Nationwide drops select policies

News 25’s Brooke Parker headed to the Mississippi Association of Self-Insurers Conference to talk with Commissioner of Insurance Mike Chaney about Nationwide’s recent homeowners policy change.

Over 3,000 homeowners across the Coast are receiving the same news that Nationwide is dropping their policy.

This applies to policies for homes over 50 years of age and with roofs older than ten years. This comes right in the middle of hurricane season so Mississippi Commissioner of Insurance Mike Chaney sprung into action. “We’re not happy about Nationwide because we’ve cut them a lot of favors to stay on the Gulf Coast. So, we have opened up the Mississippi Residential Plan, which is a bare-bones type of property and casualty for homeowners. It’s like a stripped-down HO3.”

On top of not renewing properties, Chaney tell us that Nationwide is asking to charge more. “They’ve asked for a rather large increase on residential and commercial properties on the coast. I’ve told them no, and we’re evaluating. It’s just bad timing. People are struggling. If you’re on a fixed income, and to have someone ding you on your homeowners insurance another third, or go up 33%, you can’t afford that.”

You can re-apply under the new terms, but you may still be denied. Director of Claims Andy Case said, “What Nationwide did, is they basically non-renewed these policies and allowed these people to reapply under the new guidelines. While that certainly is good, many of the policies did not qualify under the new guidelines because of roof age or proximity to the beach.”

Both Chaney and Case say that it’s time to start looking for a new insurer. “Call not one, or two, call all the agents you can to get coverage. And chances are you’ll find coverages.”