New York State has strict laws in place to protect homeowners from having their home insurance arbitrarily canceled or not renewed. Your insurance company can not leave you without coverage on your Albany-area home without first giving you proper notice.

The big difference between cancellation and non-renewal of your homeowners policy is that with the former, you must have done something wrong, while with the latter, it may simply be a choice of your insurance company.

Once your policy has been in effect for 60 days, it can not be canceled unless you violate the terms of your contractual agreement. Your policy may be subject to cancelation if you fail to pay your premium, are found to have lied or committed fraud to obtain the policy, file false claims or commit willful acts or omissions that increase the risk of the hazard or hazards that your home is insured against. Your homeowners insurance can also be canceled if you make material changes to your property that makes it uninsurable under the stated terms of your policy.

If none of these conditions have occurred, your policy may not be canceled or non-renewed for a period of three years. After that point, your insurance company can refuse to renew your policy. When your policy is subject to cancelation, it can occur at any time during the policy year. When your homeowners insurance is not renewed, it means that it will remain in effect until the date of renewal, assuming you stay current on your premium payments.

If you have a loss and file a claim, it will probably not result in a non-renewal. However, if you file three or four small claims in a year, your insurance company may deem you to be a high-risk customer and decide not to renew your policy for the upcoming year.

When you are a client of NY Twin Bridges Insurance Agency, you have a friend who will look out for your best interests. If you should receive a cancelation notice or a letter stating that you will not be renewed, don’t panic. As your independent agent, we can get you quotes from a number of other insurers and find you an affordable policy to protect your home.