Why do Homeowners Insurance companies LOVE standalone Bike Insurance?

Homeowners Insurance companies LOVE standalone Bike Insurance because a bicycle claim through the standalone BikeInsure plan won't affect the cyclist's homeowner's or renters' policy.

Homeowners Insurance Companies LOVE standalone Bicycle Insurance.

Think of homeowner insurance as "Catastrophic Loss Protection."

Homeowner's Insurance Companies write over 100 BILLION DOLLARS in premiums annually in the United States. But, more importantly, homeowner's insurance companies do NOT desire to lose their premium-paying customers when required to non-renew or cancel a policy due to multiple claims within three years.

* According to ValuePenguin by Lendingtree, the cost-adjusted total Homeowner's Insurance Premiums in 2021 were approximately $104.28 Billion in the United States.

The largest home insurance companies.

What are the largest homeowners insurance companies?

  1. State Farm
  2. All State
  3. USAA
  4. Liberty Mutual
  5. Farmers
  6. Travelers
  7. American Family
  8. Nationwide
  9. Chubb
  10. Progressive

Before BikeInsure chose plan underwriter Great American Insurance Company, the fortune 500, AM Best A+ rated insurance carrier authorized insurers in all 50 states and DC, whom for 150 years, Americans have trusted to protect them and render best-in-class service, it presented the opportunity to one of top 10 largest home insurance companies. Whereas they liked the defined bicycle market opportunity, the most significant value of the standalone specialty bike insurance product was their possible protection of more minor bicycle claims impacting their existing homeowner's insurance revenue, which is one of their flagship written premium categories. The standalone BikeInsure plan was a viable solution.

Great American Insurance Company. AM BEST A+ Superior.

Attention Bike Owners: To the cyclist who assumes their homeowner's policy provides their bicycle or eBike comprehensive insurance, in this blog, government insurance administrations, insurance professionals, and business reporters define the impact homeowner's insurance claims may have on homeowner's nonrenewal.

Don't be worried because the peace of mind solution is a reasonably priced standalone bike insurance policy that is just two minutes sign up away, which may help avoid costly and aggravating homeowner's nonrenewal or cancellation.

Why? A bicycle claim through the standalone BikeInsure plan won't affect your homeowner's or renters' policy.

Bicycle owners need standalone Bike Insurance.

6 Defining Homeowner's Claims & Cancellation Resources.

Note: Business report from The Washington Post. Insurance professionals' input from The Zebra. Clarity from Progressive Insurance and Arch Insurance Group. Trade organization resources from Rocky Mountain Insurance Information Association. And definition from the District of Columbia government in Washington DC.

  1. Most insurance companies pay particular attention to the last three years of loss history on a Comprehensive Loss Underwriting Exchange (CLUE) report. According to The Washington Post article Why your homeowner's insurance probably wasn't renewed. Use this rule whether there's partial damage, such as tree damage to part of the home, or if there's a total loss, like a fire. Better to save that arrow to slay the big dragon than use it for something small and run the risk of your carrier not renewing your policy or increasing your premium.
  2. As a rule of thumb, homeowner's insurance should be used for bigger losses following a peril that damaged your property. According to The Zebra article, When should you file a homeowners insurance claim? Furthermore, If you rack up one too many, insurers can void your policy if they think you and your home carry too much risk.
  3. While insurance is meant to be a safety net to help protect against the unexpected, filing too many claims may cause your insurance company to discontinue your coverage based on your claims history, according to the Progressive Insurance article Common scenarios for nonrenewal of home insurance.
  4. The homeowners' insurance policy is designed for sudden and unexpected large losses. In this current marketplace, homeowners need to be especially careful about filing a number of small claims over a short period of time. Most carriers have tightened their restrictions on the number of claims you can file before you are considered a higher-risk customer or too high a risk, which could result in your homeowner's policy being non-renewed. According to the Rocky Mountain Insurance Information Association article Your Guide to Understanding Insurance.
  5. Expect higher premiums and limited coverage if your C.L.U.E. report shows claims, says Stephanie Dunstan, regional vice president of Arch Insurance Group. "In fact, some insurance companies may decline the consumer for coverage" based on past claims, she said to Forbes Advisor in a report, What Is A C.L.U.E. Report For Insurance?
  6. D.C. Municipal Regulations Rule 26-A5000 - PERMISSIBLE REASONS FOR NON-RENEWAL/CANCELLATION AND USE OF CLAIMS HISTORY INFORMATION An insurer shall not refuse to renew a policy of homeowners' insurance solely due to claim or loss frequency unless there have been two (2) or more claims during the preceding three (3) year period. (current through January 27, 2023)
6. dcregs.dc.gov Avoiding Homeowner's Non-Renewal.

Homeowner's Claims may leave your House Uninsurable.

If your insurer chooses not to renew your policy at the end of the term due to multiple claims, and you’re unable to obtain a policy from another home insurance company, you may be able to purchase coverage through your state’s Fair Access to Insurance Requirements (FAIR) plan or a state mandated insurance plan. According to PolicyGenius, "A FAIR Plan is the type of homeowners insurance you get when you’re not able to find coverage through a typical insurance company. Since they're typically more expensive and have lower coverage limits than standard home insurance policies, FAIR Plans are a good last-resort option for homes that don’t qualify for a standard policy."

Homeowner's policy high deductible.

Does homeowners insurance cover a bicycle?

Bicycles may have some protection under a homeowner's or renter's policy. Still, typically a homeowners policy will not cover a bike if it is stolen from anywhere but the insured's home. Notably, many insurance experts advise us to consider today's homeowner's insurance as "catastrophic loss protection."

This insight is because:

  • Multiple homeowner's insurance claims can lead to cancellation or non-renewal,
  • Homeowner's policies often have high deductibles,
  • Policies often have lower limits on certain individual items,
  • And a claim can cause your premium to jump significantly.
The LOVE for standalone bike insurance

BikeInsure is a cost-effective, standalone, primary insurance solution for your bicycle.

Why do Homeowners Insurance companies LOVE standalone Bike Insurance?

The BikeInsure smart alternative provides the protection you need without compromising your homeowner's insurance.

Top 11 Reasons why Homeowners get Bike Insurance:

  1. For a nominal $16.99 monthly recurring credit card charge, the bike or eBicycle is insured.
  2. Optional bike theft insurance may be added for $8 monthly.
  3. New and used bicycles or eBikes are eligible.
  4. Multiple bikes or eBicycles may be enrolled.
  5. Bicycle Insurance Coverage is application only.  
  6. No credit reports are required.
  7. No social security numbers are requested.
  8. No credit-based insurance scores are necessary.
  9. No additional underwriting requirements.
  10. BikeInsure has a simple two-minute sign-up via computer or smartphone.
  11. The BikeInsure plan is underwritten by AM Best ‘A+’ (Superior) Great American Insurance Company. For 150 years, Americans have trusted Great American Insurance Company to protect them and render best-in-class service.

Bonus: A bicycle claim through the standalone BikeInsure plan won't affect your homeowner's or renters' policy.

America's best Bike Insurance.

If you have a cyclist that you love, consider referring them to the BikeInsure peace of mind bicycle protection for just $16.99/mo.

A BikeInsure plan is a two minutes simple application. We say no to the following:

  1. No credit reports are required.
  2. No social security numbers are requested.
  3. No credit-based insurance scores are necessary.
  4. No additional underwriting requirements.

BikeInsure Comprehensive Bicycle Coverage = $16.99/mo.

  • Road Bike Insurance is $16.99/mo.
  • eBike Insurance is $16.99/mo.
  • Triathlon Bike Insurance is $16.99/mo.
  • Mountain Bike Insurance is $16.99/mo.
  • Gravel Bike Insurance is $16.99/mo.
  • Fat Bike Insurance is $16.99/mo.
  • Cyclocross Bike Insurance is $16.99/mo.
  • Cargo Bike Insurance is $16.99/mo.
  • YOUR BIKE INSURANCE is $16.99/mo.
BikeInsure on cracked road.

Ready for bike insurance?

Get Coverage



Coverage Highlights
The TheftProtect icon
with optional
+ $8/mo.
Get Coverage