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Old 11-28-2017, 08:05 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
28,302 posts, read 50,365,166 times
Reputation: 28457

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Quote:
Originally Posted by JONOV View Post
Risk that the toilet overflows or leaks and causes way more damage than if you were living there and knew to turn the water off to it and soak it up.

Risk that a wind/ice event does a little bit of roof damage that lets in a lot of water ruining your ceiling and drywall and causing mold.

That type of thing.

They re-evaluate segments of their business all the time. It could have simply been that they looked at insured, non-full time occupied homes and realized they routinely lost money on them, and cancelled that whole book of policies. Not a reflection of you or your home or neighborhood at all, but a decision based on the overall performance of the risk pool that your property resides in.
Yes, they are constantly evaluating their risk, in order to avoid paying out claims. If the data shows that you pose more risk than when you initially took out the policy, they will either raise your rates or cancel it.
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Old 11-28-2017, 08:10 AM
 
Location: North Beach, MD on the Chesapeake
32,021 posts, read 39,024,419 times
Reputation: 40402
Not homeowner's insurance but following with an example of how insurance companies sharp pencil their policies. Both my sons were kicked off our car insurance after a couple incidents. The youngest because, according to the letter they sent, he was projected to cost the company $21 more in potential claims than would be realized from premiums.
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Old 11-28-2017, 09:17 AM
 
Location: Somewhere in America
12,305 posts, read 10,011,976 times
Reputation: 20459
It's an unoccupied house in their eyes. Full of risk. What they insured 2 1/2 years ago isn't what they insure today. Your house was reevaluated. It happens every time the policy comes up for renewal. Start searching for a new one!
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Old 11-28-2017, 09:36 AM
 
9,735 posts, read 5,676,440 times
Reputation: 9588
It happened to me, I lived there part time but even after I occupied the home full time they found some shady reason to cancel the policy.

Some companies are cancelling for older roofs, and older can mean 10-15 years old, even if it is a 30 year roof.

At some point regulations will have to be tightened and premiums will go way up.

They also do not have to match your materials and will only pay for partial roofs or siding leaving a patchwork look - that is allowed in most states, only a few have regulations forcing insurance companies to cover matching. My neighbors contractor said they could not match the replacement siding for the damaged area with the rest of the siding but the insurance company said they could come close enough. This of course would be unacceptable to most homeowners and they would have to pay a large amount out of pocket to reside the house.
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Old 11-28-2017, 10:16 AM
 
Location: NC
6,078 posts, read 6,988,679 times
Reputation: 12052
They probably treated it originally as if it was a new house that you were planning to occupy "soon" once you sold your current home. They were allowing a reasonable amount of time (1 yr?) for that to happen, but when it did not they changed their minds. And yes, because it was higher risk than full time occupied.
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Old 11-28-2017, 01:56 PM
 
Location: Northern panhandle WV
2,219 posts, read 1,729,264 times
Reputation: 4445
I had this same situation, lived 700 miles away. They insisted that we have an alarm system and that we check on the property in person at least 4 times a year.
I expect that having a management company check the property regularly might work as well.

The big qualm I have with Ins. Co. is that while our house cost us 38K they insist on insuring it for replacement cost of 400K. I could buy the entire block for that.
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Old 11-28-2017, 03:04 PM
 
Location: Phoenix, AZ
1,204 posts, read 468,161 times
Reputation: 2767
Quote:
Originally Posted by arwenmark View Post



The big qualm I have with Ins. Co. is that while our house cost us 38K they insist on insuring it for replacement cost of 400K. I could buy the entire block for that.


Then you are free to buy a basic fire policy and cover your house for $38,000.


But then, when your house burns down and you find that $38,000 doesn't pay for squat, you'll have more reasons to complain about insurance companies.
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Old 11-28-2017, 04:24 PM
 
Location: San Antonio, TX USA
5,086 posts, read 9,002,732 times
Reputation: 7755
Quote:
Originally Posted by OrganicSmallHome View Post
Risk of what? The house is located in a good neighborhood and has an alarm system. I'm mystified.
Is the house in Florida?
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Old 11-28-2017, 06:35 PM
 
Location: Saint John, IN
10,638 posts, read 3,284,798 times
Reputation: 12741
Quote:
Originally Posted by arwenmark View Post
I had this same situation, lived 700 miles away. They insisted that we have an alarm system and that we check on the property in person at least 4 times a year.
I expect that having a management company check the property regularly might work as well.

The big qualm I have with Ins. Co. is that while our house cost us 38K they insist on insuring it for replacement cost of 400K. I could buy the entire block for that.


What you paid for the property means squat. Market value has absolutely nothing to do with what it would cost to rebuild. MOST homes can't be re-built for $38k.
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Old 11-28-2017, 06:46 PM
 
Location: Raleigh NC
7,675 posts, read 6,066,635 times
Reputation: 6813
there's a lot of financial ignorance permeating our country - and I'm not even talking about the OP.
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