1. 37376 POINTS
    David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    The insurance company can cancel your policy for failure to pay the premium.  It can also cancel the policy if the underwriter determines that the property was not correctly described or that the agent acted beyond his authority to bind coverage.  Companies routinely cancel policies when they determine that a property has been vacated.
    Answered on August 15, 2014
  2. 1866 POINTS
    Paul RothPRO
    Senior Commercial and Annuity Specialist, Freedom Brokers, Marion, Carbondale, Harrisburg IL
    Insurance companies, as a general rule, don't like to cancel policies, as policy income is important to their bottom line. So, there are few reasons to cancel a policy. Some reasons may include an insurance company pulls out of a state, misrepresentation by the consumer, a building that does not meet the company's minimum requirements, too many claims that are unexplained may be a cause. However, most of the time that I have seen is that simply the homeowner does not pay the premium.
    Answered on May 1, 2017
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