Understanding Home Insurance Challenges After Multiple Claims: What Property Owners Need to Know
Navigating the world of homeowners insurance can be complex, especially when you’ve had multiple claims within a relatively short period. Recently, I encountered a situation that highlights some critical considerations for property owners—particularly those with multiple homes and past claims.
Background of Our Insurance Journey
In August 2023, after a severe hailstorm in Texas, we had to replace our roof—a necessary repair due to the damage caused by that storm. Interestingly, during our 15 years residing in that house, it was the only claim we had ever filed, making it our sole insurance claim to date. This was a significant milestone, reflecting a relatively claim-free history.
Subsequently, we relocated to Colorado, where we acquired a new home. We’ve owned both properties for approximately two and a half years: we rented out the Texas home after the roof replacement, finally selling it last year. The Colorado residence is over 12 years old, and last month, after a large hailstorm, we filed a claim for roof damage there as well.
Insurance Provider Concerns and Rising Premiums
Initially, we were with Connect, but we grew increasingly dissatisfied due to their decision to transfer our policy underwrite to Homesite. Additionally, our premiums have risen sharply over the past three years—jumping from $3,000 to $3,500, then rising again to $4,300. During our recent efforts to find more affordable coverage, we contacted State Farm. We were told that the company is “cracking down” on policyholders with multiple claims within a three-year window.
Key Questions for Homeowners in Similar Situations
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Does owning multiple properties with separate policies influence insurance decisions?
Many insurers consider total risk exposure, and owning multiple homes might be a factor in their underwriting models. However, policies vary, and some may differentiate claims severity or history across properties. -
Is it worth reaching out to other insurers or agents?
While some companies may share similar policies regarding multiple claims, shopping around can sometimes yield better options or more flexible policies. Connecting with multiple providers might also clarify your options. -
Would engaging a private insurance agent be beneficial?
Working with an independent or private agent can help you navigate the market better, as they often have access to a broader range of policies and underwriting practices. An experienced agent might assist in finding coverage tailored to
