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?

[razorback-bert]

Global Warming is the cause, 85 feet isn't high enought.


But, don't overlook that it could be Bush's fault.

[madison10]

Use the prophet to buy a castle in another state.

Would that be Muhammad or Jeremiah? MA sounds like a fiefdom.

[BurbankKarl]

Sounds like they are watching Al Gore's movie

[i_dont_chat]

HA HA

Use the prophet to buy. . . .

I use the "prophet" on almost everything!

[Mikey_1962]

Sorry fat fingers: pay for, not dare use

[dasboot]

No carrier, apparently, would touch it. I was on the 'Fair Plan when I bought my first crappy multifamily...a problem property that I rehabbed. This place is an historic colonial is the toni section of S. Dartmouth at Buzzard's Bay.....McMansions going up all around...property tax zooming.

I just can't believe that every home in the state or nation, within a mile of water, has just had it's cost of insurance sneakily doubled, or jacked way up. There will be a wailing and gnashing of teeth when it hits the fan...but the implementation...at renewal....is seemingly designed to minimize the wave of PO'd people who'll be writing their reps.

[oxcart]

Come on down to Galveston Bay/Houston. We have laws against that kind of treatment.

[Gay State Conservative]

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!

By major body of water,I assume you mean the ocean.It's just a guess on my part,but insurers may be skittish about hurricanes which are,in case you're unaware,not at all unknown along the northern part of the US Atlantic coast.. from VA to Maine,and even Canada's Atlantic Provinces.

[Thinkin' Gal]

the only insurance I could get was through the MA 'Fair Plan'...state program for problem properties...at DOUBLE the cost.

Oh dear, what will those poor Kennedy's do? Oh wait, this only applies to you little people.

[Bean Counter]

Sounds to me like the Insurance carriers are hedging thier bets. Statistically, New England, and the Chesapeake Bay are both overdue for a category 3 (or higher) storm hit. Considering the money Katrina cost, I'm not surprized to see cariers leaving people high and dry; at least for now...

[plain talk]

What to do?

Move? Seriously I don't understand why being close to the ocean would be such a problem way up there but I can understand if you live on the gulf coast after Katrina. Somebody has to pay for Katrina.

[kerryusama04]

Woops, I guess I spend too much time in FReligion :)

[HoosierHawk]

A greenie plot to vacate the waterfronts?

Yup! And soon they'll be those awful windfarms.

[GhostSoldier]

In the past couple of weeks the National Hurricane Center has released their forcast and it predicted more storms effecting the Northeast US.

Could be a factor.

[lonedawg]

My advise, if your getting ready to retire, move to a Southern state. Your money will go alot farther.

Remember: Don't vote Democratic when you get here.

[fatima]

My lender required fire insurance.The insurance company canceled us along with a whole bunch of other's and I sold.We had to use the Fair Plan here in Pa and it was almost double.I just saw on the news tonight they are dropping Texas,Florida,and Long Beach Island.My property was commercial and it was not my home.We do have a shore property and rumor has it if you sell you can't get insurance if you buy down near the beach,that's NJ..

[sure_fine]

Home Insurance Cancelled...You Too? ^



makes it harder to sell now

[steveo]

If your mortgage requires it, they'll find 'someone, somewhere' willing to insure it. At a higher price of course. It sucks rocks big time and I'm sorry I don't have any useful advice for you. Best luck is all I can say.

[MIchaelTArchangel]

It's only for people who have homes on flood plains in towns that flood every spring.

[pointsal]

Honey...who'd ya vote for in the past few elections?

The chickens are coming home to roost.