MY INSURANCE GUY

from April 2023 – The Local Dish Magazine

SOUTH COUNTY RESTORATION

I recently received a call from a local homeowner asking if I could help with his home insurance policy. His current carrier was not renewing his insurance and his current agent could only offer him coverage that was four times his previous rate. The reasons for his nonrenewal were water damage claims, both on his personal home and a rental property.

This was a difficult case as water losses in our area are widespread, due to the quality of copper pipes, construction standards of the time and newer water treatment methods.

Wanting to do all I could, I asked him if he would consider repiping his home. Surprisingly, he already had. "Great,” I told him, “Farmers will consider that!" I also asked him if he would consider a home leak detection system, with the specter of such a high premium or no insurance at all. He agreed that it was a good investment.

Finally, because I was able to show the rental unit claim did actually occur while the property was occupied by tenants, Farmers agreed to remove that claim from his history.

Farmers Insurance removed one of the claims on his occupied residence because of the repipe, and approved the second one by using the automatic leak detection water shutoff. Finally, through my persistence to show evidence to Farmers that the rental claim was on an occupied rental unit, I was able to secure a homeowners policy at much more reasonable rate. I likely will have my new client for years to come.

You never know until you know! Homeowners insurance is very tough in our current environment and what one company sees as an unacceptable risk may look better to another insurer. If you find yourself scratching your head about your insurance, give me a shot!

RICK HACKETT