Understanding Insurance Challenges for Owners of Multiple Homes: A Personal Perspective
Navigating Homeowners Insurance When Multiple Claims and Properties Are Involved
Owning multiple properties can complicate your insurance landscape, especially when claims are involved. In August 2023, I faced a significant hurdle: my insurance provider declined coverage for my primary residence due to two claims within a span of just three years. This was despite the fact that I’ve only ever filed one claim in my entire 15-year history of homeownership—at that time, my only claim was for a hail-damaged roof on my Texas home.
Background: From Texas to Colorado
My wife and I owned two homes during this period. After residing in our Texas property for 15 years, we experienced a severe hailstorm that required a roof replacement. That was our sole insurance claim for that house. We then moved to Colorado, where we bought a new home. The Colorado roof was 12+ years old and also suffered damage from a recent hailstorm, prompting us to file another claim last month.
Current Insurance Situation
We’ve been with Connect for our coverage but have grown increasingly dissatisfied with their decision to transfer our policy underwriting to Homesite. Additionally, our premiums have soared over the past three years from $3,000 to over $4,300, which prompted us to explore other options. During this process, I reached out to State Farm, only to be told they are “cracking down” on policyholders with multiple claims in a short period.
Key Questions
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Should owning multiple policies across different properties be considered when evaluating our claim history? Would this influence insurers’ assessments?
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Is it worthwhile to contact other insurance providers, or will they likely give the same response regarding claims history?
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Might consulting a private insurance agent offer advantages? I’ve never worked with one before but have heard they might help navigate complex situations like this.
Final Thoughts
Insurance companies often tighten restrictions after multiple claims, but understanding the nuances of multiple property ownership might influence coverage decisions. If you’re in a similar situation, exploring different providers or seeking advice from an independent agent could be beneficial. Being informed and proactive can help ensure you find the right coverage for your unique circumstances.
