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 actually lose your insurance coverage? These actions are due to a violation of 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 has very defined terms giving them the authority to cancel your policy due to non-payment of premium.
- Substantial Change in Risk
If your circumstances change drastically after your policy is in effect, your insurer can cancel your policy with short notice. For instance, if you got a new dog considered “dangerous,” then your insurance provider can cancel your policy. This happens because they did not have the chance to underwrite this risk when issuing your policy.
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.