How worried should I be about switching my home insurance?
I could really use some advice, so here I am.
In mid-January, I got a nonrenewal notice from my current policy provider for my single-family rental home. They decided to scale back their coverage in my area due to several hail and storm incidents. I contacted my insurance agent, who found another company willing to cover me, and everything seemed to be going smoothly. We made the escrow payment, and I was insured in no time.
However, last Thursday, I received a cancellation notice from the new insurer, citing damage to my roof, including missing shingles. Today, I was shocked to get a refund check for the premium I paid, which means I’ll be left without insurance soon.
My agent suggested I reach out to my previous insurance company to see if they would consider filing a claim, but I’m not sure how to go about that. They’ll likely ask when the damage occurred, and with several hail and storm events happening in 2024, I’m tempted to just pick a date, but I want to do the right thing.
What would you recommend I do in this situation?
(Note: I’m located in Texas.)
It sounds like you’re in a tough spot, and I’m sorry to hear about the challenges you’re facing. Here are some steps you can consider taking:
Contact Your Old Insurance Company: Even though they sent you a nonrenewal notice, it doesn’t hurt to reach out and explain your situation. They may still have options available or be willing to reinstate your policy temporarily while you figure things out. It’s also possible they can provide guidance on the claims process related to the roof damage.
Document Everything: Gather all the documents related to your previous insurance policy, the new insurance cancellation notice, and any correspondence with your agent. Take photos of your roof and any visible damage—this documentation could be important if you do file a claim.
Get a Professional Inspection: Consider hiring a roofing contractor to assess the damage and provide you with a report. This will give you an accurate understanding of the condition of your roof and help you determine the right steps moving forward.
File a Claim: If you decide to file a claim with your old insurance company, be honest about the damages. Rather than selecting a random date, explain the situation; insurers often appreciate transparency and may assist you in determining eligibility based on the weather events in your area.
Shop for New Insurance: While you’re addressing the issue of the damaged roof, it’s also wise to look for other insurance providers who could offer coverage. Be upfront about your roof’s condition, as this could impact your ability to get insured. Some companies might cover the property with specific exclusions related to the roof until repairs are made.
Consider Temporary Coverage: If you find it challenging to get coverage quickly, consider seeking a different type of temporary insurance, like a short-term or builder’s risk policy, until you can resolve the roof issue and find a permanent solution.
Consult with a Professional: If you’re unsure about navigating your options, consulting with an insurance agent or a public adjuster who understands Texas insurance laws can provide you with tailored advice.
Remember, addressing the roof condition will likely be a priority for securing new coverage, so taking proactive steps on that front will help you in the long run. Good luck!