USAA has been great to us and hasn’t dropped us after several claims in a 15 year period - one requiring a total rebuild, one new roof, and two pretty major floods. (These were on two different homes)

You're in Florida, basically. This is the problem virtually all homeowners in Florida now have with property insurance--they just can't get it. So I would look into what folks are doing there, because if you can't get home insurance, that's what you'll have to do.

Good luck. It stinks.

Anonymous wrote:It sounds like USAA hasn't dropped you yet and even if they did, you can pay the mortgage off in cash, so I wouldn't be too concerned about it.

this is a bizarre thing to say. If your house is destroyed, you will need cash to rebuild. That's what insurance is for, it's not just for the mortgage.

Anonymous wrote:Why did you make claims for water damage?

Because most people erroneously think insurance is for "small/minor things". Just like with auto insurance people carry a 500 deductible, their 17 yo rear ends someone and they file the $2500 claim with insurance. Not realizing that their rates will now go up by $2-3K/year for 3-5 years. And if the kid has another accident, they could get dropped.
When in reality, you just need to suck it up, and keep it out of insurance, unless the other party is slimy/looks like they are not ethical.

But yes, water damages are well known to be the "kiss of death". They actually stay with the home/property on record that all reputable insurance companies can find. Thus also making it challenging to sell your home in the future.

Trust me, I've had water damages and filed years ago (15+, 10+ in of rain in 5 hours in an area where 85% of people had basements flooded who had never had it happen previously---well our sump pump died as did the backup during that storm) but no way I would file now

Why did you make claims for water damage?

It sounds like USAA hasn't dropped you yet and even if they did, you can pay the mortgage off in cash, so I wouldn't be too concerned about it.

Anonymous wrote:

Anonymous wrote:The high end home we bought 5 years ago has been a disaster. We have had 3 major water damage claims in 3.5 years (all due to equipment failure, not our mistakes. Two were very likely related (repairs of one bathroom issue caused the shower liner to crack which caused the next issue but because we couldn't prove that was cause they were treated separately).

I'm worried USAA is going to drop us. The two other companies I've talked to so far have both said they don't take new clients with ANY water damage claims in last 5 years.

What do you do if no insurer will cover your house? We could pay off our mortgage in theory but obviously that would be incredibly risky to not have any insurance on our house. We could financially handle an extremely high deductible but I don't know if there's even an option to negotiate coverage if you're will to have that.

This is why you do NOT make insurance claims unless it is astronomical damages, especially with water damages.

We keep a $10K deductible on our home and know that we'd only file a claim if it was $20-25K+. Because even if you file a $15K claim, you run risk of paying significantly higher rates for 3-5 years and also of being dropped.

This, but I wouldn't do a claim for under $35K or more.

When was your most recent claim? You need to talk with an insurance broker, and be diligent if your current policy is about to expire.

You could also call USAA and ask about replacing your current policy with one with a higher deductible and see what they say -- if they decline then you know you are about to get dropped.

Talk with an insurance broker

Anonymous wrote:The high end home we bought 5 years ago has been a disaster. We have had 3 major water damage claims in 3.5 years (all due to equipment failure, not our mistakes. Two were very likely related (repairs of one bathroom issue caused the shower liner to crack which caused the next issue but because we couldn't prove that was cause they were treated separately).

I'm worried USAA is going to drop us. The two other companies I've talked to so far have both said they don't take new clients with ANY water damage claims in last 5 years.

What do you do if no insurer will cover your house? We could pay off our mortgage in theory but obviously that would be incredibly risky to not have any insurance on our house. We could financially handle an extremely high deductible but I don't know if there's even an option to negotiate coverage if you're will to have that.

This is why you do NOT make insurance claims unless it is astronomical damages, especially with water damages.

We keep a $10K deductible on our home and know that we'd only file a claim if it was $20-25K+. Because even if you file a $15K claim, you run risk of paying significantly higher rates for 3-5 years and also of being dropped.

If you have a mortgage, your lender will purchase coverage for you, named lender-placed insurance. It is expensive - likely much more expensive than your voluntary coverage - and is designed to protect the lender and its security interest, not you. It likely will not cover contents, liability, or anything else that your voluntary policy covers. It is not a great alternative.

If possible, I'd keep looking, even if you see a significant premium increase.

If you can afford a high-end home and a high deductible, you probably would’ve been better off paying for at least 2 of those 3 out of pocket. Maybe even all of them.

If you can’t find coverage your mortgage holder will and will charge you the premiums.

That really sucks OP. I hope your luck improves.

In which jurisdiction is your house ? Check for an "assigned risk" type of policy through the state or district in which the house is sited.

The high end home we bought 5 years ago has been a disaster. We have had 3 major water damage claims in 3.5 years (all due to equipment failure, not our mistakes. Two were very likely related (repairs of one bathroom issue caused the shower liner to crack which caused the next issue but because we couldn't prove that was cause they were treated separately).

I'm worried USAA is going to drop us. The two other companies I've talked to so far have both said they don't take new clients with ANY water damage claims in last 5 years.

What do you do if no insurer will cover your house? We could pay off our mortgage in theory but obviously that would be incredibly risky to not have any insurance on our house. We could financially handle an extremely high deductible but I don't know if there's even an option to negotiate coverage if you're will to have that.