Receiving a cancellation notice in the mail can be frustrating. You will undoubtedly have questions. Why did it happen? Did I do something wrong? What should I do next? The key is getting the answers as soon as possible. Read through the cancellation letter carefully to see if it says why your policy was canceled. If you still have questions, your first phone call should be to a reputable insurance expert. They will be able to assist you in getting answers and possibly reinstating your policy. If reinstatement is not an option, they can help you find a new policy.
Reasons Your Insurance Provider Might Cancel Your Policy
A cancellation can be the result of several factors. Bad credit or the addition of new, high-risk items to your property like a swimming pool or a trampoline are possible causes for cancelation. Filing too many claims or bringing home a high-risk pet like a dog breed that is known for aggressive behavior are two more examples. Being arrested or convicted of a crime may also be the reason for a carrier to drop your policy. Another reason may be that your insurance provider no longer serves the area in which your home is located.
Cancellation vs. Non-renewal
Cancellation and non-renewals are not the same things. Cancellation is often caused by an increase in risk or an excessive number of claims being filed against your policy. Non-renewals, on the other hand, are normally caused by something that is out of your control. A good example of this is when your policy comes up for renewal, and it is no longer eligible for coverage through your carrier. This can occur for many reasons. Primarily, it has to do with changes in your home itself or changes in your insurance carriers’ service area.
What Should You Do If Your Policy Is Canceled?
If you receive a cancellation notice from your insurance provider, your first step is to find out how much time you have before your coverage runs out. Your next step is to start shopping for a homeowners insurance policy that will provide you with the coverage you need at an affordable price. Using your old policy as a guide, you can begin to compare what coverage options you have available to you. Ask questions and check out several different providers.
Find an Insurer You Can Work With
Part of finding the right policy is finding the right insurer. You want to find an insurance expert who understands your needs when it comes to your homeowners’ insurance. Finding the right policy can be difficult if you have items or pets that increase your liability risk. It is important to review all of your options before choosing a policy. The right insurance expert will be able to do the research that is needed to ensure you have a policy you are comfortable with. You also want to work with an insurer you can trust. Communication is the key.
Cancelations can feel final and overwhelming. Do not let a cancellation of your homeowners’ insurance stop you from protecting your home and personal possessions. Talk to our experts at East End Insurance Agency today. We can help you find the answers you need and come up with a policy that is custom designed for you and your home. Get the protection you need and the peace of mind you want. Contact us as soon as possible so you will not have to go a day without homeowners insurance coverage.