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For the last several years weather claims have been increased for insurance carriers.  With the increase in number of incidents it is only natural that carriers are going to adjust their policies.  This in particular will have an impact on people that are current or looking to become homeowners.  Some of the changes that are going to potentially or are already in the works include things such as having a credit or a higher premium for actual cash value on a roof versus repair or replacement costs. 

There will also be a change in underwriting guidelines.  Certain carriers are already implementing some new policies with homeowner's claims history.  For instance one carrier I know of will no longer accept anybody that has had a claim on their home policy in the last 5 years.  This is to include any claim including scheduled personal property.  In addition if you are buying a property and it has had a weather related claim in the last 5 years, that is not an eligible risk for this carrier.  This will obviously have the repercussion of making it more difficult to buy or sell homes because if all the carriers follow suit the new house could end up being difficult to insure. 

It is definitely important to have a good conversation with your agent to better understand ways to manage your coverage so that you can maximize your opportunities for savings and good insurance.  For more information about affordable home insurance in Minneapolis Minnesota please contact the Garsys Agency 866-432-4753.
Posted 2:17 PM

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