SHOPPING FOR INSURANCE WITH PRIOR CLAIMS?

Filing insurance claims is a stressful process. Once the damage is repaired and the claim is closed, a new battle emerges. Finding affordable insurance for your home. After multiple home claims have been filed, some carriers will choose to not renew your homeowners policy, leaving you with the task of shopping for a new insurance carrier. While we know that can be a tough process, IZC is here to help answer your questions and get your home insured.

NON-RENEWAL NOTICES

I received a non-renewal notice from my current carrier due to my claims history. What is a non-renewal notice and what do I do next?

‍A non-renewal notice in insurance is a notification sent by an insurance company to a policyholder informing them that their insurance policy will not be renewed once it expires. This means that the policy will end on the expiration date, and the policyholder will need to find new coverage if they wish to continue being insured.

Insurance companies may choose not to renew a policy for a variety of reasons, including an increased risk of loss, changes in the insurance market, or if the policyholder has a history of filing claims. If you receive a non-renewal notice due to your claims history, it is typically because of one of two factors:

1) Severity Of Claims: If you filed a claim that was considered a severe loss (generally over $50,000 in claim payment) that could trigger an underwriting review of your policy and lead to a non-renewal notice by your current carrier.

2) Frequency Of Claims: If you have filed multiple claims in a short period of time (generally 2 or more claims within 5 years), this also triggers a review of the profitability of your home insurance policy. If the insurance company feels that you have a propensity to file multiple claims, they may think you are likely to file more claims in the future and will issue a non-renewal notice.

Just because you received a non-renewal notice, doesn't mean you won't be able to find insurance again, it just might be a bit more difficult. To make the process easier, gather as much information as you can about your claims including the dates of the losses, the total amount paid, the reason for the claim and information on what you have done to mitigate future losses. Once you have the information on your claims history, partner with a qualified insurance agent, like IZC Insurance Agency, and they will work to find a carrier willing to insure your home, despite the prior losses on your record.

CAN I FIND A NEW POLICY IF MY CLAIM IS STILL OPEN?

Finding insurance coverage when you have an open claim can be challenging for several reasons. Here are some of the main reasons why insurance companies may be hesitant to provide coverage to individuals with open claims:

‍Increased Risk: Insurance companies use statistical models to determine the likelihood of a claim being made. If you have an open claim, it may indicate that you have a higher risk of making future claims, making you a riskier customer to insure.

‍Unknown final loss amounts: Having an open claim on your record can make it difficult to quantify the final total payout of the claim. Without the final payment amount, it would be difficult for the insurance company to quantify the risk associated with insuring your home.

‍Unresolved Liability: If you have an open claim, it means that the liability associated with the claim has not yet been resolved. Insurance companies may be hesitant to provide coverage until the liability has been resolved, as they may not want to take on the risk associated with unresolved claims.

‍Misrepresentation: Insurance companies may be concerned that you are misrepresenting your claims history or failing to disclose important information related to your open claim. This can make it difficult to find insurance coverage or result in coverage being denied.

Overall, having an open claim can make it challenging to find insurance coverage. It is important to work closely with your insurance provider to resolve any open claims so that you can move forward and replace your insurance confidently.

FIND THE PACKAGE THAT IS RIGHT FOR YOU

Regardless of your loss history, there are carriers available to help insure your home.

Partnering with an independent insurance agency like IZC Insurance Agency can help you shop multiple markets and find the right carrier to insure your home, at a price that is right for you. While claims history can limit the options you have for your insurance, it shouldn't prevent you from being able to find coverage.

Give us a call today at (404)-795-4807 or complete our free, no hassle online quote request below. We look forward to serving you!