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, 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. For the same reasons a company might cancel a policy, they also might choose not to renew one. For example, if a policyholder has a poor history of making payments on time, that might not be grounds to immediately cancel their policy but their insurance company can decide not to renew it. A nonrenewal might occur purely because a company is no longer offering that product or line of service in the area where a policyholder lives. No matter if the policyholder is in good standing or not, insurance company business strategies might be the reason behind a nonrenewal. Insurance companies are required to give written notice of a nonrenewal prior to the expiration of the policy.