Home insurance non renewed?

First – claims. The reality is you don’t know when a claim event will occur. Most insurance companies will not issue a new policy if you have an open claim or if the damage from your claim is pending repairs. This is one of the main reasons we recommend switching sooner rather than later if you receive a non-renewal notice so you can avoid the potential pitfall of a claim event occurring as your current policy is expiring..

Second – Inspections. If you have an older home….20 years or older, generally speaking. It’s possible that the your new insurance carrier will require you to provide documentation showing that certain things have been updated such as the roof, the AC, the water heater….just to name a few. These updates are reflected on a four point inspection. If your four point inspection notes certain issues with the home, it’s possible that you’ll need to remedy these issues before a new insurance company will insure your home. All these things take time so if you own an older home it super important to begin your insurance search as soon as possible.

Lastly – hurricane season. As a hurricane approaches the State of Florida, many insurance companies will restrict binding. This means that they will not allow new policies to be issued until the threat of the storm has passed. If the expiration of your policy falls during hurricane season and you wait until the last minute to find a replacement policy, and it just so happens to be at a time of binding restriction, it’s possible that your home could be uninsured during a hurricane. Now this is a worst case scenario, but it’s a likely scenario and a completely preventable scenario as well.