DALLAS — For years, home and auto insurers have made the pitch to customers that it may be beneficial for them to ‘bundle’ their different coverages, most commonly for home and auto insurance. And in some cases,. A customer may find a better auto insurance rate with one carrier and a better home insurance rate with another.
The letter the homeowner received explained: “The dwelling is ineligible for coverage due to the following unacceptable conditions: Your prior Coverage A - Dwelling amount, indexed for inflation, would exceed our allowable Coverage A limit for your area, unless the household also has a Farmers personal auto policy.” The customer’s homeowners insurance policy will end unless they choose Farmers to insure their auto as well.
We continuously monitor the changing market environment and make adjustments, as necessary. In order to effectively address the frequency of catastrophe events, increased reconstruction costs and persistent inflationary pressures, we initiated targeted underwriting actions to better manage our risk exposure in the state.”s a result, we will be unable to continue offering homeowners insurance coverage to a portion of Farmers customers that no longer meet our underwriting guidelines.
My own home insurer just asked me to take a bunch of specific pictures inside and outside my house to determine if they would renew my policy. I have owned several homes and have never been asked to do that. Sometimes insurance customers can get frustrated with these interactions with insurers. And customers can get even more incensed when they see headlines like. But the fact is that companies covering home perils in Texas have also been contending with some perilous math in recent years.
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