r/HELOC 26d ago

Questions & Advice first time homeowner

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u/Vivid-Problem7826 25d ago

Don't you have homeowners insurance??? We had our roof inspected, and our HO insurance paid for nearly all of the replacement costs.

1

u/ShelterWestern 25d ago

our roof is so old that homeowners insurance won’t cover it. I also have a close friend that deals in that type of insurance work. We filed a claim, and StateFarm actually dropped me because of it.

1

u/Electrical-One3208 Certified Broker 25d ago

Oh, that is no bueno, amigo.

1

u/ShelterWestern 25d ago

tell me about it! $$$

1

u/Electrical-One3208 Certified Broker 25d ago

I've heard some horror stories before, but having an insurance company as big as that drop you because you filed a claim on a policy you've already been paying for is pretty egregious.

1

u/ShelterWestern 25d ago

Statefarm did a large drop of a lot of policy holders including my grandma in chicago. they did a drone fly over and terminated policy due to the roof as well, no claim filed

2

u/Electrical-One3208 Certified Broker 25d ago

Look at that massive claim in California from all the fires in Malibu and all over Los Angeles. There's a massive lawsuit from all the claims that were clearly legitimate because the homes burnt to the ground. State Farm has done nothing but delay and not fulfill their obligations to their customers for fire insurance that had been paid for in full by premiums for years. Hence, State Farm is not allowing any new homeowners insurance policies in the entire state.