Can an insurance company cancel/not renew our policy because our home is older than 40?
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UPDATED: May 1, 2012
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Insurance Question from Worcester, MA
Asked on 05/01/2012
Can an insurance company cancel/not renew our policy because our home is older than 40? Our Homeowner's insurance is NOT renewing our policy due to the fact "Our home is over 40 years old." and demands that we update all of our electrical, plumbing, heating, roof, boiler, & hot water heater. Is this legal?
Answer given on May 02, 2012
While each state has its own rules and regulations regarding insurance restrictions and cancellations, it is possible that your company has the right to non-renew the policy due to the age of the home and a lack of updating. Older wiring and plumbing cause some major damages to homes and the insurance companies always ask about updating when the originally write the policy. If you have had insurance for a long time with this company, you should try to get them to make an exception for your insurance.You might be able to have a plumber and electrician come out and confirm that the home is in good condition and that repairs are not needed. You could also do this with a roofer and boiler inspection. If the roof is original, it is definitely time to get it replaced. The other areas may be adequate or may only need some minor updating. Again, check with the insurance company and see if they are willing to work with you on these issues.
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