Cancellation Due to Roof Damage
I’m facing a bit of an unusual situation. I live in Florida, and my roof is 18 years old. I’ve been insured with Geico for the past four years and recently had my PMI removed. When I reached out to my mortgage company, they mentioned a partnership with a broker that could offer me a discounted policy. I decided to switch, saving about $900 for the year, and my new policy began in mid-January.
I informed the broker about my roof and made it clear that I wanted to wait for their assurance before finalizing the switch. They confirmed it was fine. However, I just received a cancellation notice effective April 1 due to some broken shingles, meaning I’d only have been with this new policy for 2.5 months unless I can make the necessary repairs.
Earlier this year, I had a few roofers come out for estimates, and they indicated that the timeline for repairs versus a complete replacement would be similar. I decided to go ahead with a roof replacement and submitted the required permits just a few days ago. The roofing company is aiming to complete the job before April 1, but they can’t guarantee it.
I’ve submitted my contract to the broker and requested a 30-60 day extension on the cancellation. It seems logical to keep the policy active on a brand new roof rather than refund my premium in early April if they could just hold off for a month or two.
My question is: Should I start reaching out to other insurance companies now? Will I need to disclose the cancellation notice? How will they view my history, given that I’ve been with one company for years and only with this new one for about 2 months? I haven’t made any insurance claims in the last 20 years, which I believe they can verify through a database, right?
It sounds like you’ve found yourself in a challenging situation with your insurance policy. Here are some points to consider as you navigate this:
Contact Other Companies: It’s a good idea to start reaching out to other insurance companies now, especially since you’re facing a cancellation. Getting multiple quotes will give you a better sense of the market and what coverage options are available to you.
Disclosure of Cancellation Notice: When applying for a new policy, it’s usually required to disclose any prior cancellations, especially if it’s recent. Being upfront about your situation can help avoid issues later on, and it shows honesty, which many insurers appreciate.
Insurance History: Insurers do have access to databases (like CLUE reports) that track claims history. If you don’t have any claims in the past two decades and you had a long-standing policy with Geico, this can be a positive factor when applying for new coverage. However, the recent cancellation may raise some flags, so addressing it directly in discussions with prospective insurers could be beneficial.
Waiting for Repairs: If you manage to obtain the extension from your current broker, it might help to have that time to complete the roof repairs before securing a new policy, but this is a bit of a gamble. Insurers might still honor a quote even if you apply before the roof is completed, but it depends on their policies.
Document Everything: Keep records of all communications about your roof and insurance, including the contract for the new roof and any correspondence with your insurance broker. This will serve as evidence of your proactive measures to resolve the issues.
Ask About Discounts: When you get quotes from other companies, don’t hesitate to ask about discounts for being a long-term customer, having a new roof, and having a claims-free history.
Ultimately, it’s best to be proactive and start shopping around while simultaneously working on getting your roof replaced. Good luck!