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Homeowners dropped by insurance companies

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Yesterday we told you that a new study shows more and more people are being dropped by their insurance companies. We wanted to know if this is affecting residents of our hurricane-prone area. Although the numbers show nationally there is an increase of people getting dropped by their insurance companies, those we spoke with today said that it hasn't been a problem for them. Valerie Wiegman has lived in her Wrightsville Beach home for five years. Her home has had no more than some water damage. Wiegman said, "I just think that so far we've been lucky and I hope it continues to be that way and we don't experience any devastating losses or storms." Doris Weeks and her husband have owned their Shell Island home since the late sixties. She says they've made about three insurance claims over the years. Weeks said, "Water mostly. Some wind damage. We had to have the roof replaced completely once. Had a lot of water in the house after Fran. A lot of sand, a lot of just dirt." With that damage to their home Dorris says they've never had a problem with their coverage. Weeks said, "In the early years I don't think it was all that difficult to get. We've never had any stumbling blocks." Insurance is becoming more expensive. Many local people say they are paying more for their coverage these days. While these Wrightsville Beach residents aren't caught in the national trend of being dropped by their agencies, they're aware of the possibility. Wiegman said, "When you live in a high-risk area like this you have to be aware that that does happen. The insurance company that we're with, I feel like we've been good customers and had a good relationship with them for quite a while." If you've been dropped by your insurance company or are paying higher rates than in the past, we'd like to hear from you. Please leave a comment below.

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Join The Club

This same thing happened to me 3 years ago. My insurance co completely left town, and the only insurance I could get during those "hurricane years" was split in to two separate polices as described, and three times as expensive. Actually, according to my experience, these insured are lucky it did not happen to them until now.

homeowners insurance

I live in Morehead City. I have been insured by State Farm for home and auto for over 30 years. I have had two claims in the past due to hurricane damage. In both cases, pine trees broke at about 25 feet from the ground and fell on the home. I was at home in both cases and prevented some worse damage by controlling water entry to the home. On Friday 23 May 2008, I received a letter from State Farm. To summarize, my rate is going up 33% (equals about $600 on my policy), my deductible is going up to $1500, and I have a hurricane deductible of 2% of my insured home coverage amount (equals about $5800). These terms exceed the standard rates set by the NC Rate Bureau. I therefore must sign a paper, a rating plan form, agreeing to the terms, send in the signed form by 20 June 2008, and pay the new rate later this year, or State Farm says that I will be dropped. I have not had an opportunity to speak to my agent yet about this to see if some relief may be available.

I live in Rocky Point, about

I live in Rocky Point, about 30 miles from the coast. I just got this years renewal. The basic HO cost (not the wind added-on) went from $2200 to $4300 per year. No claims, no changes in coverage. I wonder how much they'll allow it to increase if we have another year without a hurricane.

dropped with no warning

I just received a phone call today stating that my insurance company (nationwide in hamstead) was dropping me. they were gonna place me with another company but that company was not gonna give me the same mount of coverage and the premium was more than doubled. I am so pissed! Now I have only 10 days to find new ins.