Non-Renewal of Homeowners Insurance
More homeowners living in high risk fire areas coupled with droughts is leading to non-renewals of Homeowners Insurance by many carriers.
What should you be taking into consideration when getting Homeowners Insurance?
- Go with a solid carrier that has a good rating. They should be able to handle catastrophic claims and not have it be financially catastrophic to them. You can look up carriers at www.ambest.com.
- Have a proactive knowledgeable agent/broker who will place you with a good carrier. They’ll be able to advise how long the carrier has been in business, their claims handling abilities and whether or not they have a tendency to non-renew clients when times get tough. Good agents/brokers know the tendencies of these carriers.
- Build a relationship with your carrier. Jumping carriers year to year for savings may sound like a good idea but you’re much better off building a long-term relationship with a good carrier. It makes a difference.
- Be leery of carriers that jump in and out of the market. They tend to come in when times are good with very low rates and then increase premiums year to year and then non-renew when times get tough leaving you stranded. The last thing you need is to be non-renewed while your home is under construction from a claim.
Although none of these recommendations guarantee you won’t be non-renewed, they will however increase your odds! These are rules that I live by and can say that I’ve been with the same carrier for over 20 years and have yet to be non-renewed.
Please view our Home Insurance page or contact us directly at 661-702-0882 with any questions or inquires.
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