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Lost Homeowner's Insurance
Author: Henry Fleet
If for some reason you cannot renew your homeowners insurance, or if you find that your insurance has been canceled- or even if you just cannot obtain homeowners insurance in the first place, you do have rights and you need to be aware of those rights and what you can do. First of all, you should have been given written explanation for why you lost or were denied coverage, and The Comprehensive Loss Underwriting Exchange (CLUE) is what they use to review an applicants claim history- that is, in most cases. In cases of non renewal, usually the company has to give you 30 days notice, prior to the expiration date before they can actually refuse to renew it. If they fail to provide this notice, they must renew it at your request however, if either party cancels the policy before it expires the usual course is to refund the unearned premium.
If your property has deteriorated past the standard that they have set, a company may not renew your policy, or they may opt to do this if you file more than three non weather related claims within a three year time frame. However, if you were not notified after the second claim, a company cannot refuse to renew your policy and though that is the case, you may have to pay a surcharge instead of getting a non renewal.
You may have to make repairs to your home before they will renew the policy, and in general you will be given about six months to do so. However, if these repairs are needed due to a loss that is covered, the policy will pay for those repairs minus the deductible. If these repairs are needed due to normal wear and tear, you will be responsible for the cost of them on the whole. Another reason you may be denied coverage is if the property has been vacant a certain amount of time. This may vary from company to company, so if you plan on leaving the property unoccupied for a long term amount of time, it is always best to ask what you may be able to do to continue coverage or so that you are not denied coverage when you still need it on that property.
Though the reasons that you may be denied coverage in this way may seem to be very strict, the truth is that most insurance companies are more than willing to work with clients to keep their coverage. More often than not, if you are able to talk to your agent or your company Representative you can work out a reasonable solution to many issues with coverage. Being able to talk to your agent and figure out how to make your policy work for you and the changes you may need to make to your property so that it is more insurable is always best. When in doubt, always keep an open line of communication with your insurance company to be sure that you are getting the best possible policy in an uninterrupted way.
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