EPISODE 21 ~ TOP TIP: How To Prevent Cancellation of Your Insurance Policy

If you make too many auto or homeowner’s insurance claims, you could get “non-renewed.” It’s a ridiculous corporate word that means your insurance company decides not to insure you anymore because you’ve become too high maintenance or too big of a risk. Maybe you’re gotten several recent speeding tickets or you’ve made a string of petty homeowners’ insurance claims. Non-renewal only happens at the time your insurance policy expires. The company must give you a reason and advance notice that you’re being dropped. The precise number of days varies according to the law in your state. If you feel the reason for non-renewal is unfair, you can appeal the decision to your state insurance commissioner. Better yet, slow down when driving and reserve your insurance for times when you really have suffered a significant loss. That way, you can usually avoid non-renewal in the first place.

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