Why are they non-renewing my commercial insurance?

Commercial property insurance are unique policies, but the one I am covering today is a 2 plex rental property and a 8 plex apartment building. Recently, my clients policy was set up for non-renewal. Now this not may seem like a big deal, but it actually is.

The reason it was non-renwed, was not following up on insurance recommendations, after a property inspection. The recommendation was to hire a contractor to see if necessary repairs had to be done at the edge of the roof, at the duplex. Well, to put it simply, they didn’t hire a contractor and did not follow up with the insurance company. Now the policy is set up for non-renewal, due to not completing recommendations by the insurance company. Also, the company has every right, du to the fact in Colorado, you must keep the property in good enough condition, and to also protect it from loss.

The issue now is finding a new insurance company. Because most companies ask if insurance has been cancelled, denied or non-renwed for any reason. You have to say yes, else it could be considered insurance fraud. This immediately throws up a red flag for the underwriter. In most cases, the insurance company is going to deny the new business, because the insured did not follow up on recommendations from the insurance company. So whats going to stop them form not taking care of the property with the new insurance company?

So point being, take care of your properties….

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One Response to Why are they non-renewing my commercial insurance?

  1. Mark says:

    Please visit our main page!

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