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Non renewal homeowners insurance due to exposure and risk management?
Wiki User
∙ 11y ago
It means that the company is declining to renew your policy when it expires.
Risk Exposure - There has been a change or new risk exposure identified by the company that makes your home no longer eligible for coverage.
Risk Management - This generally indicates that the increase in risk exposure is something that the homeowners could manage, but have chosen not to correct.
Wiki User
∙ 11y ago
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What is the insurance agents feduciary responsabilty to notify a client of his homeowners Ins renewal or pending termination My homeowners was terminated and agent advised they do not notiy clients?
If the insurane policy is direct bill, most are, there is no feduciary responsiblity...only moral... It is the responsibility of the underwriting department of the insurance company to notify you of a non-renewal for cause. The agent bears no responsibility for this. If you feel that you did not get proper notification per your state's regulations you can make a formal protest. If your non-renewal was for non-payment of a premium then your late notice would include a notice of the policy termination date.
What is reinsurance broker?
No such profession. There are only insurance brokers. These will handle renewal of insurance.
Can an insurance company non renew your policy?
Yes, They can and sometimes do issue a notice of non-renewal. It happens.
Does mortgage company know the change of the homeowner insurance to landlord insurance?
Your Insurance Company is required by law to provide a copy of insurance policy at renewal time to your mortgage company and to notify them of any endorsements or changes in coverage. They may Notice it if they review your policy.
If a company has purchased group life insurance for its employees and is then acquired by another company is the group life insurance policy still valid?
Yes, until renewal time. Rarely is there a problem with keeping the same coverage, because that is a big money make for insurance companies. (group life)
When are surcharges on homeowner's insurance claims allowed?
All homeowners claims are subject to premium surcharges. either in the current policy period or at renewal.
Can a insurance company cancel your insurance because you do not live in your home?
Yes, The terms of our Homeowners Insurance Policy state that we must notify the insurance company if there is a change in residence of the home. Failure to comply with the terms of the insuring contract are grounds for cancellation or non-renewal of the policy.
Do you have to allow inspector in house to renew homeowner insurance?
Insurers Home InspectionsOnly if you "want" to renew your policy. All homeowners insurance policies contain language wherein you agree to occasional home inspections. These are normally scheduled around renewal time. refusal of the Insurers right of inspection can result in non-renewal or cancellation of your policy.
What is the insurance agents feduciary responsabilty to notify a client of his homeowners Ins renewal or pending termination My homeowners was terminated and agent advised they do not notiy clients?
If the insurane policy is direct bill, most are, there is no feduciary responsiblity...only moral... It is the responsibility of the underwriting department of the insurance company to notify you of a non-renewal for cause. The agent bears no responsibility for this. If you feel that you did not get proper notification per your state's regulations you can make a formal protest. If your non-renewal was for non-payment of a premium then your late notice would include a notice of the policy termination date.
Does homeowner insurance pay to remove a tree damaged by a storm that now puts your home in danger?
No, That would be considered part of the homeowners maintenance responsibility. Failure of the home owner to properly maintain the structure and property could indicate negligence or a moral hazard on the part of the homeowner. Negligence can result in denial of an ensuing claim and cancellation or non renewal of the homeowners insurance policy.
What is reinsurance broker?
No such profession. There are only insurance brokers. These will handle renewal of insurance.
When can a health insurance company raise their rates?
At renewal.
What if you are paying insurance into the mortgage escrow and you also have a regular home owners insurance and then your house catches on fire?
Generally all your escrow does is to pay the homeowners insurance when the insurance company bills for the renewal. The bank does not select your homeowners insurance for you. You would purchase the insurance of your choice and tell the agent to set it up for mortgagee bill meaning the renewal bills would be sent directly to the escrow provider. Your escrow account also pays your property taxes. Make sure that you do not have two separate policies. The only thing that would happen if you had two policies and had a fire is that they would split payment of the claim as described in the policy under the coordination of benefits. You cannot make a profit by having more than one policy. It is actually illegal to even try such and you would be charged, fined, and imprisoned.
Does renewal of an auto insurance policy have to be done in person or can you send a check for the correct amount of the renewal quote ahead of time?
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What is a renewal option on life insurance policy?
By paying your renewal premia, your life insurance is automatically renewed. When a policy lapses due to non payment of premia, there is provision for renewal of policy by paying penal interest and by submitting 'Declaration of Good Health' form.
Does homeowners insurance cover broken glass in a front door when it just falls out?
It might, but with a small loss like this you'd be far better off having it repaired yourself. It's unlikely that the repair cost would exceed your deductible. Furthermore, any claim or inquiry you make against your homeowners will likely result in a claim surcharge on your premium at your next renewal.
Does your insurance go up for running a light in NJ?
It should if your insurance company finds out about it before your renewal.
