Fed eases homeowner ‘casualty loss’ restrictions

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"If you dare to file a claim on your homeowner's insurance policy, we'll cancel your policy no matter how long you've been our customer." That seems to have become the motto of the homeowner's insurance industry. Just a few days ago, I received an e-mail from a homeowner who was insured with the same major national insurance company for more than 30 years. Last year she filed a $457 claim. The insurer paid because the loss was covered under the policy. But when her policy came up for annual renewal, the insurer refused to renew. Purchase Bob Bruss reports online. As the result of situations like this, smart homeowners have quickly discovered it isn't wise to file a homeowner's insurance claim unless the loss is large. Also, homeowners are raising their homeowner's insurance policy deductible as high as they can afford, realizing they can save on insurance premiums but they will have to pay the small losses themselves. Because of the new attitude of homeowner's insurers toward the...