You just received a notice from your insurance company that says your Lancaster home insurance policy is being canceled for so and so reasons. Now, what you will gonna do or react?
Firstly, take a deep breath and relax. It’s high time to act upon the action wisely to keep your house protected and meet your mortgage requirements on time. Let’s have a close look at what you can do if your home insurance policy in Lancaster is canceled. But before knowing the solution, first, know why would an insurance company cancel your home insurance policy?
Why Would Your Home Insurance Policy In Lancaster Get Cancelled By The Insurance Company?
A canceled insurance policy means the insurance company terminates an existing policy before the original expiration date of the policy. However, not just for home, but if you’re buying car insurance in Lancaster, still there’s a possibility it will get canceled for a genuine reason. There are many reasons that your insurance policy for a home or vehicle gets canceled or not approved for renewal by the insurance company:
- Too many claims have been filed against the insurance policy
- Bad or negative credit score
- Find unacceptable risks in your home like fire hazards, pipes, other structures in disrepair
- Older home with an older roof
- Living in a high-risk area for instance a locality prone to natural disaster-coastal regions
- Hiding details from the insurance company like you have a criminal record
- Property is vacant for a longer time
- You’re constantly paying late home insurance premiums
These are the certain legitimate reasons based on which insurer holds the legal right to cancel your policy for home and car insurance in Lancaster. Make sure you have filed fewer claims simply because with fewer claims your premium will also get lower and you’re less like to face home insurance cancellation by the Lancaster home insurance company.
However, if your property is vacant you need landlord insurance or second home insurance in Lancaster to protect the property with the right policy in place.
What to do if your insurance is canceled?
If you received a notice of insurance cancellation or now-renewal, without wasting a time call your present insurance agent or company right away. With direct communication, the possibilities are always there to keep the coverage of the policy still in force. For instance, if you’re not living in your home for the past year, you may be able to get a landlord policy. Or, if you missed paying the premium, you may simply need to pay your premium sometimes along with the penalty.
Sometimes, the insurance company allows you to solve the issue before the policy cancellation date. For example, if your home’s old roof is the reason behind the cancellation of your policy, then you’ll eligible for the coverage once the roof is repaired. However, if you find your insurance company is not lenient with you, shop around for a better insurance company. Different companies have different policy regulations and take on different risks. Choose the one that matches your needs the best.
Taking these immediate actions could protect you in the event of home insurance policy cancellation and increase the probability of your policy getting reinstated again.