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Homeowners Insurance FAQs

Top 5 Common Concerns

I sold my home but didn’t tell the insurance company as soon as it sold. They won’t backdate the cancellation even though I had no financial interest on the property after it sold. Can they do that?

Although the home was sold, some types of property may still be covered such as personal property away from home or liability for premises where the insured may be temporarily residing. Additionally, the policy may specifically address the issue of backdating a cancellation, or how the policy will respond if the home is sold. Some companies may backdate the cancellation to the date of the sale, while others may not. Therefore, it is important to review your policy contract and contact your company and/or the agent when the home is sold.

I filed a claim more than 30 days ago and the insurance company hasn’t resolved it or issued any payments. Can they do this?

Within 60 days after a company receives notice of a new, reopened or supplement property insurance claim (damage to property only), the company must pay or deny the claim or a portion of the claim unless the failure to pay the claim or a portion of the claim is caused by factors beyond the control of the company.

My premium went up significantly from last year’s policy. How is this possible?

Insurance companies must submit their rates to the Office of Insurance Regulation (OIR) and justify the need for any increase. The OIR reviews these rates to ensure they are adequate for the company to continue paying claims. If the company has justified the rate increase with actuarial evidence, the OIR is required to approve it.

The company sent me a non-renewal notice. However, I have existing damage on my home. I thought the insurance company was not allowed to cancel policies with an open claim/existing damage?

There are no laws that prohibit an insurer from nonrenewing a property policy if you have a pending claim except for the following: Only upon a declaration of an emergency pursuant to s. 252.36, Florida Statutes, and the filing of an order by the Commissioner of Insurance Regulation, an insurer cannot cancel or non-renew a personal or commercial residential property policy if the insured has damage from a hurricane or wind storm until 90 days after the repairs have been made. The structure is considered repaired when it has been completely restored to the extent that it is insurable by another insurer. The insurer may however, non-renew the policy with 45 days of notice if the insurer determines the insured has unreasonably caused a delay in the repair of the structure, there has been a material misstatement or fraud related to a claim, or if the insurer has paid the policy limits.

My policy was cancelled, and I still have not received my refund. Isn’t the insurance company supposed to send my refund during a certain timeframe?

When a Property Policy is cancelled by the insurer or the insured, any unearned premium must be returned to the insured within 15 working days after the effective date of the cancellation (unless the policy is subject to an audit). If the premium is financed with a Premium Finance Company, the unearned premium must be returned to the Premium Finance Company.

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