When an insurance company agrees to offer you a policy, their underwriting process has approved your situation as a profitable risk. This means the insurance provider does not feel financially threatened by your activities or history and assumes your account will not be a risky investment. American Risk insurance specializes in identifying risks and making reasonable decisions for extending a policy. However, there are some reasons why an insurance provider would cancel your coverage.
Having too many claims on your policy
Your home or location requires significant maintenance or renovation due to disrepair. Failure to pay your policy premium or too many late/missed payments
Lying on the application and presenting a “moral hazard”:
Changes in the risks initially assessed with the property or situation
When you receive a notice that your insurance policy may be canceled, it is important to take immediate action. You will need to offer proof to dispute the reasons for the cancellation, such as repair work that has been done, areas where risks have been eliminated or updated paperwork.
American Risk Insurance will work hard to resolve the areas of discrepancy, but as a client, you must be willing to present the information and communicate with the company. Be proactive in getting the situation resolved.