No more insurance ?

[dyuan]

What is the name of your state? CA

We have a rental property insured with State Farm for over 18 years. 1st claim (burglary) with them about 12 years ago, and last year we had a 2nd claim (water damage). State Farm just notified us that they will not renew out policy upon expiration of our insurance agreement.

Is this a common practice with insurance companies nowadays?

I am aware that with Katrina and other natural disasters that insurance is taking a hit, but seems like they are tightening their belt across the board. Now, I worry that I may not have insurance for our rental property.

Any advice is appreciated.

Thanks.
D

 

[seniorjudge]

What is the name of your state? CA

We have a rental property insured with State Farm for over 18 years. 1st claim (burglary) with them about 12 years ago, and last year we had a 2nd claim (water damage). State Farm just notified us that they will not renew out policy upon expiration of our insurance agreement.

Is this a common practice with insurance companies nowadays?

I am aware that with Katrina and other natural disasters that insurance is taking a hit, but seems like they are tightening their belt across the board. Now, I worry that I may not have insurance for our rental property.

Any advice is appreciated.

Thanks.
D

Q: Is this a common practice with insurance companies nowadays?

A: Yes.

 

[Betty]

Companies issuing homeowners ins. coverage can canel your policy for just about any reason - no law that they have to provide coverage. You might want to shop around & see if you can get coverage - companies have different standards.

 

[moburkes]

Q: Is this a common practice with insurance companies nowadays?

A: Yes.

You may need to get a commercial policy. You didn't specify is this is a dwelling or commercial policy. You may have more success (since you have recent claims) with commercial.