| -link"> | | | | provided supplemental flood insurance to |
| Find out what you should do if you are dropped | | | | homeowners finding themselves in areas at |
| from your homeowner insurance policy because | | | | high-risk for floods. As areas continue to develop |
| of either claims filed, or the company simply | | | | residential housing, so do flood plains and |
| moving out of the area. It's becoming easier for | | | | definitions of "high-risk" areas. Your home might |
| insurance companies to rationalize denying | | | | have shifted to a high-risk area without you even |
| homeowner claims and drop customers they can | | | | being aware of it, due to factors such as a rise in |
| reasonably predict will file a claim. | | | | impervious ground cover. If you're in this boat, |
| Have insurance companies lost their shirts this last | | | | you can access FEMA's National Flood Insurance |
| decade in payouts from hurricanes, terrorist | | | | Program at or through FEMA itself. |
| attacks, wild fires and tornados? Not necessarily, | | | | If, on the other hand, the reason listed on the |
| but such events have made it easier for | | | | cancellation notice has to do with claims previously |
| insurance companies to rationalize denying | | | | filed, make whatever efforts necessary to |
| homeowner claims and drop customers they can | | | | resolve your standing in the eyes of the industry. |
| reasonably predict will file a claim. So, what should | | | | You don't necessarily have to have your roof |
| you do if you are dropped from your homeowner | | | | wholly replaced by the time you start shopping |
| insurance policy, either because of claims filed, or | | | | for a new policy, but a documented good faith |
| because the company is simply moving out of the | | | | effort to reconcile the reasons against you will go |
| area? | | | | far in the eyes of your new insurance provider. |
| Don't panic. You won't go uninsured. Depending on | | | | Also make sure to take a look at your |
| the state or type of mortgage you might have, | | | | Comprehensive Loss Underwriting Exchange |
| you simply can't go uninsured. There are devices | | | | (CLUE) score, which is like a credit score for your |
| in place to help you get coverage, no matter | | | | insurance history, and dispute anything on it you |
| what. If you receive notice that you are being | | | | might find falsely claimed. (You can do so for |
| dropped, you have a window of time before that | | | | free, once every 12 months, at |
| goes into effect; just be sure to use that time | | | | You might find yourself blacklisted for the number |
| wisely and shop around. | | | | of claims you've filed over the years, or because |
| On that same notice, the insurance company is | | | | you live in a high-risk area. Again, realize that |
| required to state the specific reason you are | | | | individual states have agencies in place to help out. |
| being dropped. If the company is moving out of | | | | Several states participate in a program called |
| the area (either physical or coverage), then you | | | | FAIR, or Fair Access to Insurance Requirements, |
| should have little trouble finding another company | | | | to cover those in the high-risk pool. Check with |
| to cover you. Check with your state insurance | | | | your state insurance regulatory department to |
| department for referrals to other | | | | find out whether you live in one of the FAIR |
| companieskeep in mind that this is a great | | | | states. If it's not a FAIR state, it might have |
| opportunity for you to get the exact homeowner | | | | another similar policy that will cover you until you |
| insurance and home contents insurance you need. | | | | leave the high-risk pool. Just put the time into due |
| In other words, be sure to shop around. | | | | diligence and you won't be left stranded without |
| Due to disasters in recent years, the Federal | | | | homeowner insurance. |
| Emergency Management Agency, or FEMA, has | | | | |