It comes when you least expect it. Instead of receiving insurance policy renewals from your carrier, you’re notified that coverage is ending at your current term. There are many reasons for nonrenewal: underwriting guidelines have tightened up, your carrier is being sold, or your carrier is ceasing coverage in your state. When your insurance coverage non-renews, it can leave you scrambling and we’re here to help.
Tightening Underwriting Guidelines
When a client has too many auto violations or claims, carriers are often non-renewing coverage. The same is true for home renewals- if a client has seen two or three claims, we are seeing some carriers drop that home insurance policy at renewal. In other cases, some carriers are even looking at the condition of the home, or the age of the building. If the building is too old, in disrepair, or clients are trigger happy on filing claims, policies can often non-renew. It’s happening more frequently in our current insurance market especially.
Your Carrier Has Been Sold
Electric Insurance Company is the latest carrier we’ve seen that is non-renewing after being sold. When carriers are sold, they give their clients plenty of advance notice before coverage ends.
Carriers Stop Coverage in Your State
Some carriers are looking for ways to reduce losses, and one way to do that is withdraw from unprofitable states. California Casualty is the latest carrier we’re seeing to do this, withdrawing coverage from Ohio, Kentucky, Indiana and Missouri.
What To Do If You’re Non-renewing
Be proactive – don’t wait until your policy expiration date to make a plan. An insurance carrier is legally required to notify the insured at least 30 days before the policy expiration date.
You’ll need your most current declarations page so other agencies can connect you with similar coverage. Head to your state’s Department of Insurance website to locate local insurance agencies for assistance. We recommend the independent channel for reasons we describe here. Furthermore, Cincinnatus Insurance can get you a quote quickly from our experienced team of advisors if you live in Ohio, Kentucky, Indiana, or Missouri. Click here to get started.
When your insurance coverage non-renews, qualified advisors at Cincinnatus Insurance are ready to assist!