Read about recent changes to my own homeowner’s insurance policy.
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My homeowner’s insurance policy renewed recently, and I got IMPORTANT mail from my homeowner’s insurance company. The IMPORTANT mail focused on recent changes to my homeowner’s insurance policy, most of which apply to the roof. Beginning when my policy renewed, the following changes are highlighted:
For all Home ages:
- Increased minimum policy deductible
- Mandatory minimum deductible for wind and hail perils
- Exclusion for matching of undamaged roof surface, siding, or windows
For a roof aged 11 or more years:
- Limited loss settlement endorsement for windstorm or hail losses to roof surfaces
I’m not surprised by the above listed changes. They align with worldwide factors affecting the property insurance market that several of my blogs this year have addressed. Most obvious to me is that the frequency and severity of extreme weather events have finally hit home. I’ve been with the same homeowner’s insurance company since 1988, and I have no plan to change. Why? Because it is a quality insurance company with a track record of being financially responsible and reliable. It is not stepping away from its obligations; it is making policy adjustments that allow it to remain viable in what is an increasingly volatile property insurance market.
Some version of the IMPORTANT mail I got is likely already out there or will be out there, coming from other homeowner’s insurance companies to their insureds. Some companies will stay the course, for now, but no insurance company is immune to the consequences of absorbing wildly unpredictable property losses in the long run. While I don’t have a crystal ball, I’ve been around long enough to appreciate that bad things happen, and they can happen to anyone. I want my home insured by a company that responsibly manages its claims, provides good claims service, and will be around financially to pay a catastrophic claim. That’s the risk transfer I expect in exchange for my premium dollars.
Richey-Barrett Insurance is your Trusted Choice Independent Insurance Agency for homeowner’s insurance. We represent several quality homeowner’s insurance companies, and we are available to answer your insurance questions.
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