News 2866 Home Insurance Cancellation Notice

It seems like insurance companies are more frightened of hurricanes than the homeowners who endure them. Many home insurance companies have been canceling policies along the east and gulf coasts. If you received a notice of cancellation, don't despair, there are still a few options available to you. FIrst of all, don't take no for an answer, If you think you were cancelled unfairly, file a complaint with your state's insurance department. The more complaints a company receives, the more likely the insurance department will be to investigate them. If you need to look for an alternate source of insurance, shop around and ask for discounts. An independent homeowners insurance agent can come in handy here. Only sign up for FAIR Plans or CItizens Property Insurance as a last resort. These state-run home insurance providers offer less coverage at a higher cost. Finally, if you have an outstanding claim that has not been resolved with your home insurance company, they are not allowed to cancel your policy. An insurer must wait 90 days after the resolution of a claim to send you a cancellation notice. If your provider has cancelled you before your existing claim has been resolved, report them immediately to your state's insurance department.

Read more: Insurance non-renewal (CNN Money) Hurricane season will be here before we know it. And insurance companies have already been hedging their bets - canceling and not renewing policies in places like Florida, New York, Texas and Louisiana.