Rejected for Insurance

[wylie]

Great advice by Marg. I second it.

We once were declined insurance when we bought an IP. We answered truthfully about the condition. It needed renovation, and we started that renovation the day it settled. It was in better condition than many places and we shot ourselves in the foot by admitting the plumbing and electrics were old, the roof was old etc.

All that was replaced within a month and we had a great updated IP in good condition, but for the next five (?) years we had to explain that we had had insurance declined. We did up a letter explaining it and attached that to any insurance renewal or change to save us explaining it. It was a real pain though.

 

[TMNT]

Thabks everyone, good comments and experiences


For the record, I'd like to clarify

I have between 8-11 policies, (haven't actually counted yet)

I've done 3 claims in the past 12 months on different properties

I've received a "we will not insure you when it expires" notice for 5 of the non claim ones

So technically when asked if I've been.rejected for insurance questions the answer is no as I have not applied for it

 

[S.T]

So what happened when you rang and spoke to them?

 

[Melbournian]

just clarify that you will take do this and that action to reduce the risk

i once was burglared (when overseas) and claimed a large amount and had a non-renewable letter send to me. i asked why and they said this and then, which i responded i have updated my security including sensor lights, bolt locks etc.

they renewed after that.

 

[Deltaberry]

Hi

I would go to great lengths to try and remain at the existing insurance company and renew the policy and if you still have a sour feeling towards them and want to leave then try and do it at your own merit.

Some insurance companies ask the question: "Have you ever been refused insurance in the past?". Answering yes to that question is always going to give grief.

Best of luck.

I hate insurance companies.

Regards,

alicudi

Hilarious. They want you to pay premiums, but when you claim, hey don't want you as a customer ever again. Double standards.

 

[alicudi]

Hi

About my post earlier in this thread: "Have you ever been refused insurance in the past?"

Does any insurance expert know when an insurance company asks a consumer this question are they referring to a claim not been paid out in the past or if it is for a "we will not insure you when it expires notice?"

To TMNT: I am 100% certain that some other insurance company will take your business on board, just shop around till you get a good deal. 8 to 11 policies is nothing to sneeze at that's for sure and any insurance broker would love you to contact them.

Regards,

alicudi

 

[turk]

What has been your previous claims history?

 

[TMNT]

What has been your previous claims history?

One claim before that with a different insurance company


I havent called the insurance company yet due to a few family issues that I need to sort out


But I will definitely calll them up

And I like the idea of saying to them I have upgraded security so insure me

Ideally I would like to stay with them, their pricing has been good, excesses good, although a few claims process was disastrous

Oh and one very importabt thing I forgot to mention because I had buried the memories, was that I opened a dispute with the ombudsman after a claim went distraously wrong (imagine them quoting works, hiring builder, starting the works, and near the end stopping the job, wand insurance company refused to even follow it up)
It was. A very stressful time

 

[Perp]

Ideally I would like to stay with them, their pricing has been good, excesses good, although a few claims process was disastrous

The only reason you want them is to handle claims well, so why would it matter how good their price and excess were if they don't pay claims promptly and without drama?

 

[marg4000]

I've received a "we will not insure you when it expires" notice for 5 of the non claim ones

So technically when asked if I've been.rejected for insurance questions the answer is no as I have not applied for it

You will find that the usual question about previous history also includes asking if you have every had renewal declined.

Declining to renew an existing policy IS a material fact, and your duty is to disclose all facts relating to the insurance whether directly asked or not.

Failure to do can result in the policy being declared void - usually the result of investigations following a claim.
Marg

 

[Jaggannath]

You will find that the usual question about previous history also includes asking if you have every had renewal declined.

Declining to renew an existing policy IS a material fact, and your duty is to disclose all facts relating to the insurance whether directly asked or not.

Failure to do can result in the policy being declared void - usually the result of investigations following a claim.
Marg

Another excellent post on this topic from Marge. When the proverbial hits the fan, you don't want to be fussing around resolving technicalities such as this, you want the money ASAP and getting it back on the market.

Contact the company and ask what their concerns are, and what they'd consider acceptable remediation

 

[TMNT]

Just an update, state manager has been away so they will call me when he/she gets back,

and another interesting fact as come to light,

due to pure coincidence, approx half policies were made under my brothers name, and half under my name, same address

so MR A. TMNT (8 policies)

and MR B. TMNT (7 policies)

so total 15

my brother has obviosuly put them under his name because he was the one who got the quotes and was helping me out at the time

the insurance notices all came to me , my brothers ones are all unaffected so far,

i dont want to do anything dodgy, so should I just tell them that I have more ,

or should I just leave it as is, I guess my brother could take out insurance for them under his name....but that im sure comes across as dodgy

 

[miss green eyes]

I assume policies have to be in the owners name, for landlords
For contents- in 'tenants' name, including non-paying tenants, if that what you or your brother are.