Skip to content

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Insurance
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

447
Posts
64
Votes
Peter Morgan
  • Rental Property Investor
  • West Des Moines, IA
64
Votes |
447
Posts

Insurance premium increased substantialy

Peter Morgan
  • Rental Property Investor
  • West Des Moines, IA
Posted

Hello,

My insurance company first threatened to cancel my home insurance if I don't install auto shut off valve within few weeks.

Now after installing the auto-shut off valve they still have substantially increased my insurance premium (almost doubled).

About two years ago I had a plumbing leak that was very well taken care of and remediation work was done with the help of insurance . After everything was restored to it's previous state the insurance company offered me a 'freebie' to install auto shut off valve with the help of a water security company referred by them.

While I did proactively follow-up with the water security company it was very challenging for both me and the water security company to find a professional who can do such specialzed work which caused me lot of delay in this installation.

There was no substantial increase after the first year but the insurance premium almost doubled inspite of installing the auto-shut off

Please advise as I am very worried

Thank you.

Loading replies...