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17 Dec Non Renewed Property and Casualty Insurance
Insurance Non-Renewal can happen for a lot of different reasons. The worst of which is because of a lot of claims or high dollar losses, which I’ll discuss more in a minute. The best case scenario is that your carrier may simply have had too many losses in that category and that line of insurance is no longer profitable for them. Frequently this comes from writing premiums too low and not properly assessing their risk. It may be great for the insured for the time being, but not having the proper coverage and having to shop for insurance when they get dropped can be time consuming and frustrating. Then comes into question; how much did you really save?
Another thing to consider, is which market do you fit in for insurance? General homeowner, car owner, property owner, healthcare, workers comp and such is going to be in the Standard market. Meaning these are very large groups of insured individuals who share in a common risk class. Typically in the Standard market you will have standard coverage and will not have to pay a lot in premium to be insured.
If you are looking for coverage outside the standard market it may be due to that you are in a smaller risk group which increases the carriers risk.
- You may have special liablity needs that are outside of the Standard market.
- What you need may not be able to be accomplished with Standard ISO Forms.
- You need excess or surplus lines written in, possibly above and beyond Standard coverage.
- Your policy is uncommon and needs to be manuscript (basically customized or hand written) to fit your coverage needs.
- And the least ideal… you have claims or losses that the Standard market won’t bear.
The good news is that there is still a possibility to get insurance. As a Field Underwriter I help people every day that are being Non-Renewed or have been dropped from their carrier. If this is happening to you it’s not the end of the road. Call me and we’ll figure out your options together. It’s the fastest way without wasting a lot of time.