Long story short........
I have a friend who's been insured with the same company as I have for 25+ years (just like me).
He had an electrical short in his basement (old radio gear/powerstrip) which caused $75K damage, mostly smoke/water.
Our insurance company fixed the house to replacement value, paid everything, then DROPPED HIM. Told him
since he'd had one loss, he'd likely have another, and their stats backed them up. He argued that if they dropped him
they sure would never recover their loss! Didn't fly with them.
Basically, they gave him 3 phone numbers to what amounted to "high risk homeowner" insurance companies. Calls
to them yielded the lowest price of $2K MORE each year than what he was paying for the same coverage! He tried
other locals and none would touch his rennovated house, due to his loss.
Our insurance said "reapply after three years and we'll THINK about taking you back!" So, he's out $6K IF our company
will take him back!
This was his first Homeowner claim in over 25 years! One strike, you're out! Don't you love em?
Ron
I have a friend who's been insured with the same company as I have for 25+ years (just like me).
He had an electrical short in his basement (old radio gear/powerstrip) which caused $75K damage, mostly smoke/water.
Our insurance company fixed the house to replacement value, paid everything, then DROPPED HIM. Told him
since he'd had one loss, he'd likely have another, and their stats backed them up. He argued that if they dropped him
they sure would never recover their loss! Didn't fly with them.
Basically, they gave him 3 phone numbers to what amounted to "high risk homeowner" insurance companies. Calls
to them yielded the lowest price of $2K MORE each year than what he was paying for the same coverage! He tried
other locals and none would touch his rennovated house, due to his loss.
Our insurance said "reapply after three years and we'll THINK about taking you back!" So, he's out $6K IF our company
will take him back!
This was his first Homeowner claim in over 25 years! One strike, you're out! Don't you love em?
Ron