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What do you do if your home insurance drops you?
I recently got notified that my home insurance company was canceling our policy because of too many water-related claims. What do you do if your home insurance drops you?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that you’ve been dealing with so much water damage! If your home insurance drops you, the first thing you should do is find a new policy to safeguard your home and avoid a costly lapse in coverage.
It’s not uncommon for home insurance companies to cancel if your home poses too much of a risk. However, if you can show that you have mitigated this risk, you may be able to reinstate your insurance.
Whether you intend to fight for reinstatement or not, you likely have about a month to make a plan before your policy lapses. Most home insurance companies are required by law to give a 30-45 days notice before canceling a policy.
There are a few reasons why you don’t want your policy to lapse:
- Your home and belongings won’t be protected, potentially costing you more money in the long run.
- Your mortgage lender likely requires you to buy a home insurance policy. If you don’t find new coverage, they can find coverage on your behalf (even if it’s more expensive!).
- It’s much harder to find home insurance after a policy lapse because home insurance companies might consider you a higher risk to insure.
If you’re having issues finding new coverage, let trusted insurance broker
Jerry
do the work for you. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and helps to cancel your old policy. Even better—Jerry will help you bundle your home and auto policies for maximum savings. View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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