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Two years I was paid #1300 dollars for hail damage. Last year my annual insurance premium jumped $200. Soon after that I received a letter stating I had hazards on my property that needed to be corrected or I wouldn't be allowed to renew my insurance this year. I did have a couple of dead trees in my yard, so I took them out thinking that would solve the problem. Also this year, I received a letter from a law firm stating that Allstate may have shafted me on my roof payment, and that I was eligible to partcipate in a class action lawsuit. Today I got a letter from Allstate stating that I would not be able to renew my insurance in August because of--get this--Peeling paint on side of house! Has anyone ever had something like this to happen? I've had my homeowners insurance with Allstate for over 30 years and have only filed 4 small claims.
LOL!!! Dump the suckers. The homeowner insurance companies have radically changed over the past few years. A very small part of it is bogus claims, but the larger part is that they have figured out if a person has a mortgage, they HAVE to have insurance. Can you say "free ride to excess profits"?
The problem won't go away. When companies started quoting me premiums that were over 2% of home value (exclusive of land value), I told them to take a long walk off a short dock.
Insurance compnaioes have a right to determinhe if the property is one they want to insure. The maintenance has to be done or even replacemnt policy can be effected. Non-replacement is even worse as the deprecaitation cna mean yhears i court. there are tons of companies that file class actrio suits but seldom do the insured really come out as hurricane victims i my areas can testify to. The laywers makeout like bandits tho.With most policy contracts the third claim is automatic nonprenewal. Even federal flood goes upo with claims and not just your but your areas.
I agree with terxdav. Four claims, even in 30 years, is a lot for any insurance company to absorb. I have Allstate and I'm not crazy about them but they're as good (or bad) as any other company.
Well since you don't let Allstate into your house to see how you are maintaining it, they only have poor maintenance on the outside to judge how well you are protecting your house from losses. A small percentage of homeowners do a lousy job of maintaining their house and end up making an outsized number of claims.
If you think homeowners insurance is a rip off, think again. Almost every insurer around loses money on homeowners, but makes it up on either cars and/or life. Notice there are plenty of life only insurers, quite a large bunch of business risk insurers and of course a bundle of car insurers out there. Know of any companies just insuring homes?
Let's look at this from a purely economical value.
The peeling paint on the house is a maintenance item...the paint is failing...probably because the siding is soft and it has failed or is failing. So the value on this item is $0. It has no value.
How can you insure something that has no value? In the event of a claim, they would owe to indemnify you for damages, not maintain your house. You are going to have a tough time getting insurance...until...get this...you fix the failing paint on your house.
What other items have you failed to maintain? Your furnace? Dryer vents? Gutters? Trees?
There is an old saying: Your in good hands with Allstate until you have a claim, then they give you the finger.
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