If you’re a landlord, getting a non-renewal notice for your dwelling fire policy can be stressful. This type of policy protects your rental property from damages due to fire and other covered risks. Carriers like Progressive aren’t renewing some of their landlord policies, which is causing some concern among landlords. When it’s landlord insurance is not renewed, your property and income could be at risk. Here are the steps to take immediately if you’re facing landlord insurance non-renewal.
1. Review the Non-Renewal Notice Carefully
Start by reading the notice from your insurance company thoroughly. Insurers are required by the Department of Insurance to explain why they’re not renewing your policy. Common reasons include too many claims, property condition issues, or changes in underwriting guidelines. In situations like Progressive, carriers may be discontinuing the product altogether.
2. Contact Your Insurance Company or Agent
Reach out to your insurer or insurance agent right away. Our team at Cincinnatus Insurance is well-versed in the insurance landscape for landlords. Sometimes the issue can be resolved, especially if it’s due to incomplete documentation or an easily fixable condition of the dwelling. Ask your agent or the insurer if there’s an opportunity to reinstate the policy with improvements or changes.
3. Shop Around for a New Policy
Don’t wait until the last minute to find replacement coverage. Because we are an independent agency, Cincinnatus Insurance can shop insurance providers as soon as possible. We focus on companies that specialize in landlord or dwelling fire policies, as they understand rental property risks better.
4. Address Any Property Issues Promptly
If the non-renewal is due to maintenance issues or safety concerns, take care of them quickly. This may help you get coverage from another insurer or requalify with your current company after improvements are made. After all, these are standard responsibilities a diligent landlord should take seriously.
5. Don’t Let Coverage Lapse
Make sure to take action quickly when you face landlord insurance non-renewal. A lapse in insurance coverage puts you at serious financial risk and may violate mortgage requirements. If needed, get temporary coverage or a basic landlord policy while securing a long-term option.
Final Thoughts
Non-renewal of your dwelling fire landlord policy doesn’t mean you’re out of options. Take action quickly, explore the market, and fix any issues that led to the decision. Staying proactive ensures your property, tenants, and income remain protected. And most of all, let Cincinnatus Insurance shop your insurance around, so you don’t have to!