I am having a problem with my HomeOwnerns Insurance Company. I have a single primary home mortgage with ****** that has a principle balance of about $70,000
The property is appraised at about $140,000. My 'standard' policy has me with the following coverage:
A. Dwelling: $170,000
B. Other Structure: 17,000
C. Personal Property:119,000
Up until this summer I have had no 'Other structure' , just the small house.
I have been building a shed with my own time and money. The Insurance Underwriter has sent me a 'non renewal' notice for 4/11/12 with the reason stated as ......"Unacceptable Other Structure"
So I have been paying all along (7 years) for this covergage but that now that I put up a shed they dont like it. Apparently as it is not complete presenting a potential liability. I have been hounded all winter by my agent who says I must remove the shed from the property or complete it and send pictures.
Further I do not want all this insurance, and I have negligilble 'Personal Property' , certainly nothing that needs insurance, old clothes etc. If I wanted to spend some money I would start with buying some 'Personal Property' before actually spending money to insure it.
So my question..."Is there some reason I can not choose the amount of coverage I have, above what I owe *******?"
Also " why do I have to have insurance on an outbuilding that I owe nothing on and would prefer to exclude from Insurance coverage.?"
The underwriter is essentially blackmailing me by indicating they will send out a notice to all insuran ce companies of my 'Non-Renewal' action which would make it difficult/expensive to find Insurance in the future.
It seems an afront to my personal liberties to have this insurance company dictate how, what, when I build on my property when I dont want their Insurance in the first place. I do understand the responsibility for liablilty on my property etc but is there legislation that dictates and assumes this responsibility for me. It is downright UnAmerican to not allow an individual to enjoy building a 8' x 12' shed on their property at their own pace and style.
I certainly dont want to pick a fight with the Insurance industry and understand I would never win. I dont mind paying the going rate for Insurance, I just dont like a system like this telling me how to live and act responsible and in the process stripping of my freedoms, including not insuring all of my property if I choose to take that chance.
Thank You for any advice,
[This post has been
edited to remove personal or identifying information. -Moderator]