Losing Our Homeowner's Insurance
We've insured homes with Armed Forces Insurance for almost 15 years now. We moved, bought and sold houses, and always took AFI with us. No more. The Ft. Leavenworth based insurance company has "evaluated its risk portfolio" and determined that we are at too great a risk for wind damage and ours will not be among the few policies renewed in Florida.
Ironically, we are being bitten by legislation designed to make insurance more affordable. AFI is a non-profit member owned company, one that pays a dividend to policy holders if claims are lower than expected. To assume too much risk, for houses like ours, without enough in premiums to cover potential claims is to put all the other owners (policy holders like us) at risk.
We'll try the next insurer of choice for most military families, USAA. If you have suggestions, let me know. I fear we are going to join the ranks of people who have insurance payments as high as their mortgages.
posted by Lofty @ 4:16 PM
3 Comments:
Let us know how USAA pans out. I have heard that they are not taking on any new customers for homeowners insurance here - that is unless you already have car insurance or renter's insurance with them. Again, that's just a rumor I heard. Good luck!!!
Jan blogs.tampabay.com/standing)
We have USAA, though I had they aren't writing new policies unless you're already insured with them. Not sure if that's still the case. Luckily when I moved here and bought my house I had my USAA auto and renter's already in place. If you can get it, the premiums seem to be extremely reasonable compared to most folks I've talked with. Best of luck to you!
Jan and Ifly, we've had USAA insurance for our cars for 20+ years and had them for homeowners before AFI. Ironically, we switched to AFI because USAA didn't want to insure a 100 year old historic home we restored while stationed at Ft. Campbell. This house is brand new, or at least just 18 months old so we'll see. I will post with more information as we shop. Our current policy is in effect until the end of October so we have a little time.
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