September 12, 2006
Upgraded Your Home? You Could Still Lose Your Insurance Policy
Did I ever tell you that installing storm shutters in your home could get you a discounted rate on your homeowners insurance policy? Forget I ever said that. After reading this bit of news, I'm really irritated. I mean, here we have government agencies telling us how to fortify our homes and a woman (Virginia Neill) follows this advice. And what does she get in return for sinking $15000 into storm shutters for her home in Florida? A notification that her homeowners insurance policy was being canceled!
Not one to give up, Neill gets a professional home inspection done and sends the results to her insurer. They still don't relent. But they do ask her to replace her roof -- and they still offer no guarantee that they will renew her insurance policy. Reason? The company no longer accepts new applications on houses more than 50 years old and Sunshine State's records indicate Neill's home was built in 1955! Brandenton.com reports:
The case illustrates the confusion surrounding a push in the state to strengthen homes against storms. "Home-hardening" and "wind-protection retrofitting" are terms that have been bandied about lately as a solution to mounting damage claims in the state following the past two storm years.
Read more: Homeowner's dilemma: Shutters fail to save policy
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