What's the difference between canceling and nonrenewing a homeowners insurance policy?
Total Comments: 3
Posted: Tue Jul 14, 2015 06:11 pm Post Subject:
Cancelling a Policy is when a policy is currently in place and it is cancelled before the coverage end date as outlined in the policy. There are restrictions on how and why a policy can be cancelled. Most policies state that they can cancel the policy if the find a material Misrepresentation or Concealment that would have altered their underwriting decision.
A Non-Renewal of a policy simply means that upon the end date of coverage as listed on your declarations page, the insurance company is not going to renew the policy. In most cases they can Non-Renew for any reason they choose, it is often due to limiting their risks in a specific region.
Posted: Fri Jul 17, 2015 07:59 am Post Subject:
thanx for your reviews sharing..like it.
Posted: Sat Jul 25, 2015 07:25 am Post Subject:
There is a big difference between canceling a policy and non-renewal. If your insurance policy is canceled, you may find it difficult to find another company who will write you a policy. If your policy is non-renewed, there are no negative connotations to overcome.
Posted: Tue Jul 14, 2015 06:11 pm Post Subject:
Cancelling a Policy is when a policy is currently in place and it is cancelled before the coverage end date as outlined in the policy. There are restrictions on how and why a policy can be cancelled. Most policies state that they can cancel the policy if the find a material Misrepresentation or Concealment that would have altered their underwriting decision.
A Non-Renewal of a policy simply means that upon the end date of coverage as listed on your declarations page, the insurance company is not going to renew the policy. In most cases they can Non-Renew for any reason they choose, it is often due to limiting their risks in a specific region.
Posted: Fri Jul 17, 2015 07:59 am Post Subject:
thanx for your reviews sharing..like it.
Posted: Sat Jul 25, 2015 07:25 am Post Subject:
There is a big difference between canceling a policy and non-renewal. If your insurance policy is canceled, you may find it difficult to find another company who will write you a policy. If your policy is non-renewed, there are no negative connotations to overcome.
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