You go to your Memphis, TN mailbox and see a notice from your insurance company. Once you open the notice, you learn your homeowners insurance policy is being canceled. Now, what do you do? Don’t worry because you still have a small amount of time to get things taken care of, so you keep your insurance and meet any mortgage requirements.
Keep reading to learn what you can do if your homeowners insurance policy is canceled and then give us a call at Tackett Insurance Inc. for help saving your insurance coverage.
Why Insurance Policies Get Canceled
When an insurance policy is canceled, it often means coverage will end before the terms of your policy have expired. Unfortunately, there are many reasons why an existing insurance policy gets canceled – missing a payment or suspected fraud.
However, insurance companies can choose not to renew a policy after it expires for several reasons. These reasons may include:
- Having bad credit
- Owning an aggressive breed
- Leaving the property vacant
- Having a criminal record
- Filing too many claims
- Coverage is no longer available for the area
What to Do If Your Homeowners Insurance Is Canceled
Call your insurance company immediately upon receiving the cancellation or non-renewal notice. There may be something that can be done to prevent insurance loss, such as catching up on payments or getting a different type of insurance coverage. In addition, if there was something, such as a damaged roof, causing the cancellation, you might be allowed to have it fixed before the cancellation date to reinstate insurance coverage.
If reinstating or renewing your insurance is not an option, you must start shopping around for a new policy. Different companies take on certain risks, and because one company canceled your policy does not mean you cannot get insurance.
If your Memphis, TN homeowners insurance policy is at risk of being canceled, give us a call. Our agents at Tackett Insurance Inc. may be able to help keep you insured.