How to Avoid Insurance Cancellation If You Cannot Afford Home Repairs
It can be really stressful when your insurance company demands you make home repairs that you simply cannot afford. There is the danger that they will not renew your policy when it expires, or worse, cancel it in the middle of the term.
But do not panic yet. You still have options and know that you can always negotiate with your insurance company. If you show good will and communicate your intent and situation properly, there is a good chance that your provider will work with you. Below are some tips to consider to keep your policy and get the work done.
Seek the advice of a professional
Find a professional and get a second opinion regarding the work that needs to be done within your home. Most times, insurance companies require immediate action based on their general guidelines. But if you seek the advice of a professional, there is a chance that he or she will evaluate the situation better and say it is not really as bad and can be put off by a few months or even years.
In addition, a professional can tell you a good estimate of the cost of the work. Even better, he or she can suggest cheaper alternatives to what the insurer has suggested, which can save you money.
A more realistic timeline can also be drawn. You can use this to request more time with your insurance company. If the timeline mentioned by the professional is longer than that which the insurance company has given you, inform the company and say you have taken the necessary actions to get the work done but that the availability of the professional, for example, a contractor, is longer than their requirement.
But if the problem is purely financial, tell your provider that the home repair cannot be done now because of temporary financial restraints. Ask for an extension and inform them that you will get the repair work done once the budget improves within a specified time period.
Look for other insurance companies
If you think your current insurer is being unreasonable, you can look for other providers. Talk to them about your current situation and present all the details. Ask them if they can give you a policy considering your circumstances. If they say yes, then you avoid a major hassle. Just remember to check the new type of coverage you are getting. Find out is limitations, what you are losing, and whether or not you are getting enough coverage for all your needs.
Use facts to make your case with your current insurer
Present all the facts that you have gathered to your current insurer. Show them the second opinion provided by professionals and tell them what alternatives you have found to solve your situation. You can also inform them about the new insurer you are looking at and what offer they made you.
Sometimes, your current company will reconsider, considering all the facts that you bring. It is all about communication. Discuss everything until you reach a mutually agreeable condition that will let you keep your insurance but also maintain the safety of your home.