably drop you from their rolls.