Understanding Insurance Challenges for Multi-Property Homeowners: A Case Study
Navigating homeowner insurance can be complicated, especially for those owning multiple properties. Recent experiences highlight some of the common hurdles and questions faced by multi-property owners seeking coverage.
A homeowner’s journey through insurance claims and provider choices
In August 2023, this homeowner replaced their roof after a hailstorm in Texas—a single claim during 15 years of residence, marking their only insurance claim for that property. After relocating to Colorado, their new residence’s roof, over 12 years old, was also damaged by large hail, prompting another claim last month.
Currently insured through Connect, they are experiencing dissatisfaction due to policy transfers—specifically, that their coverage was underwritten by Homesite—and significant premium increases in recent years, with rates climbing from $3,000 to over $4,300 annually. While shopping for new quotes, they reached out to State Farm, only to learn that the company is tightening restrictions on homeowners with multiple claims within a three-year window.
Key questions arising from this experience include:
- Should owning multiple properties influence insurance eligibility or terms?
- Is it worthwhile to contact other insurers, or will the restrictions be uniform across providers?
- Could consulting a private insurance agent offer more personalized options?
These concerns underscore the importance of understanding how claims history, property portfolio size, and carrier policies impact coverage opportunities. For homeowners managing multiple homes, proactive communication with insurers and agents can help navigate these complexities and find suitable, sustainable coverage solutions.
