Why Would my Property Insurance be Cancelled?

By their own accord, property insurance carriers are risk-averse. While they certainly want their customers to receive compensation for property loss or damage, they also cancel policies when they believe there has been a breach of contract. Understanding ahead of time why your property insurance policy may be cancelled will help you avoid any potential issues in the future.

 

Too many claims on any particular policy are always going to be red flag. In many cases, your carrier may feel that continuing to provide coverage on your property poses too much of a risk. Some things you can look out for include whether all the claims are linked to a single occurrence or due to multiple events? You also have to take into consideration the cost of each claim. No matter the circumstance, it’s always good to check with an experiences Miami property insurance lawyer in order to determine what your best course of action is.

 

If your claims resulted from certain factors that have since been addressed, you can make the argument to your carrier that the underlying issues have been corrected. Work can also be done to your property to make it safer to mitigate the prospects of your insurance company cancelling your policy. For example, you can improve your roof, windows or plumbing to reduce the chances of further accidents from occurring.

 

If you plan on making renovations or repairs to your property, you must advise your insurer first. Adding square footage or changing the value of your home will likely affect your policy and premiums. Changes to your policy may be needed to ensure that it fully covers your property after repairs or additions are made. If you do not inform your carrier, you run the risk of cancellation.

 

Furthermore, your policy will also be cancelled if you falsify information on your contract, fail to make monthly payments or make fraudulent claims about damage to your property or home.

 

These are just some of the many reasons why an insurance carrier may potentially cancel your property insurance. Our experienced attorneys at Acle Law will walk you through the terms of your insurance policy and provide representation in any dispute in Florida where your insurer is denying, delaying or under-paying your claim. Call our Miami property insurance claim attorneys at the Acle Law Firm today at 305-447-4667 or visit Acle Law for a free consultation.