Cancellation Due to Roof Issues
I’m dealing with a somewhat unique situation. I live in Florida, and my roof is 18 years old. I’ve been with Geico for the past four years, and I recently had my PMI removed. When I reached out to my mortgage company, they mentioned a partnership with a broker that could provide me with a discounted policy. I decided to go for it and ended up saving around $900 for the year, with the new policy starting in mid-January. I informed the broker about my roof situation and made sure not to switch until they confirmed everything was fine. Their response was reassuring—everything was good to go.
However, I just received a cancellation notice effective April 1st due to some broken shingles, which means I’ll only have the policy for a mere 2.5 months unless I can manage repairs. Earlier this year, I had several roofers assess the situation, and they indicated that the timeline for repairs versus replacement would be fairly similar. As a result, I signed a contract for a roof replacement, and the permits were submitted a few days ago. They’re aiming to complete the work before April 1st, but there are no guarantees.
I’ve submitted my contract to the broker and have requested a 30-60 day extension on the cancellation. It seems logical to keep the policy active on a brand new roof rather than receive a refund on the yearly premium around April 1st if they can hold off for a month or two.
Here’s my question: Should I start reaching out to other insurance providers now? Do I need to disclose the cancellation notice? Will they notice my previous long-term relationship with one company and my brief time with the current one? Additionally, I have no insurance claims on record for the last 20 years—this is something they can verify, correct?
It sounds like you’re navigating a tricky situation with your roof and insurance policy. Here are some insights that might help:
Contacting Other Companies: Yes, it would be a good idea to start reaching out to other insurance companies now. Given that you’re facing a cancellation, it’s better to explore your options sooner rather than later. If your roof repair or replacement is completed before you need a new policy, that could enhance your chances of getting a better rate.
Disclosing the Cancellation Notice: When you apply for a new policy, you generally need to disclose any recent cancellation notices. Insurance companies might ask about your claims history and any cancellations, so it’s best to be upfront about it. Full disclosure can help avoid issues down the line.
Insurance History: Most insurers have access to databases, such as the CLUE report (Comprehensive Loss Underwriting Exchange), where they can see your claims history. However, they may not see cancellation notices unless you mention them, so be prepared to explain why you switched and the situation with your previous roof.
The Value of Time: Since you’re actively addressing the roof issue, it’s worth stressing that you’re in the process of getting a new roof in any conversations with potential insurers. This can reflect positively on you and may result in better premium offers, especially if you can prove that you’re being proactive about resolving the issue.
Understanding Underwriting Practices: Each insurance company has different underwriting practices, and factors like your previous long-term relationship with Geico and your clean claims record may work in your favor.
In summary, it’s wise to start seeking other insurance options now while being transparent about your situation. This proactive approach will help ensure you’re covered during the transition. Good luck with the roof replacement and finding a new policy!