Dropping your insurance coverage protection?
Right here’s what to do in case your insurance coverage is canceled or not renewed.
For those who’ve lived via even one Florida hurricane season, you already know the way necessary it’s to have good householders insurance coverage. So when your insurance coverage firm sends you a discover that they won’t be renewing your coverage, you might be tempted to panic.
1000’s of insurance coverage nonrenewal notices have been despatched to Florida householders over the previous few years, main many to marvel why they had been out of the blue left with out protection.
Whereas upsetting, this situation is frequent within the insurance coverage trade. However there’s no must panic! Right here’s what it’s best to do.
Nonrenewal vs. Cancellation
First, it’s necessary to make a distinction between a cancellation and a nonrenewal.
A cancellation is when your insurance coverage coverage is terminated earlier than it expires.
Insurance coverage corporations can cancel insurance policies for plenty of totally different causes, however normally, it’s as a consequence of one thing the policyholder did (or didn’t) do, corresponding to failing to pay premiums or committing fraud on the insurance coverage software.
In case your insurance coverage is canceled, you’ll be given a 10- or 20-day grace interval to convey your coverage into compliance or discover substitute protection.
An insurance coverage nonrenewal is when your insurance coverage firm chooses to not renew your coverage when it expires. Usually, nonrenewals happen due to circumstances out of anyone’s management, corresponding to a tough insurance coverage market.
In case your insurance coverage shouldn’t be renewed, you’ll be allowed to maintain your coverage till it expires, at which period you’ll have to discover alternate insurance coverage protection.
Why Did I Obtain an Insurance coverage Nonrenewal Discover?
In case your insurance coverage service decides to not renew your coverage, Florida legislation states that they have to provide you with at the very least 45 days’ written discover, stating the rationale your coverage isn’t being renewed.
Many of the causes for insurance coverage nonrenewals come right down to too many claims.
So as to keep afloat, insurance coverage corporations should soak up greater than they’re paying out. If there are a whole lot of insurance coverage claims in a brief period of time, insurance coverage corporations must take critical motion so as to keep in enterprise.
Whereas there have been latest legislative adjustments that intention to enhance Florida’s insurance coverage scenario, it’s going to take time for these adjustments to take impact. So, what are you able to do within the meantime?
What To Do Subsequent
First, learn your Policyholders’ Discover fastidiously. In some circumstances, you might be allowed to convey your coverage again into compliance by paying late premiums or making adjustments to your property’s danger ranges.
For those who really feel like you might be receiving a discover in error, contact your insurance coverage agent or firm.
If this isn’t doable, it’s best to act rapidly to keep away from any lapse in protection. The excellent news is that 45 days is often loads of time to discover a coverage with one other service.
How To Discover Alternative Protection
The simplest strategy to get a wide range of insurance coverage quotes that match your wants and your funds is by working with an unbiased insurance coverage company.
Not like captive brokers—who’re tied to a single insurance coverage firm—unbiased brokers can offer you quotes from a number of reliable insurance coverage carriers, permitting you to search out protection that matches your wants in addition to your funds.
Better of all, working with an unbiased agent means you’ll be working with somebody who understands your wants, danger tolerance, and funds—even if you happen to change insurance coverage corporations.
Want Insurance coverage? We Can Assist!
Whether or not your insurance coverage firm is not providing protection otherwise you’re simply interested in your choices, Harry Levine Insurance coverage may also help.
As one in all Orlando’s prime insurance coverage companies for greater than 40 years, we’ve constructed relationships with a few of Florida’s most reliable insurance coverage carriers. No matter your wants, we’ll allow you to discover protection on your dwelling, auto, enterprise, and extra.
As an unbiased company, we now have entry to all kinds of insurance policies and carriers and we’ll use our intensive insurance coverage information to construct a community of protection that’s best for you.
Name at the moment or go to our web site for a free quote.
