Weather events nationwide force home insurance companies to decide whether to honor their claims, drop their insurance, or leave the state. Those honoring claims are raising rates, forcing loyal, unaffected customers to search for cheaper alternatives. That makes renters’ insurance customers worry about the status of their insurance policies.
Why Renters’ Insurance Companies Drop You
Renters’ insurance companies in Mesa, AZ must provide advanced notice about non-renewals and policy cancellations. They can cancel your policy within 60 days. After that period, they must have a valid reason. They are:
- Not paying your premiums on time
- Breaking the Doctrine of Utmost Good Faith code
- Excessive claims filed
- Dramatically changing your risk profile
- Discontinued coverage
The Doctrine of Utmost Good Faith code expects honesty and transparency regarding relevant policy information. Withholding essential information represents misrepresentation or fraud. Excessive claims focus on the frequency and types of insurance claims filed. Adding or doing things that raise your risk profile (such as adding an aggressive pet or moving to a high-risk zone) will give companies pause. Those reasons and not paying your premiums on time paint you as a high-risk customer that many insurance providers avoid. Securing another renters’ insurance policy is much easier for customers with discontinued coverage.
The General Steps to Getting Another Renters’ Insurance Policy
Search for a new insurance company by including Precision Insurance Team as an option. One of our Mesa, AZ insurance agents will analyze what went wrong with the other policy and make it right this time around. We look for renters’ insurance options from several providers that match what you had previously. If it doesn’t, we will explain why and answer your questions. Our suggestions to mitigate risk and rebuild trust can help mitigate your high-risk reputation. If you choose us, we will immediately lock you into the agreed-upon policy and let you know when the grace period ends and your coverage begins.
If an insurance company drops or doesn’t renew your policy, let the Precision Insurance Team help you find your next provider. For years, we have delivered exceptional renters’ insurance rates to keep our customers covered, now and in the future. Call, stop by, or complete the contact form for more information.
