Can Your Homeowners Insurance Cancel You?

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   Tom Sheehan

   Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482

   Yes, you can be non renewed by your Homeowners Insurance provider under certain circumstances that are outlined in your Insurance Policy.  Be sure to talk this over with your Insurance Professional, but I can give you a few examples. First, if you fail to pay your premium.  There is a grace period in your policy no doubt and that is usually 30 days from the due or renewal date.  Some companies would entertain a reinstatement with a lapse in coverage if payment is received within a fairly short period of time after the end of the grace period AND you sign a "Statement of No Loss", but don't count on those good graces.  If an insurance company inspection identifies certain hazards relating to your home or property that can cause future loss, they will noitify you of these and advise you that they will need to have these remedied within a certain period of time.  If the work is done, you will be good to go, however, if nothing is done, plan on our Insurance company sending you a non-renewal notice. Claims frequency and amounts paid on claims related to the premium you pay determine a "Loss Ratio" within the Underwriting standards of a Homeowners Insurance provider.  Here again, if situations like that fall outside of an Insurance Company's standards, they can non-renew.

   Answered on December 20, 2013

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