No one ever wants to open up their mail (or email) and find a notice that their home insurance has been non-renewed. If you are a Texas resident and you are facing this issue, then you should know what is happening and what it means for you and your property in the future!
Why is insurance non-renewal on the rise?
There are a number of reasons for home insurance policies to be non-renewed in Texas. The most likely reason is that repairs and replacements are getting more and more expensive, and many insurance providers are feeling the strain. This is especially so with homes that are getting older and in need of repair for large cost items.
Another potential cause is the increase in severe storms and weather events that have led to homeowners filing claims. In areas where these severe storms are more likely, some insurance providers have started non-renewing existing home insurance policies.
Then, there are reasons such as market fluctuations, stricter underwriting requirements, companies going out of business, merging or leaving the area for above stated reasons and more.
What to do if your home insurance has been non-renewed in Texas
So, if this is the situation that is now staring you in the face, you’ll want to act fast. You will have a period between finding out about the non-renewal and the policy end period so that you can figure out what your next step is.
Get details on why your policy non-renewal is happening
If your provider has decided to discontinue your policy, the reason for that will be stated in the notice. Make sure that you understand the reason(s) and don’t hesitate to reach out to your local Harbour Insurance Services agent directly if you want more details.
Get a sense of where you stand for coverage and premiums
Next, you’ll want to understand how your home and property look from the perspective of a new insurance provider; are you a good risk or a bad risk? Are there gaps in your coverage that you want to adjust?
Go to the right person
Insurance shopping is best when you have an independent local agent like Harbour Insurance Services at your side. A trained agent will be able to help you understand what the insurance offerings are and answer any questions that you may have about insurance coverage with different providers.
Insurance shopping is not a “one and done” experience
If you have started the insurance shopping process on your own and have been rejected -- or you are feeling apprehensive about getting a non-renewal notice -- don’t go through this on your own! Just because one provider says no, doesn’t mean that you are done for. Different providers have unique risk profiles and coverage options that properly trained insurance agents can help you find and secure.
While getting a non-renewal notice for your home insurance policy in Texas is intimidating, it doesn’t have to be the end of the road. Act quickly to ensure you don’t have a coverage gap, and use the right resources to help you get the protection you need and deserve!
Let Harbour Insurance Services help you navigate your non-renewal and find you another insurance coverage asap. Get a free online quote or call (281) 520-4090 today.