Guard Against Losing Your Homeowners Insurance Stormy Days
The Good Book
“Whatever you do, work heartily, as for the Lord and not for men.” Colossians 3:23
If you are concerned about keeping your homeowners insurance, you aren’t alone. Homeowners in many parts of the country have been hit by premium increases and a disturbing rise in cancellations and non-renewal of policies. Areas at high risk of hurricanes and wildfires have been hurt most, but many homeowners in Pennsylvania are running into problems too. A growing number have complained to state regulators that insurers were using drone photos of their roofs as a basis for canceling or refusing to renew their policies. State officials criticized the companies for cutting off homeowners insurance when the aerial images only showed discoloration or streaking, rather than significant roof decay or damage. Some homeowners with roofs that are only 10–15 years old are failing insurance companies’ inspections. Other problems that can trigger a coverage cutoff include faulty electrical wiring or plumbing or siding in poor repair. Insurers have faced heavy losses in areas of the country hit by catastrophic storms and wildfires, causing some to cancel policies en masse. Pennsylvania has set several safeguards for homeowners. Unlike some states, the state does not allow insurers to cancel policies because of the policyholder’s history of filing claims. Acceptable reasons for canceling include failure to pay premiums, a “substantial increase” in hazards the policy covers, or a homeowner’s willful or negligent conduct, according to the state. Insurers must give specific reasons for cutting off insurance, and they must prove the risk is substantial. They also must give policyholders advance notice and time to fix the problem. If the insurance company doesn’t comply with these rules, policyholders also have 10 days from the day they received notice of cancellation to file a complaint with the state. Fixing the problem is a sound strategy for homeowners who can pull it off, because finding coverage after a previous policy has been canceled is usually difficult and expensive. Given this insurance- industry trend, this is a good time to assess any roofing, siding, or structural problems in your home and take steps to repair them.
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