How can I get home insurance after my policy has been dropped?
If you’ve received a notice of cancellation or non-renewal, don’t panic. Again, most states require that insurers give you advance notice and tell you why they’re dropping you. The first thing you should do is educate yourself on your rights. The table above is a great starting point.
Next, you should contact your insurance company to see whether there is anything you can do to avoid losing coverage. If you’re being dropped because of damage to your home, you might still have time to repair it. If you are being dropped for having filed too many claims, you might be able to convince your insurer the underlying problem has been remedied or accept a higher deductible in exchange for continued coverage.
If all else fails and you’re convinced your insurer has violated your rights in some way, you also have the option to file a complaint with your state’s department of insurance.
If none of the above strategies solve the problem, you might be forced to find new insurance, and that can be a scary prospect. After all, if one insurer decided you were too much of a gamble, it might seem likely that others will, too, but you still have options.
First, you should find out what your coverage options really are. Online tools like Insurify provide the ability to compare home insurance quotes across dozens of providers a quick, painless task. If you find your options are still limited, you should contact your state’s department of insurance to learn about high-risk insurance options in your region.
Thirty states offer some form of state-mandated insurance for high-risk homeowners. These programs are known as FAIR (Fair Access to Insurance Requirements) programs. Though a boon to those who can’t find coverage elsewhere, these plans tend to cost more and offer more limited coverage, so they should be treated as an option of last resort.