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Rest easy with the right homeowners insurance
Get better value from customized homeowners policies, whether you’re reassessing or starting out fresh.
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Your house catches on fire and you need to rebuild – homeowners insurance. Your backyard tree falls into your roof and now your home is a convertible – homeowners insurance. Homeowners insurance is the unsung hero of homeownership. You hope that you don’t need to use it, but when you need it? You’re glad to have it.
That’s what makes home insurance non-renewal so concerning.
Home insurance non-renewal means that your insurance policy will no longer cover you when your current policy ends. You will be covered for the full length of your policy but are ineligible to have the same coverage with the same carrier for the following term. This can happen for a number of reasons and it's not necessarily your fault.
Compare this to homeowners insurance cancellation where your policy is canceled in the middle of the term. When it comes to non-renewal vs. cancellation, cancellation is where you’re likely to have more control. Home insurance policy cancellation reasons include things like non-payment, fraud, or failure to comply with policy terms.
If you’re facing a non-renewal, your insurance carrier is required to give you notice. The notice period varies by state and carrier but is typically at least 30 days. During that home insurance policy non-renewal notice period, you’ll want to take steps to remedy the non-renewal if possible and start looking for a new insurance company if it’s not.
So, if a non-renewal of homeowners insurance isn’t necessarily your fault, what are the possible causes?
Stay calm. The homeowners insurance non-renewal process allows for appeals. There is a chance that you can save your policy, or at least become more attractive to other carriers while you shop around for a new insurance company. Follow our six steps to plot out your next move.
Review the reason provided for the insurance policy non-renewal notice and confirm its validity. Your insurance company will tell you why your policy is not being renewed. And, hey, mistakes happen. If they are not renewing your policy because your pool is unsecured, but your property doesn’t have a pool, that’s an easy fix.
If their reason for non-renewal is not valid, contact them and let them know. If their reason is valid, contact them anyway. Ask for further clarification and whether there’s anything you can do to reverse the decision. VIU by HUB customers can always rely on the VIU by HUB Advisory Team to speak with insurance companies on their behalf in cases like this.
Now that you know their reasoning and what you can do to potentially reverse their decision, take the steps to remedy their maintenance or safety concerns. Address them promptly and provide your insurance company with proof of repairs or mitigation efforts.
Some states allow homeowners to appeal non-renewal decisions if they believe it’s unfair. Check the laws and regulations in your state to see if you’re able to appeal and what you should do to prepare yours. The VIU by HUB Advisory Team can help you determine if you can appeal and, if not, help you locate a new insurance policy that will work for you.
Sometimes there’s no way to reverse the decision and you have to find a new insurance carrier. If you find yourself in that situation, you still have a few options.
Research local regulations to determine if your insurer followed proper procedures. They’re human. It’s possible that a mistake was made, or a regulation was updated. It’s unlikely to find an error in your favor here, but it’s not impossible. Researching these rules will also help you to avoid missteps in the future.
As we’ve said, sometimes home insurance non-renewal is unavoidable and entirely out of your hands. And sometimes, well, sometimes there are things you can do to prevent it. To avoid those preventable non-renewals, try these tactics.
Home insurance non-renewal. Homeowners insurance cancellation. New home. Remodeling finished. No matter what your insurance situation is, the VIU by HUB Advisory Team has seen it and can guide you through exactly what you need to do and know. We can help you find new, personalized policies with competitive rates.
The VIU Point is here to help you make sense of it all, so you can confidently compare auto insurance quotes and make the best policy decisions.
