Can't get homeowner's insurance after BK

[gymbo]

crazy

I would like to see the study that proves if you file BK your house is more likely to burn down!
Insurance co's should NOT be allowed to consider credit in issuing policies. That's absurd!

[AngelinaCat]

I would like to see the study that proves if you file BK your house is more likely to burn down!
Insurance co's should NOT be allowed to consider credit in issuing policies. That's absurd!

Hi gymbo. I think it has to do with #1, can you pay your premiums AND #2, will you actually burn the place down and then go after the insurance for the money.

That is EXACTLY why we did not try to claim anything on the 1871 farmhouse in 2000. We did not even try to claim 'out-building--storage unit' on that house.

[Flamingo]

I'm an idiot. I let my HO insurance lapse - I didn't have the money to pay. Went to pay when I got my check, and apparently I was too late. They cancelled me.

Now, I can't get coverage anywhere due to my poor credit.

Does anyone have any advice?

Need some more information here. Do you have a mortgage with escrows? Most, if not all, mortgage carriers require that they escrow taxes and insurance and pay them from the escrow. How are you paying this directly to the insurance company to be late? Do you own your home in full without a mortgage?

[AngelinaCat]

Hi Flamingo: I confess I lost sight of the OP's question.

Thanks for bringing it back down to earth.

[AngelinaCat]

[StartingOver08]

Need some more information here. Do you have a mortgage with escrows? Most, if not all, mortgage carriers require that they escrow taxes and insurance and pay them from the escrow. How are you paying this directly to the insurance company to be late? Do you own your home in full without a mortgage?

Flamingo, this is not true. I have been paying my taxes and insurance without escrows for more than 20 years - on all kinds of real property. Usually the mortgage company requires it if the LTV is higher than 80%, other than that it is a CHOICE for the homebuyer to have their insurance and their real estate tax money escrowed.

[Flamingo]

Flamingo, this is not true. I have been paying my taxes and insurance without escrows for more than 20 years - on all kinds of real property. Usually the mortgage company requires it if the LTV is higher than 80%, other than that it is a CHOICE for the homebuyer to have their insurance and their real estate tax money escrowed.

StartingOver08 - What you state is also not true. I said "Most, if not all" require it. It was a requirement at our refinancing and we still had over $100,000 equity left in the house. I understand it is a requirement for VA and FHA loans. Also other banks. It depends on the bank/lender. While it is usually in one's best interest to not escrow (due to the buffer they carry and no interest given on your held funds), you have no choice when it is a requirement. One would have to do their homework in advance as to not wanting to escrow insurance/taxes with their lender. At the settlement table with documents in front of you is not a good time.

[nosrus77]

No - my insurance was not escrowed. I simply missed the payment. Like everyone money is scarce, and mortgage and gorcery and daycare took the priority the first of the month. Just couldn't scrape up the money before they cancelled me. Granted, the ins. co. is owned by a bank that lost some in my Chapter 7, so they could have been looking for a reason, but it's still my fault.

I was simply hoping for some good companies that work with Bk filiers on homeowner's insurance. Can't believe it weighs so heavily on insurance. My cars are with GEICO, and when I fill it out online I can't even get a quote from any of their affiliates to help me.

[Flamingo]

No - my insurance was not escrowed. I simply missed the payment. Like everyone money is scarce, and mortgage and gorcery and daycare took the priority the first of the month. Just couldn't scrape up the money before they cancelled me. Granted, the ins. co. is owned by a bank that lost some in my Chapter 7, so they could have been looking for a reason, but it's still my fault.

I was simply hoping for some good companies that work with Bk filiers on homeowner's insurance. Can't believe it weighs so heavily on insurance. My cars are with GEICO, and when I fill it out online I can't even get a quote from any of their affiliates to help me.

Nosrus - call your State Department of Insurance (look under the State section in your phone book). Someone there may be able to provide you with either contacts or names to obtain insurance when bad credit/BK is involved for homeowner's insurance.

[pookieny]

I lost my house insurance after a late payment and they canceled me and I was shocked! To top it off, I had paid them and they ended up credited me the month ahead I had paid and the current months payment-so I was not really in arrears. I had been with Allstate for 25 years and had no problems with them. However, I did have two claims within 5 years and when they saw a late payment, they were more than willing to cancel me and not let me back in. I had both car and homeowners with them. No other company would touch me because of the two claims I had within 5 years becuase they were both water damage claims. Ice and frozen pipes and the other was wind storm damage-the only two claims I had ever. I wrote to the attorney generals office (Elliot Spitzer, at the time) and he got Allstate to reinstate me retroactive. I also wrote to Hillary Clinton's office (our senator at the time) guess they got into it to.

I'm still with Allstate-really have no other choice until my claims drop off in two years. I will keep them as long as they don't try to mess with me again.

So, write your attorney generals office or your Senator.

[catleg]

I was with State Farm for auto in NJ until the rates just got ridiculous. NJ has/had a take all comers law, so SF had to figure out a way around that.

Here's an interesting link about SF and Florida

http://www.propertyinsurancecoverage...reakoutnomics/

[jeb]

Here's an interesting link about SF and Florida

http://www.propertyinsurancecoverage...reakoutnomics/

But you just don't understand the REAL reason for all this - to give cover for the "buy My Vote" boys and girls in Tallahassee to allow SF and the other insurance companies to raise their rates.

Same thing happening in virtually all areas in FL which regulate rates - Progress Energy is GOING to build a nuc. power plant but those same "Buy My Vote" boys and girls allowed them to raise their rates by 25% NOW to pay for it.

And would you like to check to see how much in campaign donations SF and Progress made to those "Buy My Vote" B's and G's?

FL has been in the past, is at present and will be in the future one of the most corrupt states in the union. - jb