Posted by Braud Afrodille on Friday, 14 February, 2020 05:39:20
Avoiding Non-Renewal. The homeowners insurance policy was never meant to be a home maintenance policy. The coverage is designed for sudden and unexpected large losses. In this current marketplace, homeowners need to be especially careful about filing a number of small claims over a short period of time.
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Things get a little more complicated if you cancel your home insurance any time after the cooling-off period, but before your renewal date. Most insurers will give you a pro-rata refund, provided you haven't made any claims during the policy year.
Just because a home insurance policy was adequate 12 months ago, doesn't mean it's still fit for purpose when it's time to renew. Life moves on, and if the value of your home and its contents increases or decreases, you could find yourself either underinsured or paying over the odds.
Why Your Homeowners Insurance May be Cancelled. Home insurance cancelled after an inspection: If you have an existing policy, it may be cancelled once it's up for a renewal if the insurance company's underwriter inspects the property and finds an unacceptable risk.Potential fire hazards, pipes, kitchens and other structures in disrepair may cause a cancellation.