Getting a denial or a cancellation notice is stressful, especially if you have a mortgage. The good news: you have options. Here's what to do, in order.
1. Find out exactly why
Ask the insurance company for the reason in writing. Common reasons include the age or condition of the roof, past claims, vacancy, the property's location or unpaid premiums. Knowing the reason tells you what to fix and what to tell the next insurer.
2. Check your deadline
Look for the date your current coverage ends. Put it on your calendar. Your goal is to have new coverage in place before that date so your home is never uninsured.
3. Fix what you can
Some problems are fixable: repairing broken windows, trimming brush, adding dead bolts or updating old wiring. Keep receipts and photos. They help show insurers you've reduced the risk.
Coverage ending soon? Call us today and we'll start shopping right away.
Call (888) 928-93244. Work with an independent agent
An independent agent can shop several insurance companies at once, including ones you may not find on your own. If the regular market says no, an agent can also apply to your state's FAIR Plan for you.
5. Don't let coverage lapse
If you have a mortgage and your coverage lapses, your lender can buy insurance for you and add it to your payment. This “force-placed” insurance usually costs more and mainly protects the lender. Even a basic FAIR Plan policy can keep you covered while you work on a long-term solution.
Read about the FAIR Plan in your state: Iowa, North Carolina, Ohio, Texas and Washington.