Insurance Cancellation

By: John Mooney
By: John Mooney

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Your homeowners insurance offers peace of mind in case of fire, robbery or flood. But could you be the next to join the flood of people losing their security blanket?

Jackie Yablonsky remembers the devastating loss and pile of bills after a storm blew through her home. The next disaster? Her homeowners insurance was cancelled. As shown in headline after headline there's mounting evidence that Jackie is not alone. The Independent Insurance Agents And Brokers of America conducted a study and found a staggering 2.5 million homeowners have been cancelled in the past 24 months alone. AAI cites an explosion in claims has a major reason for the number of homeowners being dropped. Many of those claims are for things like mold. There are also more lawsuits.

So what can you do to protect your policy? Bundle your policies. Keep your home and auto insurance with the same company. Stick with one company and be careful about filing claims. Frequent claims, even small ones, can be grounds for non renewal. Jackie says she'll think twice about filing another claim. She's grateful to have found another claim, but she's paying three times more than before.

One final tip to protect yourself: keep your homes wiring, plumbing, and roofing in good repair. Walk through your home and inspect it for developing problems.

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