230 North Westmonte Drive
Almost three million households have lost their homeowner's insurance since 2003 according to a 2007 national telephone survey conducted on behalf of Trusted Choice and The Independent Insurance Agents & Brokers of America. Two-thirds of the households that lost coverage were located in the South. Only half of the nonrenewed households said they were able to find other coverage.
As part of the current study, respondents were asked about changes they've made since 2003 to secure their home in the event of a natural disaster. Overall, a mere 28 percent of households indicated they have taken steps to secure their homes. Even in the South, where the threat of hurricanes is an annual occurrence, only 31 percent indicated that they had secured their homes.
The survey results also showed that about 35 percent of all American households had experienced a homeowner's insurance rate increase in the previous 48 months. Twenty-two percent of the respondents answered that they had received anywhere from an 11 to 25 percent rate hike, while 13 percent said that they had received more than a 25 percent increase.
Trusted Choice offers the following tips to lessen the possibility of non-renewal or rate increases: