Home Insurance Cancelled...You Too?

5-31-06 | Dasboot

[dasboot]

I was notified by my insurance agent that our policy carrier was unwilling to re-up our contract. Reason: 'cost of re-insurance too high'.

No other explanation. Last week I got a notice from my agent that the only insurance I could get was through the MA 'Fair Plan'...state program for problem properties...at DOUBLE the cost.

So I called another agent. She said, "Give me the address."

"Ohhhhh". [And not a good "Ohhhhh"].

She tells me that insurance carriers are, en masse, cancelling insurance contracts [when up for renewal] on any property that is within one mile of a major body of water!

What's going on??? Is this MA only? Nation-wide? A greenie plot to vacate the waterfronts? The fallout of Katrina?

Anyone else getting the screw? Can't find a thing on line about it. Pardon the vanity...don't know where else to find info.

I'm 85' above sea level. About a mile inland from the Atlantic. I'm hoping for a life preserver, here. Getting ready to retire on a tight budget....I can't take much more of this price-gouging. What to do?

[dc27]

I just checked housing prices in Houston. What a difference. 400K buys quite a house in Texas.

[Calpernia]

ping

[dc27]

I use to live there, several years back. I had a pretty good job too, as a tail-gunner on a bread truck.

ROFLMAO!!!!!!

[maine-iac7]

Monterey, Carmel, and Pacific Grove are about the only places to live.

Lived in Monterey and Carmel-By-The-Sea. You better have some serious cash these days to even drive thru'

and it will only get worse, as the land area is already all used - there ain't no more room on the Peninsula

[maine-iac7]

I moved to Montana

That sounds like one smart move...

envy envy

[baltoga]

These cancellations seem odd. I just bought a vacation home in the Outer Banks, NC and had no problem getting insurance.

Now the building code in the Outer Banks is one of the oldest in the nation and all homes require deep piling construction with the lowest floor elevated. This open space allows water to wash through during storm events.

I'm guessing policies are getting canceled where building codes are weak.

[CrawDaddyCA]

LOL!!

[dasboot]

How long ago was "just"? This thing might be as new as a month-old....

[Maury]

I feel your pain. I live in Ponchatoula, LA, about 20 miles NW of New Orleans. I screwed up and made a claim for wood floor water damage a few months after Katrina from my 210 gallon reef tank leaking in the dining room. My policy went from $2600 a year to $4500 a year. They say it had nothing to do with Katrina, and everything to do with my water damage claim.


Riiiiiiight.

[dasboot]

(Free Travis McGee!!)

What happened to Trav????!!!!

[DCPatriot]

Use the prophet to buy a castle in another state.

Oh good Lord!

[palmer]

Talk to your local tree preservation society, they might know about ordinances to preserve trees. Also the town or county or state may have laws to preserve trees. You can get any sized tree moved, for a price, see davey.com

If you have to take it down, talk to a lumber mill. Hardwood trees can be worth money.

[DCPatriot]

Insurance companies have a data base of all properties that filed claims.

If a previous owner filed a claim...say for a fire or smoke damage...you're screwed.

[A CA Guy]

I've heard lots of companies won't re-insure homes with older galvanized plumbing. They are all ready to blow after all these years and they don't want the liability.

Outside of that, has any Islamic camps opened in your area lately?

[maine-iac7]

Gosh, I'm glad I live in the woods! I had enough of city living - on top of neighbors - years ago.

I'm a mile and a half outside my village - whole town less than 700.

I have 1 1/2+ acres, with 30' of woods between me and the road - not isolated, but private...no worries about neighbors worrying about what I do or don't do.

Were I in your shoes, I'd wish that wonderful tree love and luck - sell and get a place with lots of space between neighbors. The peace of mind can't be beat...

[baltoga]

I closed in April 2006 and received the policy.

[maine-iac7]

I had a pretty good job too, as a tail-gunner on a bread truck.

LOLLOFLHHO

_{Little ole lady laying on the floor laughing her hiney off}

[MeneMeneTekelUpharsin]

Use the prophet to buy a castle in another state.

The prophet says: The housing bubble IS going to bust. It's just a matter of a short time. Then, one can buy property and a house (if one has any money) and hold onto it for a long time and sell later for a PROFIT.

[maine-iac7]

Dang man, don't be telling all these Yankees to move down here. They'll never understand bare feet, gun racks in trucks,

Born and raised a damn Yankee - great grandmother now. Wear shoes only when necc. to keep feet warm or dry - often have to turn around half way to town to get my shoes.

You ain't a Mainer if you don't have a pickup with a gun rack - geeeze (got me a sidearm too)

[trustandobey]

Our insurance is being cancelled, but it is because of a fire that actually started in our Maytag Neptune washer. Our agent would't even talk to us after the fire, but called to tell us we were being cancelled.