Will they drop my Homeowner’s insurance policy?
Friday, June 19th, 2009 at
12:48 am
Touch asked:
I have two homes, insured by the same company. One of the homes will soon be in foreclosure (due to unforeseen circumstances). Will they drop the homeowner’s insurance policy on my other home (I am up-to-date on that one)? Will they increase my rate?
I have two homes, insured by the same company. One of the homes will soon be in foreclosure (due to unforeseen circumstances). Will they drop the homeowner’s insurance policy on my other home (I am up-to-date on that one)? Will they increase my rate?
Tagged with: Foreclosure • Homeowner Insurance • Unforeseen Circumstances
Filed under: Homeowners Insurance
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Maybe. Since insurance prices are based on credit score, once the foreclosure hits your credit score, they may raise your rate significantly or drop you all together.
Just hope that you don’t have any claims and maybe they won’t check your credit score. I know they check once you have a claim, but I don’t know if they check on renewals and such.
When you no longer own the home, be sure that you are the one who cancels the homeowner’s insurance. Let them know you don’t own the property anymore and don’t need the insurance.
Hope they don’t check your credit. If they do your rate will go up (people with bad credit make more claims and are therefore more expensive to insure).
good luck!