Understanding Insurance Challenges When Owning Multiple Properties: A Case Study
Navigating home insurance can be complex, especially when you own more than one property. Recently, we encountered a situation that highlights some of the hurdles homeowners face, particularly regarding claim histories and insurer policies.
Our Experience with Multi-Property Ownership and Insurance Claims
In August 2023, we had to replace our roof in Texas due to hail damage—a full replacement after 15 years in our home. Interestingly, this was our first and only insurance claim ever made on that property or any other residence during our long-term ownership, marking a clean claims history.
After relocating to Colorado, we became homeowners again—owning both properties for approximately two and a half years. Our Colorado home’s roof, over 12 years old, was also damaged by large hail last month. This prompted us to file a claim with our current insurer, Connect. However, we’ve been dissatisfied with their policy changes, including an upward premium trend over the past three years (from $3,000 to over $4,300), partly due to their recent sale of the policy underwriting to Homesite.
Seeking Better Options and Clarification
While exploring alternative insurers, I reached out to State Farm, only to be informed that they are tightening their policies against insuring clients with multiple claims within a short period. This prompted several questions:
-
Should owning multiple properties, and therefore multiple policies, influence how insurers evaluate our claim history?
-
Is it worth contacting other insurance providers, or will we face similar restrictions?
-
Would engaging with a private insurance agent offer better opportunities or advice?
Key Takeaways for Multi-Property Homeowners
This experience underscores the importance of understanding how insurers assess risk, especially when managing multiple homes. It also highlights that claims history, even if minimal and spread out over time, can impact coverage options and premiums.
For homeowners navigating similar situations, working with a knowledgeable independent insurance agent might provide tailored solutions and help identify insurers more accommodating of multi-property owners with clean claims records.
If you’re facing challenges with home insurance due to claims history or property portfolio management, staying informed and exploring professional guidance can be valuable steps toward securing suitable coverage.
