Oh Great!!

[bosag]

So now I get to break the news to my dh when he wakes up that our homeowners insurance (Atlantic Preferred) is being cancelled.
So now what do we do? Our insurance is included in with our mortgage payment, does our mortgage co automatically switch us over to Citizens?

This is not a good way to wake up

Barb in Jupiter

[gtalum]

You need to find a new policy. Shop around. Try some local agents as well as looking directly yourself.

Your "Declarations Page" and the supplemental "Hurricane Declaration Page" of your current policy will have all of the information insurance companies will need to determine what coverages you need, as well as the information about your mortgage company.

When you get a new policy with a new insurance company, they will work out your payment via escrow with your mortgage company, and your mortgage company will adjust yoru monthly payment up or down as necessary.

If you do not find coverage before your current policy ends, your mortgage company will automatically set you up with some carrier that they work with (or CItizens, if no insurance company is working in your area), but chances are it will be very expensive.

You want to avoid Citizens unless it's your only option.

I will reiterate that I highly recommend working with a qualified independent insurance agent. You end up paying a few bucks for their services, but they can help straighten out any wrinkles and ensure that all the paperwork is doen correctly and on time. Act quickly even if you have a while before your policy ends, just so you have time to do the research.

[bosag]

Thanx for the info, Citizens is absolutely the last place Id want to do business with. Unfortunately our car insurance is w/ USAA and they dont write policies for our area anymore.

They (USAA) did recommend that I call FMAP(.ORG). I guess you go to their website and type in your info and it goes to any insurance agents in the area who are still writing policies and they send you quotes. Has anyone heard or done business thru them?

Barb

[gtalum]

I have not heard of FMAP.org. However, USAA is very reputable and I would follow any advice they give to me.

Insurance Agents write policies for many companies, not just one. So if you find a local agent they will find a policy for you, unless you're in an area where all companies have pulled out. That's unlikely unless you are directly on the water. See a local independent insurance agent (even better, see several) and have them start looking for policies for you based on your current coverage.

[bosag]

I just talked to in independant agent (once of several already, who are not writing policies) who told me that since our policy just renewed (march) then we should be ok thru this season. I guess the thinking is that Atlantic is going to start canceling policies that are up for renewal starting with July policies, if thats the case we should be ok for this season. Is this true? I dont think Atlantic will talk to me since my name is not on the policy only my dh.

[Deenac813]

I just talked to in independant agent (once of several already, who are not writing policies) who told me that since our policy just renewed (march) then we should be ok thru this season. I guess the thinking is that Atlantic is going to start canceling policies that are up for renewal starting with July policies, if thats the case we should be ok for this season. Is this true? I dont think Atlantic will talk to me since my name is not on the policy only my dh.

Speaking as in independent agent, Yes that is true. You should be OK until your renewal. Also, depending on the age of your house you should be able to find another company other than Citizens. (at least right now!)

[gtalum]

Your policy will not be cancelled until the current policy expires. So if you just renewed in March (this year, 2006), then you have coverage until next March to find a new policy. An insurance company cannot just cancel your policy while it is still in effect. They can only refuse to renew it.