What Should Homeowners Do When Their House Insurance Isn’t Renewed?
Insurance companies are not renewing homeowners insurance policies in record numbers. There were as many as 350,000 policies not renewed, and these were largely due to wildfire risks.
Homeowners whose insurance policies aren’t renewed should seek the advice of a knowledgeable insurance agent. An agent who knows wildfire coverage well will have the expertise necessary to find an alternative solution. The agent will likely be able to recommend one or more other policies that insurance companies will underwrite.
To ensure continuity of coverage, homeowners should begin the process of searching for another policy as soon as they’re notified of non-renewal. It’s better to contact an insurance agent sooner rather than later.
How Much Do Wildfire Policies Cost?
Premiums for some wildfire policies have increased by 400 percent in recent years. Although these rate hikes aren’t uniform across all policies, coverage for wildfires can be expensive. Ultimately, premiums vary greatly across policies. A property’s location, size, value and other details can all affect cost.
One of the best ways to find affordable wildfire coverage is by comparing policy options with an independent insurance agent who specializes in this coverage. An agent who’s familiar with wildfire coverage will know how to check a property’s location for risk level, and they’ll also know what level of coverage is most appropriate. Someone who’s independent can explore policy options from multiple insurance companies to find the most affordable policy that provides all necessary protections.