Homeowners Policy and Claims

[CaNewAgent]

Client has three claims in two years on a homeowners policy. All claims are water damage related. The house is in great condition and worth close to $1M. The pipes in the walls were replaced during a major remodel with copper approximately 15 years ago but have sprung pin hole leaks in the walls which caused 2 of the claims.

They are worried the insurance will be non-renewed at the next cycle. This is the only line of business with this client.

Do you think adding their two autos and an umbrella policy would decrease the likelihood of the HO policy from being non-renewed?

 

[djs]

Depends on the carrier. Call and ask.
A lot of carriers will non-renew after 3 claims, some after 4. For most, it doesn't matter how many lines you have with them, since they don't want the risk. Some, it does matter, perhaps by letting one more minor loss have occurred.

Make sure you have a carrier that will take 3 or more losses, just in case.

Dan

 

[Bertolinoins]

They will probably non renew. It sounds like the plumbing contractor did something incorrectly and they will want to get off of it before a bigger water damage claim hits.

 

[fearsback]

It is for sure being non renewed.