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Started By
Message
Anybody switch homeowners insurance while a claim was still open
Posted on 7/29/20 at 2:11 pm
Posted on 7/29/20 at 2:11 pm
I googled it already but wanted to get real answers thats why i'm asking the OT. Anything bad happen? we have already gotten a payment but will still have to deal with current insurance. Dealing with current insurance has been a nightmare. I'm refiancing my home and they asked if i was going to use same homeowners insurance company but really want to switch. Will this bite me in the butt?
3
Posted on 7/29/20 at 2:14 pm to FLObserver
Most companies wont issue a new homeowners policy with an open claim.
Source- I sell insurance so i shite post all day.
Source- I sell insurance so i shite post all day.
Posted on 7/29/20 at 2:15 pm to FLObserver
I'm not sure I understand the question.
Insurance you have in the future is wholly unrelated to any insurance coverage in force at the time a claim arises. Why would switching affect a current claim and especially one on which you've already been paid?
Insurance you have in the future is wholly unrelated to any insurance coverage in force at the time a claim arises. Why would switching affect a current claim and especially one on which you've already been paid?
Posted on 7/29/20 at 2:20 pm to FLObserver
It just depends on the insurance company you're trying to switch to.
Some are going to be picky about that type of thing and others won't be. If you are able to switch while having an open claim and the claim is what we know as "at-fault" claims on the auto side (meaning a burst pipe, fire, liability, or any other non-weather related claim) then your new insurance company can either cancel or increase your rate once the claim is closed and they find out about it. Chances are, though, they will know about the open claim at quote time.
I would stick with your current company until the claim is closed then try to switch.
The finance company wants to know which insurance company to send documents to, that's all. They don't give a shite who you're insured with. If you're able to switch, just get the MTGEE clause and notify the finance company.
Some are going to be picky about that type of thing and others won't be. If you are able to switch while having an open claim and the claim is what we know as "at-fault" claims on the auto side (meaning a burst pipe, fire, liability, or any other non-weather related claim) then your new insurance company can either cancel or increase your rate once the claim is closed and they find out about it. Chances are, though, they will know about the open claim at quote time.
I would stick with your current company until the claim is closed then try to switch.
quote:
I'm refiancing my home and they asked if i was going to use same homeowners insurance company but really want to switch.
The finance company wants to know which insurance company to send documents to, that's all. They don't give a shite who you're insured with. If you're able to switch, just get the MTGEE clause and notify the finance company.
Posted on 7/29/20 at 2:24 pm to anewguy
quote:
Most companies wont issue a new homeowners policy with an open claim.
Source- I sell insurance so i shite post all day.
Thanks you gave me the answer i needed. Thats why i come here because all you get is good honest answers
Posted on 7/29/20 at 2:29 pm to FLObserver
Some companies have claims limitations on new business. I’m an agent in FL and we most companies the max is 1 claim depending on underwriting score. That said, your claim won’t be affected if you do switch.
Posted on 7/29/20 at 2:34 pm to Gris Gris
quote:Wouldn't affect the claim with his current insurer.
Why would switching affect a current claim and especially one on which you've already been paid?
Issue would come in on the side of the new company he wants to switch to because homeowner carriers typically aren't going to write a new policy while there's still an open claim and/or unrepaired damaged.
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