Yes, but typically it takes some very substantive issue if the policy is more than 60 days into being in effect.
On fairly modest basis you can see carriers withdraw from a state or territory because their loss experience may endanger the health of the overall insurer. Also there can be situations where an insurance department sees an ongoing impairment of the carrier and proceeds to cancel all policies for the carrier. This happened
in Texas following Hurricane Ike.
If the property is not properly maintained, there was misrepresentation or even sometimes because it would be against public policy to continue to provide liability insurance in the face known instrumentality of putting the public in danger . You see very infrequent last item because Insurance Departments often are involved in that regard. but you can see this happening with dangerous dogs etc.
There also can be changes in exposure that were no known at inception. For example a build up combustible brush near the property.
So, it generally occurs because the frequency of loss is unsustainable over time. or the conditions are changing for the worse or the insurer now recognizes some information in a loss that was not previously known.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The insurance company that is insuring your home is not required to renew coverage. If they are not going to renew, they are required by law to give you adequate notice. There is a clause that assures a lender that they too will be notified if coverage is not being renewed. A homeowner’s policy can be cancelled anytime that the premium is not paid when due.
That is a great question! Yes, they can. Generally though, it is because of something that you did, and being dropped was a result of that action. For example, you missed a couple of payments, or you misrepresented something substantial on the application. You generally have to work kind of hard to get dropped, but it will happen, especially if you are a liability or high risk. Thanks for asking!
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On fairly modest basis you can see carriers withdraw from a state or territory because their loss experience may endanger the health of the overall insurer. Also there can be situations where an insurance department sees an ongoing impairment of the carrier and proceeds to cancel all policies for the carrier. This happened
in Texas following Hurricane Ike.
If the property is not properly maintained, there was misrepresentation or even sometimes because it would be against public policy to continue to provide liability insurance in the face known instrumentality of putting the public in danger . You see very infrequent last item because Insurance Departments often are involved in that regard. but you can see this happening with dangerous dogs etc.
There also can be changes in exposure that were no known at inception. For example a build up combustible brush near the property.
So, it generally occurs because the frequency of loss is unsustainable over time. or the conditions are changing for the worse or the insurer now recognizes some information in a loss that was not previously known.