How Can I Get Homeowners Insurance After Non-Renewal?
March 23, 2024, by Brad Davis, CIC
Introduction:
Experiencing a non-renewal of homeowners insurance can be unsettling, especially in a coastal area like Myrtle Beach, SC. However, this is happening more and more since we are right in the middle of a hard market. The good news is homeowners facing this situation have options available and Davis Insurance Associates is here to help.
In this guide tailored to Myrtle Beach homeowners, we'll outline the steps to obtain new coverage after non-renewal, helping you to be safeguarded.
Understanding Non-Renewal:
Again, non-renewal of home insurance is not uncommon in coastal regions like Myrtle Beach, often due to increased risks associated with hurricanes and floods. Receiving a non-renewal notice from your home insurance provider does not necessarily mean there is a problem with your home or you have done anything wrong. In today's market, many home insurance companies are trying to trim down by non-renewing policies (and other means) to get their bottom line out of the red.
Regulations in South Carolina Regarding Non-Renewals:
I don't want to dig into this very much, but insurance companies can non-renew policies for different reasons. Here is link if you want to know more.
Can the insurance company non-renew my homeowners policy? Quick answer from the SC DOI.
Steps to Take After Non-Renewal:
- Review the Non-Renewal Notice: Understand the specific reason(s) behind the decision, especially considering coastal risks.
- Assess Your Insurance Needs: Evaluate your property's unique risks and ensure your new policy adequately covers coastal perils.
- Shop Around: Seek out insurers familiar with the Myrtle Beach area and its specific insurance challenges.
- Address Underlying Issues: Take proactive steps to mitigate risks, such as fortifying your property against storms and floods.
- Consider Alternative Options: Explore specialty insurers and be open to possibly getting coverage from a non-admitted company. For more info on this feel free to search "difference between admitted and non admitted insurance south carolina" in Google.
- Be Transparent: Provide accurate information about your property's history and any risk-mitigation measures taken.
- Review Policy Terms Carefully: READ YOUR POLICY. Ensure your new policy includes the coverage you need, especially for coastal perils such as hurricane damage.
- Maintain Communication: Stay in contact with your local insurance agent who understands the needs of Myrtle Beach homeowners.
Side Notes:
Don't panic if you receive a non-renewal from your insurance agent or the insurance company. It has become fairly common over the last two - three years. All agents along the coast and in Myrtle Beach are having to deal with this, and most are doing a good job. Davis Insurance Associates is no exception, many of our clients are being non-renewed by their insurance company.
The agency or agent you deal with has little or no control over this at all! If you receive a non-renewal notice, feel free to call your agent, but there is a good chance they are already working on another solution. In some cases, we (insurance agents) do not about the non-renewal until the same time you find out. I recommend giving your agent a call and give them a couple days to find alternate coverage, you should have ample time from the time of the notice to get coverage.
Conclusion:
Navigating homeowners insurance after non-renewal in Myrtle Beach requires a tailored approach due to coastal risks. By following these steps and working with knowledgeable local agents, you can secure the coverage needed to protect your coastal property effectively. Rest assured knowing your home in Myrtle Beach, SC, is adequately insured against the challenges of coastal living.
Care to see what we can do for your home insurance? Please visit ThinkDavisInsurance.com or call (843) 213-0000.
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