top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Unanticipated insurance consequence of BK

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Unanticipated insurance consequence of BK

    Maybe others know this, but I didn't, so I thought I would share my experience post-Ch7. Our car insurance rates went up, and perhaps they would have anyway, post-BK. We shopped around and got quotes that ended up almost identical to our existing (and increased cost) policy, so we just kept what we have. But the surprise was our homeowner's insurance going up, maybe because our mortgage was discharged? Or that they check credit scores? Whatever the reason, our homeowner's went up $120/yr, so I shopped that around too, and the two big-name companies I checked wouldn't even offer me a policy, citing a BK in my past. (I have never had a homeowner's insurance claim in my life.) It isn't an earth-shattering amount, an extra $10/mo, but between the car and the house, it is substantial, and I was just surprised to be flat out rejected for a policy when quote shopping. Again, maybe others knew to anticipate this, but I didn't, so I just wanted to share with others that some of the consequences might be unexpected. YMMV.

    #2
    There is a thread in the Insurance Board wherein I talk about all of the challenges I had securing insurance coverage for our house in February 2009. At that time, I learned that some insurance companies do NOT take anyone with a BK in their history at all; others will take a person only if the BK has been discharged for five years or longer.

    I am gearing up to having to repeat this exercise this coming February, because the Florida state-run insurance company, Citizens, is upping their premiums in an attempt to get people to go elsewhere for their insurance, AND, they don't like us at the moment because there is no evidence in our file of a new roof in 25 years. So, we get to re-roof the house in January....

    I will see if I kind find that thread...

    Here it is:



    My saga starts at post #6.
    Last edited by AngelinaCat; 09-30-2013, 03:32 PM.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

    Comment


      #3
      AC, i feel your pain with citizens insurance. I just got a notice of non renewal in january because of the roof. Problem is there is no other insurance company writing homeowners in fla! Makes my blood pressure go up as we have no choice.

      Comment


        #4
        Originally posted by df04527 View Post
        AC, i feel your pain with citizens insurance. I just got a notice of non renewal in january because of the roof. Problem is there is no other insurance company writing homeowners in fla! Makes my blood pressure go up as we have no choice.
        I know. We're between the rock and the hard place!
        "To go bravely forward is to invite a miracle."

        "Worry is the darkroom where negatives are formed."

        Comment


          #5
          I know this feeling . Before Ch13 homeowners insurance was $1200 year. First year it went up $400, 2nd year another $400 . That was with farm Bureau. So I started looking around . Found Farmer's for $1300 a year for the same coverage.

          I get to thinking about Auto insurance , Had the green thing for 15 years{Geico] Said goodby Found Safeco for half what I was paying,$1400 to $750. a year When the agent told me that I paid all $750 a one time, I know i'am good for a lease this year. It pays to shop around

          Comment


            #6
            Shopping around is why I advise going to a local independent agent. They represent several companies and can help you shop around.

            I have such a stupid list of things that insurance companies WON'T insure, it makes getting insurance very difficult. For instance, Farm Bureau wouldn't insure me be cause the house doesn't have a roof with enclosed soffits.
            "To go bravely forward is to invite a miracle."

            "Worry is the darkroom where negatives are formed."

            Comment


              #7
              If you are in an insurance profiling state, then ALL of your insurance (home, rental, car) will go up if your credit is affected by BK. Our home and auto went up once we filed Ch. 13 as well - however over the past 3+ years we've been in our plan, its gone back down and is now actually less than what we were paying before we filed. Go figure. Our ins. co. actually came out with new programs that we were able to enter into that offered more coverage for less money than what we were paying based on actual location (i.e., certain parts of our county vs. others in our area).

              @PinkPeanut - you're in PA - did you check with Erie by chance?

              Comment


                #8
                I'm going to be shopping around again soon myself. My AAA coverage went up 3 times as much as I was paying once I go a newer car and then I switched to State Farm and now I'm going to look at going to an independent so they can do all of the leg work on this
                Chapter 7 filed 11/4/10 ---- 341 Meeting 12/1/10 ---- Discharge 1/31/2011.

                Comment

                bottom Ad Widget

                Collapse
                Working...
                X