Title: Home Insurance Cancellation, Nonrenewal and Policy Lapses - ValuePenguin
Headings: Home Insurance Cancellation, Nonrenewal and Policy Lapses
Home Insurance Cancellation, Nonrenewal and Policy Lapses
Homeowners insurance cancellation
Nonrenewal of a Home Insurance Policy
What to do when your homeowners insurance policy lapses

Content: For example, a company might not allow a customer to renew their policy due to a high volume of claims filed within a policy period. This might not seem fair - after all, customers pay premiums so they can file a claim when they have to - but insurance companies can’t afford to pay out too much in claims overall. If an individual policyholder is filing a high volume of claims and the company feels it could lose too much money on them over time, a nonrenewal can be a result. An insurance company also might not renew your policy if you file just a few large claims due to damage you cause. You don’t have to cause the damage intentionally. For example, say you really like candles. You can have as many candles as you want, but if you constantly forget to extinguish them and have caused two seriously damaging fires, a company might not renew your policy. Liability claims might also lead an insurer to not renew a policy. For example, dog bites are responsible for more than one-third of all homeowners insurance liability claims. A company might not renew a policy if that homeowner has a dog that has bitten multiple people and claim filings have been the result.