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: Those who have their homeowners insurance policy cancelled for any reason frequently have trouble getting coverage in the months that follow. Should you find yourself in a position where companies refuse to insure you, contact your state department of insurance. They can provide you a list of assigned risk carriers (also known as residual market carriers) who offer insurance to those who cannot get coverage from regular insurers. Nonrenewal of a Home Insurance Policy
A nonrenewal of a homeowners insurance policy is when either an insurance company or a policyholder chooses not to renew a policy at the time of its expiration. Either party might do this for a variety of reasons, and there are a lot fewer restrictions than on a cancellation. 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.