My insurer won’t renew my homeowners insurance policy, what should I do?
If you are a homeowner, chances are good that you have homeowners insurance to protect it from storms, fires, and other hazards that can damage or destroy your property. But what happens if you’ve been denied homeowners insurance policy by your insurance company? That could be an indication that they’ve decided not to work with you any longer, so you may wonder what to do next. Follow these steps if your homeowners insurance company won’t renew your policy.
Steps To Take If You Have Been Denied Homeowners Insurance
Your insurer won’t renew your homeowners insurance policy? Here’s what to do
1. Negotiate with your insurer
It may be worth it to negotiate with your insurer for an extension of the policy. The insurance company might be willing to extend your coverage if you agree to raise your deductible and can provide documentation from the city that you have completed flood mitigation measures.
2. Document everything
If your insurer won’t renew your homeowners insurance policy, you should document everything. Taking pictures of the damages with a date and time stamp on them can help later if something goes wrong. Additionally, taking pictures or notes of what items have been lost or broken is crucial. Keeping all documents in one central location for quick access is also key so that if you need it, it’s right there. Then you can call the Department of Insurance in your state and let them know what happened. They can look into your claim and potentially help resolve the issue.
3. Speak with an independent agent
Independent agents work for themselves, not the insurance company. That means they have a stake in your satisfaction and are less likely to push you toward another company’s policy or products. Talk with an independent agent about options that might fit your needs and budget. It may take a few visits or phone calls before you find the right coverage, but it’ll be worth it when you’re satisfied with your new plan.
4. Look into discounts
Find out if you can reduce your premium with any discounts, such as bundling home and auto insurance. You may also be able to deduct the cost of flood or earthquake coverage from your taxes.
5. Research the trustworthiness of the company
Sure, you may not trust your insurance company right now, but did you know that most insurance companies are trustworthy and do abide by state regulations for insuring homes? You just need to find a new company willing to insure your home. Keep in mind that some companies will offer you a homeowners insurance policy even if there are risks associated with insuring your home, but the prices will be higher.
That said, finding a new insurer can be difficult. First, you’ll want to research which companies offer a homeowners insurance policy and the rates they charge. Next, call up each of these insurers and ask them questions about their policies. You’ll want to make sure that they’re reputable before committing to their services (i.e., don’t sign up with an uninsured company). If an insurer won’t accept your property because of its risk level or location, try one of the other available insurers until you find one who will provide coverage for your property at an affordable rate.
6. Finalize and purchase your policy
You’ve finally found an insurer you can work with? Congratulations! However, before signing anything, ensure that all your details are correct, as the insurance company may need to inspect your home to make sure that the application’s replacement cost coverage and property information you provided are correct. And if they discover a false claim, that can signal the end of the deal.
