Buying home can't get insurance due to market conditions in DFW..

[Makeitso]

Originally Posted by EDS_

OP do you know the FEMA flood zone designation of that house/lot in question?

Not in a FEMA flood zone or in a fire hazard area.

[rabbit33]

Like I said, with the invasion the insurance companies have written SO MANY new policies in DFW that they're overexposed in this area. This is straight from the independent agent we worked with (and it took a while, and we're paying more for less coverage) to secure a new policy.

[hijakeroo123]

It's not just affecting the high end market either; my wife and I recently bought a house for a bit below $600k in Plano and struggled to find insurance. Many carriers are not writing homeowners policies in the market, and the ones that are, are requiring auto to be bundled in order to spread out their risk profile. 2% wind/hail deductibles are also now minimum, and many are moving towards 3%. Ended up going with State Farm for around $4,800/yr because of a grandfathered auto policy that we already had with them. Travelers and Progressive were slightly cheaper (quoted through multiple intendent agents), but the Progressive policy was an unbonded policy that has to be reviewed through underwriting prior to approval/closing. Not looking forward to renewal next year.

[Aggielina]

Originally Posted by hijakeroo123

It's not just affecting the high end market either; my wife and I recently bought a house for a bit below $600k in Plano and struggled to find insurance. Many carriers are not writing homeowners policies in the market, and the ones that are, are requiring auto to be bundled in order to spread out their risk profile.

I wrote in another post that my agent told me that many insurers aren't writing new policies in Collin County because of the hail and storm damage of recent years. Glad you found something.