Has your insurance provider ever canceled your policy?

[Nathan Gesner]

I manage a lot of rentals. One of my owners has been with Farm Bureau for about 25 years. They insure eight apartment buildings on three separate properties, 36 units in all.

We had a kitchen fire in 2018, tenant caused and the claim was around $3,000. We had a broken water pipe (old, not frozen) in 2019 that caused $12,000 in damages. And we had a roof damaged by wind and hail in 2019 that cost $15,000 to replace.

That's $25,000 in claims in the past three years, all legit. I estimate he's paid about 10x that in premiums since owning the property but Farm Bureau just sent a notice that they are canceling his policy because of the number of claims.

Has anyone else had this happen? Did you have a problem getting insurance from another provider? I have 60 days to find a new carrier.