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Insurance Cancelled on Our Apartments

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  • Insurance Cancelled on Our Apartments

    For background on our BK7 see "Our Story: The Beginning" in the BK7 Forum

    We just got a notice that our insurance for a small apartment we own will be cancelled in a couple of months because our bankruptcy does not meet underwriting requirements. It is special wind and storm insurance that is hard to find. Has anyone experienced this or heard of it? Any suggestions on what to do other than to talk to insurance agents or a lawyer? Thanks for any help
    Chap 7 Non-consumer --Realized headed for bankruptcy Nov 2010 --Started planning BK7 Spring 2011 -- Filed Sept 2011 -- 341 & Continued 341 Meetings Nov 2011 --No Asset Case Nov 2011 --Discharged Jan 2012 --Closed Feb 2012

  • #2
    What state do you live in? A lot of states prohibit insurance companies from cancelling you due to BK or other factors. Here in Maryland you can only be cancelled for non-payment or fraud after you have been initially approved.

    Comment


    • #3
      The great state of TX. Premiums are paid and there is no fraud. It would be nice to tell them it is illegal.
      Chap 7 Non-consumer --Realized headed for bankruptcy Nov 2010 --Started planning BK7 Spring 2011 -- Filed Sept 2011 -- 341 & Continued 341 Meetings Nov 2011 --No Asset Case Nov 2011 --Discharged Jan 2012 --Closed Feb 2012

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      • #4
        Here is a link to the Texas Department of Insurance. It clearly states "A company may not cancel your policy after 60 days, unless there is fraud, increased risk, or nonpayment of premium."
        http://www.tdi.texas.gov/pubs/consumer/cb025.html

        Comment


        • #5
          Unfortunately, it is quite likely that the insurance company will claim that they have statistics that prove that people who have filed bankruptcy (as a demographic group) present an increased risk to the insurance company.

          Ugh. That plain sucks.
          ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
          Not an attorney - just an opinionated woman.

          Comment


          • #6
            Based on this discussion we re-read the notice and we think it is a notice of non renewal but it is a generic form that covers all cases. Clearly they think bankruptcy increases risk and that may be true, as a demographic. We also thought there was a Federal law about discrimination due to BK but maybe that only applies to jobs. Anyone remember that law?
            Chap 7 Non-consumer --Realized headed for bankruptcy Nov 2010 --Started planning BK7 Spring 2011 -- Filed Sept 2011 -- 341 & Continued 341 Meetings Nov 2011 --No Asset Case Nov 2011 --Discharged Jan 2012 --Closed Feb 2012

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            • #7
              Originally posted by nohoneymoney View Post
              Based on this discussion we re-read the notice and we think it is a notice of non renewal but it is a generic form that covers all cases. Clearly they think bankruptcy increases risk and that may be true, as a demographic. We also thought there was a Federal law about discrimination due to BK but maybe that only applies to jobs. Anyone remember that law?
              TITLE 11 > CHAPTER 5 > SUBCHAPTER II > § 525
              § 525. Protection against discriminatory treatment

              http://www.law.cornell.edu/uscode/ht...5----000-.html


              You may could contact your state's Insurance Commissioner and get their take on your notice (and any advice they may have on how to address this) prior to contacting your insurance company.
              ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
              Not an attorney - just an opinionated woman.

              Comment


              • #8
                Thanks for the links. We will talk to our BK attorney and see where to go from here. The insurance commissioner is a good idea. Given we are in BK, it may be up to the trustee what to do. I'll update this thread as we learn more.
                Chap 7 Non-consumer --Realized headed for bankruptcy Nov 2010 --Started planning BK7 Spring 2011 -- Filed Sept 2011 -- 341 & Continued 341 Meetings Nov 2011 --No Asset Case Nov 2011 --Discharged Jan 2012 --Closed Feb 2012

                Comment


                • #9
                  nohoney, I would also suggest that a letter - even if it turns out that the TX Ins Commissioner will do nothing (not necessarily true by the way!) writing a letter to his office AND (ehem) sharing that with the ins co does get attention! I'd also put a cc onto the Consumer Federation of America.

                  At any rate, here is where a really really good ins agent can come into play...do you have one??

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                  • #10
                    We are looking for a new agent as this one seems too passive. Thanks for the suggestions.
                    Chap 7 Non-consumer --Realized headed for bankruptcy Nov 2010 --Started planning BK7 Spring 2011 -- Filed Sept 2011 -- 341 & Continued 341 Meetings Nov 2011 --No Asset Case Nov 2011 --Discharged Jan 2012 --Closed Feb 2012

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