WDYT about this letter from insurance company?

magnum
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WDYT about this letter from insurance company? Sept 12, 2012 20:35:42 GMT -5

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Post by magnum on Sept 12, 2012 20:35:42 GMT -5

I also posted this on money matters.

I got a letter from our insurance company informing us that they are doing a routine, yet necessary, survey to verify the info for our home is current. If our furnace or roof have been updated from the date they have (1990) we are to provide them with that. I think 1990 is correct - we bought the house in 2005.
We haven't replaced or had work done on either because there have been no problems. I have no update to give them.

Our policy expires Jan 2013. Does this letter really mean that the insurance company is going to make us replace both or they will drop our coverage?

I've never seen a letter like this before. We've been with this company for a few years and have never filed a claim.

Has anyone ever gotten a letter like this before?

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Deleted

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WDYT about this letter from insurance company? Sept 12, 2012 20:40:07 GMT -5

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Post by Deleted on Sept 12, 2012 20:40:07 GMT -5

We get that once a year too. For farm stuff more than our house stuff but it's same concept.

It doesn't mean much of anything really. They're just making sure the info is correct and if you've updated/taken out anything it may alter your plan a bit/they'll ask if you want to increase/decrease coverage. A lot of that stuff they use for statistical purposes more so than anything personal.

I guess I've never gotten, "Update this now or we'll cancel." I don't get that out of your letter at all either.

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sjh722
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WDYT about this letter from insurance company? Sept 12, 2012 21:00:45 GMT -5

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Post by sjh722 on Sept 12, 2012 21:00:45 GMT -5

Sept 12, 2012 20:40:07 GMT -5 @justdairy said:

I guess I've never gotten, "Update this now or we'll cancel." I don't get that out of your letter at all either.

Yeah, I think that's pretty uncommon. My grandparents got one once about their roof, but their roof was reaaallllly bad.

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pitterwoo Full Member Posts: 4,750 Likes: 1,242	WDYT about this letter from insurance company? Sept 12, 2012 21:02:33 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by pitterwoo on Sept 12, 2012 21:02:33 GMT -5 I've had an update or else letter, but they made it very clear that if we didn't add handrails by x date our coverage would be cancelled.
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Deleted

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WDYT about this letter from insurance company? Sept 13, 2012 0:45:19 GMT -5

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Post by Deleted on Sept 13, 2012 0:45:19 GMT -5

I have had this in the past. I think ours was more curiosity on their part about any upgrades we have done since upgrades would make the house worth more. Greater house value=more insurance=higher premiums. It is unlikely that they will cancel they may just be looking to increase your premiums if you have made improvements.

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auntie
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WDYT about this letter from insurance company? Sept 13, 2012 5:30:11 GMT -5

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Post by auntie on Sept 13, 2012 5:30:11 GMT -5

Sept 13, 2012 0:45:19 GMT -5 @forcuatro said:

I have had this in the past. I think ours was more curiosity on their part about any upgrades we have done since upgrades would make the house worth more. Greater house value=more insurance=higher premiums. It is unlikely that they will cancel they may just be looking to increase your premiums if you have made improvements.

This. I have gotten similar letters and even the odd phone call from my agent. Especially around my old house which was a fixer-upper. The goal is to make sure you are insured for the actual value of the structure. My guess is that those two items were mentioned since they are nearing their expected life span. My current house is 26 years old. I replaced the roof about 4 years ago, the windows and HVAC this year. In my cul de sac, my roof was in the middle of the pack but my windows and HVAC lasted a bit longer than most as I had a better builder than the other houses.

FWIW, when my previous house was destroyed in a flood and I made the claim, I was happy my agent stayed on top of things.

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emoflamingo
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WDYT about this letter from insurance company? Sept 13, 2012 9:43:32 GMT -5

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Post by emoflamingo on Sept 13, 2012 9:43:32 GMT -5

I can answer!

They will reinspect houses on a regular basis. If they find that the roof needs to be repaired, they will inform you that you have until x date to repair it or your insurance will be cancelled. They do the roof to make sure that there won't be extensive damage to the interior of the premises because of the roof.

I've never encountered the furnace issue. They may want to see if it is updated or at least not a fire hazard because, again, it could be an issue that could create more damage if something were to happen.

Your best bet is to contact your agent and find out what the underwriter wants from you.

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lys
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WDYT about this letter from insurance company? Sept 15, 2012 7:12:07 GMT -5

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Post by lys on Sept 15, 2012 7:12:07 GMT -5

We get a discounted rate for a new roof since 2007, new furnace and our recent basement renovation.
They are looking for things that reduce the possibility of a claim in the near future. If you have them, you will pay less for your insurance.

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WDYT about this letter from insurance company?

Post by magnum on Sept 12, 2012 20:35:42 GMT -5

Post by Deleted on Sept 12, 2012 20:40:07 GMT -5

Post by sjh722 on Sept 12, 2012 21:00:45 GMT -5

Post by pitterwoo on Sept 12, 2012 21:02:33 GMT -5

Post by Deleted on Sept 13, 2012 0:45:19 GMT -5

Post by auntie on Sept 13, 2012 5:30:11 GMT -5

Post by emoflamingo on Sept 13, 2012 9:43:32 GMT -5

Post by lys on Sept 15, 2012 7:12:07 GMT -5