In the world of insurance, it’s important to know how your insurance works. Sometimes, people hear about “canceling” and “nonrenewal” when dealing with their insurance, and it can be confusing. This video is here to help you understand the difference between these two things. Whether you know a lot about insurance or are just starting to learn, this video will make things clear and help you make good choices for your insurance.
We’ll explain the difference between canceling your policy and not renewing it, why these things happen, and what they mean for you. We’ll also talk about the rules that insurance companies and policyholders have to follow, so you can protect your money and make smart decisions about your insurance. Join us in this learning journey to understand the important distinctions between canceling and not renewing your insurance, so you can take care of your insurance in the future.
Our owner and founder, Pat Brennan, explains more. Check out the video below!
What Is the Difference Between Canceling And a Nonrenewal? – Entrust Insurance, St. Clair Shores
“So they sound the same, but canceling is by the request of the client. So a client would call and say I need to cancel, or like we do quite frequently, if we’re going to change the client from one carrier to another carrier for a lower rate, for example, we’re going to cancel the old policy and issue a new one. Now a nonrenewal most commonly comes up when there is something that the insurance carrier does not like. For example, we’ve written a policy and issued coverage for 12 months. The company then sends out a third party inspector to do an interior inspection on the home, they may notice that the age of the roof looks weathered, worn, deteriorated, and replacement’s recommended. Well, they may then come back and send the client a notice that says, “Your roof is in need of repair. It must be done by x date,” usually the renewal date, and if it’s not completed, your policy will nonrenew.”
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