How can I get coverage if my home insurance was previously canceled?
UPDATED: Mar 26, 2014
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Asked March 26, 2014
There are many reasons why an insurance company may choose to cancel or deny a renewal on your homeowners insurance. In some cases, you can correct the problem and keep your existing insurance, in others you can appeal the decision. Sometimes, there is nothing you can do to prevent the policy from being terminated, and when that happens you will need to find a new insurer as quickly as you can, preferably before the cancellation goes into effect.
When an insurance company cancels or refuses to renew a policy, they will send you a written explanation. If there is something you can do to correct the problem, the letter will inform you of the steps to take. For instance, you may be required to put a fence around your pool. Once the fence is installed and verified, your insurance will continue as it had previously. In other cases, the company may simply choose to terminate the policy, and will not provide you with any corrective measures. When that happens, you will have to get new coverage, and get it before the old policy ends if you have a mortgage condition which requires continuous insurance.
This website is a great place to find a new homeowners policy. You can fill in a simple form and receive a quote from not one but several competing insurers. As an insurance brokerage, this website is able to match your needs against the policies available from all of the companies it represents. Unlike a dedicated site or agent, an insurance broker is paid directly by the policyholders rather than earning a salary to sell policies for a single insurer.
If you find a policy you are happy with, you can apply for coverage on the spot. However, before you purchase a policy from any insurance company, be sure to check their financial ratings with a company like the A.M. Best Company to find out how well the insurance company is doing financially. Homeowners insurance is a long term contract, and it is in your best interest to check a company out thoroughly before committing yourself to a long-standing legal contract.
Answered March 26, 2014 by Anonymous