If your home insurer cancels or decides not to renew your insurance policy, you may be wondering where you can find coverage for your property. Although insurers in New York have the right to refuse you as a customer if they consider you to be a high risk, it doesn’t mean you are doomed to carry 100 percent of the financial liability for your home and its contents.
As soon as you receive notice of your home insurance cancelation, begin shopping around for policies from other insurers. It is best to begin your search online before narrowing down your options to the most reputable insurers willing to give you a good rate for the coverage you want. Keep in mind that your previous insurer’s decision not to renew your policy doesn’t necessarily mean that other insurers won’t want your business either. Each New York insurance company uses different methods and formulas for determining a policy-holder’s risk factor and premium.
If after shopping around, you still cannot find an insurer to cover your property, you may look to the New York state home insurance pool, which provides coverage to homeowners who cannot otherwise find insurance. The coverage comes at a higher price than that of private insurers, but will protect you in the event of a disaster. In New York, most homeowners who participate in the state home insurance pool are those who live in the lower coastal regions, which are prone to hurricane, wind and hail damage.