Receiving a nonrenewal notice from your auto or homeowners insurance carrier can be a stressful experience, leaving you uncertain about your next steps. However, understanding the reasons for the nonrenewal and knowing how to address them can help you manage this challenge effectively.

What to Do If You Get a Nonrenewal Notice From Your Insurance Carrier

The following are tips to help you navigate this situation:

1. Understand the reason. First, carefully read the nonrenewal notice to understand why your policy is not being renewed. Common reasons include increased risk due to multiple claims, changes in your property condition or the insurer exiting your market. Knowing the reason can help you address any issues and prevent future nonrenewals.

2. Contact your insurer. Reach out to your insurance provider to discuss the nonrenewal. Sometimes, the issue can be resolved by making necessary repairs or adjustments to your property or driving habits. If the nonrenewal is due to factors beyond your control, such as the insurer leaving your area, they may provide recommendations for other insurers.

3. Shop for new coverage. To secure coverage, compare quotes from several insurers. Consider collaborating with an independent agent from Lupton & Luce who can offer options from different companies and assist you in finding the perfect match. Nonrenewal notices typically come a month or more before coverage ends, which allows you some time to shop around.

4. Review your coverage needs. Take this opportunity to reassess your insurance needs. Ensure that your new policy provides adequate coverage for your home or vehicle. For homeowners, this means insuring your home for its replacement cost, not just its market value. For auto insurance, make sure you have sufficient liability coverage and consider additional protections like uninsured motorist coverage.

5. Stay proactive. Finally, maintain good insurance practices to avoid future nonrenewals. This includes keeping your property in good condition, driving safely and avoiding unnecessary claims. Regularly review your policies and update them as needed to help ensure continuous coverage.

Learn More

Contact Lupton & Luce to learn more about effectively managing nonrenewal notices and securing the protection you need for your home or vehicle.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.