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What Things Can Get Your Homeowners Insurance Canceled?
December 19, 2019
The reasons are many, but most are completely avoidable.
The reasons homeowners insurance may be canceled are different depending on the timing of that occurrence. Below are some possible reasons for the cancellation of your homeowner’s insurance organized by when in the policy cycle they occur.
Following initial application a home policy may be cancelled if:
- The answers on the application do not match the actual risk characteristics of the home.
- Increase exposure to property loss hazards
- An inspection reveals that the home has not been adequately maintained. For example:
- Roof badly needs replacing
- Electric, heating or plumbing needs repair.
High-risk liability hazards exist that may or may not have been disclosed on the application. For example
- Steps lack railings or general maintenance.
- A pool is present without proper safety considerations
- Vicious dog on the property
- Trampoline
Once an application has been accepted and homeowners insurance has been in place for a full term, things that can get your policy canceled include:
- Non-payment of premium
- Frequent claims
- Severe claims (high dollar losses)
- A routine inspection that shows the house is not being maintained or that an increase in hazard exists (see above)
- The insurance company withdraws from the market.
If you are forthright during the insurance application process and subsequently show pride in the ownership of your home, respect and mitigate the type of exposures that create liability losses, you should have little to worry about your insurance company canceling your home insurance.
Would you like to discuss how to optimize your homeowner’s insurance? We here for you. Give us a call at 607-324-7500, or request a quote online: https://www.ryanagency.com/request-a-quote
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Part 7 – Designing a Value-Driven Insurance Plan
Part 6 – Advice, Advocacy, and Answers
Part 5 – Can Your Company Deliver?
Part 4 – Custom Coverage = Real Protection
Part 3: Coverage Limits - "The Ceiling You Don't Want to Collapse"
Part 2 – The Risks of Chasing Cheap
Part 1: What Are You Really Paying For?
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