Title: Navigating Homeowners Insurance Challenges: Multiple Claims and Policy Limitations
In August 2023, our homeowners insurance situation took an unexpected turn. We had to replace our roof in Texas due to a severe hailstorm—a common occurrence in the region. Interestingly, that was the only insurance claim we’ve ever filed in our 15 years of homeownership, making it our first and only claim across all our properties to date.
Recently, we moved to Colorado and became owners of a new property. We rented out our former Texas home for about two and a half years before selling it last year. Our new Colorado residence also experienced a significant hailstorm, prompting us to file a claim last month. Up until now, we’ve been insured through Connect, but we’ve become dissatisfied with their decision to transfer our policy to Homesite and with the substantial premium increases over the past three years—from $3,000 to over $4,300 annually.
While exploring quotes from other providers, I contacted State Farm to inquire about coverage. I was informed that they are tightening their policies and are less likely to insure individuals with multiple claims filed within a three-year window.
This situation raises some important questions:
- Does owning multiple properties and maintaining multiple insurance policies influence how insurers evaluate risk and eligibility?
- Is it worthwhile to contact other insurance providers, or will most companies apply the same standards and restrictions?
- Would engaging a private insurance agent be advantageous in navigating these restrictions and finding suitable coverage?
If you’re in a similar situation or have insights into insurance policy management with multiple properties, I’d appreciate your thoughts and experiences. Understanding these nuances can help homeowners better navigate their options in a challenging insurance climate.
