MOORE, Okla. – One of the states biggest insurers is usually dropping a family in Moore, after that filed two claims for hurac¨¢n damage.
Richard Perry said he was shocked to open a new letter through Farmers Insurance policy Monday, launching it would be canceling his coverage, effective within April.
That dont help to make any sense to me, he or she told NewsChannel 4, following calling his / her local brokers office. The girl said she’d be more than happy to keep on coverage on our vehicles but , being even as we live in this place right here, it will be too high a risk to protect our home.
The notice reads: Unfortunately, we are struggling to continue protection, because the number of losses you might have experienced go beyond our acceptability limits.
The particular Perrys filed claims upon two events following tornadoes.
The first came in 2013, when Farmers paid out $1, 615 for blowing wind damage.
The second came in March of 2015, when Maqui berry farmers paid $7, 746.
Perry said most of this claim was paid out on his truck, that has been damaged in the storm.
The rest of the money gone toward things like his houses siding — which is still within disrepair weeks later.
I didnt think it was grounds at all [for non renewal], Perry said. I saw it as a way to get rid of it. I cannot see that $8, 500 in the last two years with the storms weve had that’s going to crack Farmers, therefore theyre afraid to do anything with me at night? That merely doesnt make any feeling to me.
Pal Combs from the Oklahoma Insurance Department said most companies will not take the similar steps, however they do have the justification to do so.
Under state legislation, an insurance carrier cant fall a policyholder for filing a single state.
But , firms can take action if a policyholder files two statements or more.
Perhaps [the company has] seen lots of claims for the reason that area, plus theyre seeking to diversify the chance that they have and get out of several areas. Maybe they visit a homeowner or some area as some larger chance than other folks, Combs said. I consider there are a lot of aspects in enjoy. I never think their necessarily just money or just the bottom line due to the fact, to be sincere with you, many of these companies want every policy they can buy.
But , while Combs realizes the inconvenience of having to look for a new insurance agency, the sterling silver lining will there be are a quantity of competitors to switch to.
We certainly have a very powerful, competitive industry for homeowners insurance in Oklahoma, he said. So , they may have been terminated on one of these policies, yet I know theres hundreds holding out to just take that company up.
And Combs says the department will be willing to aid. If your plan is not renewed, you can call 1-800-522-0071 for assistance.
NewsChannel 4 called Farmers Insurance for comment late Thursday afternoon.
Within a statement, spokesperson Carrie Bonney says: Insurers are constantly assessing chance and as a part of that method we frequently review individual policies. From time to time, as part of the review process, we find certain exposures whos (sic) loss historical past results in a decision to non renew an insurance policy.
But , Perry is already getting ready to switch his / her policy : even with regard to his auto insurance, which Growers told your pet he can keep.
Im completed with Farmers, this individual said. I will have nothing to do with them. I dont even would like their postal mail coming to my house. I have to get my quotations, get a brand new insurance company, begin all over using a company I am not familiar with. Its frustrating.