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Home Insurance Cancelled...You Too?
5-31-06 | Dasboot

Posted on 05/31/2006 5:08:40 PM PDT by 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?


TOPICS: US: Massachusetts; Your Opinion/Questions
KEYWORDS: insurance; reinsurance; southcarolina
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To: Gay State Conservative
By major body of water,I assume you mean the ocean

Not just the ocean: also cited by that other agent I called was the city of Fall River. Hospitals, homes, businesses...all facing the same threat, according to her. The 'major body' is Mt. Hope Bay. Not so major.

41 posted on 05/31/2006 5:33:20 PM PDT by dasboot
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To: madison10

Beat me to it!


42 posted on 05/31/2006 5:34:21 PM PDT by MistrX
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To: CrawDaddyCA
I'm closing on a inland waterfront house in Pensacola on the 20th. Just got a quote for homeowners ins...$1800 a year, which is a little more than I expected, but not by much

I don't think that's bad at all -- ours is $1400 or so a year, but we live in a rural fire district, our house isn't brick, and the nearest fire hydrant is 1/2 mile away.

43 posted on 05/31/2006 5:36:04 PM PDT by Tuscaloosa Goldfinch (good fences make good neighbors!)
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To: dasboot

Help!

me too, my insurer last month in n.j. doubled my premium & raised my wind damage deductible to 2,000.00. i'm within 1000 ft. of the bay....also made me replace the roof or they were going to cancel me....


44 posted on 05/31/2006 5:36:11 PM PDT by ronnied (we are the only animals that bare our teeth in greeting...)
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To: GSlob

I am seriously thinking of cashing my chips and moving to the South. I live outside of Salinas, Ca. It is a Mecca for the gangs. Added benefit, no statewide assualt weapons ban either.


45 posted on 05/31/2006 5:36:12 PM PDT by dc27
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To: pointsal
Honey...who'd ya vote for in the past few elections? The chickens are coming home to roost.

Wha? Y' think I'm CRAZY? NEVER a Dem! [the Pubbies 'round here ain't too swingin', either, BTW]

46 posted on 05/31/2006 5:37:48 PM PDT by dasboot
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To: dc27

Well, if I had enough chips to cash, I'd be thinking colder climates - say, northern NH or something like that. 95F is not for me.


47 posted on 05/31/2006 5:41:32 PM PDT by GSlob
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To: dasboot

State Farm has already given notice to Floridians that their costs are going up 75 percent this August, that's on top of a hefty increase last year (and this is whether you live near the water or not.)

Plus in Florida, insurance companies are absolved of some of the liability from hurricanes because each insurance policy has a separate "hurricane deductible"...which is a percentage of the value of your home (I think it's 2 or 3 percent of the value for your hurricane deductible.)


48 posted on 05/31/2006 5:43:38 PM PDT by dawn53
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To: dc27
I hear Camden, NJ is a nice place to retire.

LOL ROF

49 posted on 05/31/2006 5:46:36 PM PDT by org.whodat (Never let the facts get in the way of a good assumption.)
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To: dasboot

Dasboot, I just moved from NJ, where I had lived my entire life.

I got fed up with the high taxes, corruption, high auto insurance, state gov't $5 billion in the hole, runaway gov't spending, traffic, congestion and densely populated areas.

I have three words for you--Sussex County, Delaware.

You can have the beach, the farms,a more genteel culture, closeness to DC, Baltimore, Delmarva Peninsula, ferry to Cape May NJ. Outlet shopping in Rehobeth, NJ. Small town living.

So far, the benefits are: my property taxes went down by 75%, my auto insurance went down by 50%, Sussex County's new budget announced with no taxes increased. Small town living at its finest.

No sales tax, either.A milder climate. No history of hurricanes, either.

Sell your home in MA and MOVE! Do it! Look into the future--you'll see that your retirement will be one struggle after another with a decreasing quality of life, just like in NJ.

Delaware is a great place.

You can always visit MA if you need to. And you'll be able to because you'll have some money in your pocket.

Let your home sale help finance your retirement.


50 posted on 05/31/2006 5:49:26 PM PDT by exit82 (If Democrats can lead, then I'm Chuck Norris.)
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To: dasboot
That's nuts. We live on Lake James. This is our back yard. Photo taken from our dock.


51 posted on 05/31/2006 5:50:08 PM PDT by Cobra64 (All we get are lame ideas from Republicans and lame criticism from dems about those lame ideas.)
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To: GSlob
Well, if I had enough chips to cash, I'd be thinking colder climates - say, northern NH or something like that. 95F is not for me.

I'm in NH, and I'm getting the h*ll out...heating bills, property taxes, and car registration taxes are insane...see you in the south (where they DO have air conditioning).

52 posted on 05/31/2006 5:51:10 PM PDT by who knows what evil? (New England...the Sodom and Gomorrah of the 21st Century, and they're proud of it!)
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To: dasboot

Just my own opinion...Federal Flood Insurance is only for flood damage not contents, this insurance is not offered by private insurance companies.

If you don't have homeowner's coverage your mortgage holder will "force" coverage on you at a very high cost with minimal coverage and only the dwelling, no contents.

I just saw an advertisement at Costco for homeowner's coverage...check their website. Also the insurance problem will make your house very difficult to sell as the next owner may stipulate on the purchase contract the ability to acquire homeowner's coverage (an increasingly popular stipulation out here in California).


53 posted on 05/31/2006 5:51:38 PM PDT by kmiller1k (remain calm)
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To: kerryusama04
Use the prophet to buy a castle in another state.

Who is the prophet? Do you have his contact information?

54 posted on 05/31/2006 5:51:59 PM PDT by Cobra64 (All we get are lame ideas from Republicans and lame criticism from dems about those lame ideas.)
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To: lonedawg
move to a Southern state.

That why us southern folks have those bumper sticker that say "happiness is a north bound Yankee". Please we don't need anymore.

55 posted on 05/31/2006 5:52:24 PM PDT by org.whodat (Never let the facts get in the way of a good assumption.)
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To: dc27
Camden, NJ is a nice place to retire

It is, if you own a quad .50 and your own motorized reloading machine.

56 posted on 05/31/2006 5:55:45 PM PDT by Hardastarboard (Why isn't there an "NRA" for the rest of my rights?)
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To: Mikey_1962

Dittos


57 posted on 05/31/2006 5:57:14 PM PDT by TexasTransplant (NEMO ME IMPUNE LACESSET)
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To: GSlob

We don't need AC in northern NC mtns. If it gets to 85, we are having a heat wave. At night, you need a heating blanket.


58 posted on 05/31/2006 5:57:37 PM PDT by ncpatriot
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To: Mikey_1962

I don't agree with "nobody dares files a claim" since claims are filed everyday, but I agree the insurance business is a racket. And this from an attorney who's practice has been litigation defense of insureds (i.e. insurance companies paying the bill).

The problem is that insurance companies don't want to pay claims. They obviously don't mind taking in premiums. When hit with a big claim, especially in commercial insurance situations, you can be they will hire counsel to see how they can get out of paying the claim. To top that off, states like Texas have bad faith claims settlement statutes, but the Supreme Court almost never enforces these.


59 posted on 05/31/2006 5:57:54 PM PDT by 1L
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To: kmiller1k
This service is not available to residents of the following states: AK, KY, LA, ME, MA, MT, ND, NH, RI, VT, WV and WY The Costco Home Insurance program is not currently available in Florida.

I do appreciate the tip, however. TX

60 posted on 05/31/2006 5:58:19 PM PDT by dasboot
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