|After the year 2000 losses from natural disasters and new claims arising from the health threats of mold problems, the home insurance situation worsens.|
Insurers add exclusions to homeowner’s insurance policies
Your cancelled or non-renewed policy is reflected in the database for both you and your home. This affect resale value especially when new owners might be unable to get property insurance.
2.5 million homeowners lost their coverage from 2001-2003.
Non-renewal is usually related to a geographical event such as a storm or earthquake, OR the specific history of the policy holder or property. If you have a mortgage, it requires insurance; and if the insurance defaults, you may lose your property.
If the company fails to notify you thirty days in advance of non-renewal, they are required to renew the policy if you request.