house insurance cancelled; two week notice
by Cath R
Can you please tell me if there is a minimum length of time an insurer must give an owner of a rental house before the policy in good standing for 15+ years is canceled?
I received a surprising cancellation on my property today with only two week notice. There were no reasons given other than a vague reference to underwriting risks.
Also, what does 'account will be reconciled' mean in this situation?
Home Insurance Cancellation
It's very frustrating when there is so little information shared.
The letter probably referred to "underwriting rules". These are internal rules that the insurer has for home insurance. It can be a variety of things that revolve around the likelihood of a claim occurring. This could be the age of the house, updates to the house, the occupancy of the house, and a number of other reasons.
If this cancellation has occurred at a time outside of your renewal, it likely means that something has changed at your home that is not acceptable to the insurance company.
The reconciliation of your account simply means that you might owe money to the insurer for time insured, or maybe they owe you money if you prepaid.
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