These actions can cause the revocation of your home insurance policy.
While most homeowners understand that their policy will not cover every claim, did you know what there are some things that you can do to make your policy completely ineffective? These actions constitute a violation of the terms and conditions listed in your policy. Here are some of the violations that will cause the revocation of your home insurance.
- Concealment or Fraud
This is one of the more obvious violations. Concealment and fraud occurs when you inflate a claim, withhold information relating to a claim, or hide information during the process of securing coverage. If your insurance provider determines that you have concealed information or committed fraud, they can refuse to cover a claim and even cancel your policy.
- Not Paying Your Premiums
Another common violation is falling behind on your insurance premium payments. Your insurance provider usually has very defined terms that give them the authority to cancel your policy due to non-payment of premium. This cancellation will be submitted to your state’s Department of Insurance and there will be certain notices and wait periods before your policy is cancelled.
- Substantial Change in Risk
If your circumstances change drastically after your policy is in effect, your insurer can cancel your policy after a brief notice period. For instance, if you got a new dog considered “dangerous,” then your insurance provider can cancel your policy, as they did not have the chance to underwrite this risk when you were getting your policy.
These are some of the things that can cause the revocation of your home insurance. Do you have more questions regarding your home insurance coverage? Turn to the experts at John Scott Insurance. Our dedicated team is ready to assist you with all your coverage needs. Contact us to get started today.