The time has come to renew your homeowner’s insurance, and while you are looking to make sure that your coverage has not changed or the premium has not increased too much, did you know that your insurance provider could drop you in a blink of an eye?
Your company can drop your coverage if they believe you or your property has become a risk to insure, which can lead to complications when trying to find a new provider. Here are the top three reasons why your homeowner’s insurance could drop your policy and some helpful tips on how to prevent this.
Your roof is too old
Did you know the average life expectancy of a shingle roof in Florida is around 20 years? After that, it becomes prone to leaks, lost shingles, and other problems that can cause damage to your home and put you at risk in the eyes of your provider. After an inspection, if an insurance company finds your roof or any other aspect of your home to be a risk, your policy could be dropped. Some insurance companies in Florida can cancel your roof for only being 10 years old or older!
How can you ensure that your roof makes the cut? Perform regular maintenance and keep up-to-date on your roof and other aspects of your home. This not only ensures that your home is inspection-ready but will also give you peace of mind knowing your home is safe in case of an emergency.
Your insurer has decided not to cover your area
Sometimes you might just get unlucky and your provider may decide to not cover your area or state anymore. In this case, an insurance company may deem an entire area to be too hazardous and, therefore, too expensive or too risky to cover. This could be due to dangerous weather conditions, high crime, or even frequent floods or fires in an area that would result in too many claims being filed.
Don’t worry too much, there is always someone who is willing to provide for your area and will be there to help. It just might take a little bit of research. That is why having an independent agent is so important. Your agent can quickly and easily find a company to write your replacement policy.
You’ve filed too many claims
This one may sound unfair, but it’s true. The average person files one claim with their insurance provider every nine to ten years. By filing more claims than the average homeowner, you would be considered above average and therefore a risk to your company (in their eyes).
What is the best way to avoid being high risk? Only file claims for the big issues, like hurricanes or water damage. It’s beneficial to have money set aside to perform regular maintenance on your home so you don’t have to file a new claim with your insurance provider every time there is a problem. You will appear as less of a risk to your company and your policy will be less likely to be dropped.
At the end of the day, your homeowner’s insurance company has your best interest in mind, as well as their own. By keeping on top of your property and provider’s needs, your policy is in good hands.
Here at Harrell Insurance, we are a Central Florida insurance agency specializing in home and auto insurance located in Downtown Kissimmee, Florida. As an independent insurance agent, we are able to shop around for different coverage options and find you the best homeowners insurance quote to fit all of your needs. We can also find the most competitive rates to make sure that the policy you choose has the most affordable rate for you.
If you have any questions about how doing business with an independent agent could benefit you, please email me or reach out on Facebook. We would love to work with you and help you take every necessary precaution to keep your home insured.