California homeowners: Has anyone successfully secured new insurance after experiencing multiple claims in the past five years?
I recently received a notice from Amica stating they will be dropping my coverage in June due to two separate claims I filed in 2022 and 2023, both involving pipe bursts that Amica took care of.
To prevent future issues, I took the initiative to re-pipe my entire house last year, which Amica was aware of, but they still opted not to renew my policy. It’s worth mentioning that I do not reside in a fire-prone area.
I’ve reached out to several insurance companies, but many have turned me down, citing my water damage claims as a reason for ineligibility, despite the extensive repairs I’ve made.
I’ve also consulted with two independent insurance brokers, but neither had any success finding a suitable policy. One broker did locate a home insurance quote for $18,000 a year—without even factoring in auto and umbrella coverage—while I was previously paying around $4,500 for everything combined.
Has anyone faced a similar situation and managed to find coverage? I’d really prefer to avoid CFP and DIC if possible. Thanks in advance for any advice!
I’m sorry to hear about your struggles with finding new homeowners insurance. It can be really challenging to navigate this situation, especially after having multiple claims. Here are a few suggestions that might help you:
Appeal to Your Current Insurer: Sometimes, it’s worth trying to negotiate with Amica one more time. Explain the steps you’ve taken to mitigate risks (like the repiping) and see if they would reconsider their decision.
State Insurance Department: Check in with your state’s insurance department. They can sometimes provide resources or suggestions for insurers that might be more open to providing coverage.
Look for Specialty Insurers: There are companies that specialize in high-risk homeowners insurance. While they may come with higher premiums, they might be more willing to cover homes with past claims.
Higher Deductibles and Lower Coverage Options: Some insurers might be open to covering your home if you are willing to take a higher deductible or limit certain types of coverage.
Insurance Brokers: While you’ve tried a couple of brokers already, consider reaching out to brokers who specifically specialize in high-risk home insurance. They might have access to a broader range of options.
Neighborhood Associations or Local Groups: Sometimes local homeowner associations have resources or recommendations for insurance companies that are more accommodating.
It can be frustrating, but keep pushing to find the right coverage. There are definitely carriers out there that can help, even in tough situations. Good luck!