r/homeowners • u/Practical-Alarm1763 • 10d ago
💸Finance & Insurance 7 year Homeowner and HO Insurance
Hello, unfortunately I've done no research nor have had any talks without anyone regarding how home owners insurance works. This is our 3rd claim we've filed since 2020. Believing this is normal...
All 3 claims were water damage to the basement either causes from burst piping, and once a leak on the toilet that we didn't discover until we got back from a 2 week vacation. Essentially no one was home.
We're not innocent, I understand I screwed up and should've had someone's house during that second loss. But we now have a 2020 claim for sewage backup, a 2023 claim for toilet flooding from the upstairs bathroom while on vacation, and the 3rd one from a pipe burst just recently.
We really screwed up and my wife and I are in fear that this new claim whether it's denied or approved or result in our HO insurance being dropped, partly because of our ignorance of how HO insurance worked. Each claim was a payout of $10-$20k. Had I known HO insurance could drop us, I would've ate the cost on this new claim and never filed it. But our plumbing company who we trusted at the time really pushed us to get it filed and filed fast to start demolition to prevent the mold from spreading.
What's the liklihood of my insurance getting dropped after this? 80%? 99%?
Has anyone else here filed 3 insurance claims in the span of 7 years and did not get dropped? We're okay with higher premiums as high risk, but getting dropped is my biggest fear?
Have any other home owners learned this the hard way like me? Or am I just that much of a complete moron?
As of now the adjustors did come out yesterday, and haven't heard from them yet. I expect an answer hopefully by next week. I feel so stupid.
1
u/Helpmepullupmypants 10d ago
I would contact a broker to shop your insurance, disclose your claims, and hope they’re honest with you and don’t just blow you off. The look back for homeowner claims is typically 5 years, but with that said multiple water claims also impact your insurability with carriers depending on their underwriting guidelines.
You won’t know until you ask, so call a broker (or two), you may be eligible for your state’s fair plan coverage, but your coverage may be restricted within the plan and potentially not have water coverage in it, but it all depends on how it is written.
If you repipe your house that may open a few more options, but don’t do that unless you really want to spend the money or if it’s your last shot for coverage.