Receiving a non-renewal notice from your insurance company can be alarming. Florida homeowners especially face this challenge as carriers pull back from the market. Here is what to do next.
Why Insurance Companies Non-Renew
Common reasons for non-renewal include:
Property Issues:
- Roof age exceeding company limits
- Property condition concerns
- Multiple claims in a short period
- Pool without proper fencing
- Certain dog breeds
Market Issues:
- Company leaving the Florida market
- Carrier reducing coastal exposure
- Underwriting guideline changes
- Company financial difficulties
Non-Renewal vs. Cancellation
These are different:
- Non-renewal: Company chooses not to renew when your policy term ends. They must give you adequate notice (usually 90-120 days in Florida).
- Cancellation: Company ends your policy before the term expires. This usually requires a specific reason (non-payment, fraud, material misrepresentation).
Steps to Take Immediately
1. Understand the Reason
Call your agent or company to understand exactly why you were non-renewed. Sometimes the issue is fixable.
2. Check the Timeline
Note your current policy expiration date. You need new coverage before that date to avoid a lapse.
3. Start Shopping Early
Do not wait until the last minute. Start looking for new coverage immediately.
4. Address Fixable Issues
If the non-renewal is due to roof age or property condition, consider making repairs. A new roof opens many more insurance options.
Finding New Coverage
Work With an Independent Agent
Independent agents work with multiple carriers. They can shop the market to find companies that will accept your situation.
Consider Surplus Lines Carriers
Also called E&S (Excess and Surplus) carriers, these companies insure risks that standard carriers decline. Rates may be higher, but coverage is available.
Florida Citizens Property Insurance
Citizens is Florida state-backed insurer of last resort. If you cannot find private coverage, Citizens must offer you a policy. Keep in mind:
- Rates are often higher than private market
- Coverage may be more limited
- You may be subject to assessments after major hurricanes
What to Expect With New Coverage
After a non-renewal, you may face:
- Higher premiums
- More limited coverage options
- Higher deductibles
- Inspection requirements
- Fewer carrier choices
Maintaining Coverage Long-Term
Once you find new coverage:
- Pay premiums on time
- Minimize claims for minor damage
- Maintain your property in good condition
- Address any required repairs promptly
- Update your roof before it becomes a problem
Facing a non-renewal? Contact Anchor & Atlas Insurance immediately. We specialize in finding coverage for Florida homeowners in difficult situations.
