2 Water loss claims 2019 and 2020

[insurancequestion]

I have a prospect that had 2 water loss claims, and not is getting kicked off his current insurance carrier Stat Farm. I tried Safeco, Allstate...Foremost...all instant decline...

Are there any other options?

 

[fed up]

Water losses are tough to combat and I hate it when I see a minor claim with no payout beyond deductible. Good Luck finding a new carrier for the next 3 years

 

[adjusterjack]

Tell him to stay put until the oldest claim drops off his CLUE report.

 

[insurancequestion]

they are getting kicked off their policy due to the claims

 

[fed up]

They are facing a major increase in premium with which ever carrier will take them. You are going to have to shop that one around. maybe American Modern

 

[Allen Trent]

you may have to seek a high risk carrier via a brokerage or put them in the State Pool/Guaranty association.

What is the law in your state about non-renewing a policy? 2 claims is a bit surprising under the Essential Insurance laws of some states, but entirely possible.

You are going to have a hard time with any standard carrier wanting to write it for awhile

 

[adjusterjack]

they are getting kicked off their policy due to the claims

You had the word "not" in your original post. Oh, I see, probably meant to type "now."

Getting non-renewed for two claims in two years appears to be illegal in Texas.

See Section 551.107 of the Texas Insurance Code:

2019 Texas Statutes :: Insurance Code :: Title 5 - Protection of Consumer Interests :: Subtitle C - Deceptive, Unfair, and Prohibited Practices :: Chapter 551 - Practices Relating to Declination, Cancellation, and Nonrenewal of Insurance Policies :: Subchapter C. Declination, Cancellation, and Nonrenewal Of :: Section 551.107. Renewal of Certain Policies; Premium Surcharge Authorized; Notice

See what the State Farm underwriter has to say about that.

 

[marindependent]

Check the Non Admitted World, or some of the minor insurers.

How big are the water loss claims? Was everything fixed up? Have they taken preventative measures?

 

[fed up]

What does his CLUE report show? How many losses altogether in 5 years?

 

[MikeyR]

Have you seen if some carriers will accept it if he gets a water leak detection system? I know we had a water loss cause a Home go from $2,000 to $8,000 and after we put the water leak detection it went down to $4,000 which is huge.

Sounds like you are indy so ask if they have a preferred vendor?