I HAD A HOMEOWNERS INSURANCE POLICY, WHEN IT WAS TIME TO RENEW?
by admin on Feb.01, 2009, under Insurance Program
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they pronounced my module we was with was right away being used out as well as they were not charity which any more. A crony told me which they could not shift my policy, they could stop offered it to others though if we had already purchased it they had to go on to suggest it until we canceled Is which true?
5 comments for this entry:
February 3rd, 2009 on 4:12 pm
Where do you live? An insurance company can cancel your homeowner’s policy when your year is up, not before then. If they do not renew you, then you have to find another company to cover you. Many insurance companies are leaving states, in the US. They do not ‘fade’ out policies, they simply do not renew or write them in certain states now.
February 4th, 2009 on 5:09 am
You had a 1-year contract with the insurance company. At renewal they have the right to NONrenew or cancel you –
or change company policy.
In NC – there are coastal areas that are getting non-renewed right now
February 6th, 2009 on 12:57 am
No, it is not true. An insurer is only bound to a policy for the duration of said policy, and is under no obligation to offer a renewal. Once your current policy expires, that’s the end of your coverage. Start shopping for other coverage immediately.
February 8th, 2009 on 8:13 pm
Well, it works differently in different states.
In most states, a “program” is written with a particular sub-company and when they fade it out, they basically close that subcompany, which allows them to cancel those policies, and get around the clause that your friend is referring to, if it’s even applicable in your state.
If your friend isn’t licensed to sell insurance in your state, I wouldn’t take their word for it. You can call your state insurance commissioner and ask.
But if you get a legal notice of cancellation on your homeowners policy, you can also contest it, and if you win, well, then your friend was right. If you lose, he wasn’t.
February 11th, 2009 on 5:37 am
An insurance company can non-renew your policy at the end of the policy term for a variety of reasons. Since you said they were “fading out” the company may be pulling out of the state, pulling out of a specific geographic area, or just might not be writing homeowner’s insurance at all anymore. They have to legally notify you that they will not be offering a renewal. Look at your non-renewal notice to find out the reason you are not being renewed and contact your agent for a new policy.