Okay, so you’re in a bit of a pickle. You just found out that your car insurance company…is no longer going to be your car insurance company. Maybe you’ve been nonrenewed or maybe you’ve been canceled. Either way, the bottom line is that you soon will be without insurance. But are nonrenewal and cancelation the same thing? Not exactly. We’ll explain why these two pickles are different and how you can react to each.
Home insurance payments perhaps aren’t your favorite things. The deadlines are usually doable and you get that check in the mail (or pay online) with plenty of time. But sometimes things happen and you miss a payment. Maybe an emergency came up and you couldn’t get the bill paid. Perhaps it’s been a tough month financially and you just can’t make that payment. Or you may have simply forgotten – it happens. Whatever the reason may be, the home insurance bill didn’t get paid. And now you’re wondering what happens if you miss a home insurance payment. We’ll explain.
What would you do if your home insurance company said that they were no longer going to insure you? The news would probably come as a pretty big blow. You depend on your home insurance to protect your house and losing that insurance might cause a little bit of panic. It can be difficult to get home insurance after being canceled or nonrenewed by an insurance company, depending on their reason for dropping your coverage. The question going through your mind might be: What do I do if my home insurance is canceled? There are a few things you can do in the event that your home insurance company drops you.
You walk into the office one morning and swipe the mail out of your mailbox. You flip through the envelopes. Bill, bill, bill – uh-oh. Insurance company? That can’t be good.
With a sense of dread, you inch into your office, shut the door, and slide open the envelope. You close one eye and open the letter. And it says…well, it’s complicated, but you think it says that your policy just got nonrenewed. What does that even mean? You squint at the letter and turn it upside-down, but can glean no more meaning from it. Great.
Okay, here’s a different scenario: Walk into the office, mailbox, open the letter. You slide open the letter and it says that your policy has been canceled.
Wait, isn’t that the same thing as the first scenario, where your policy was nonrenewed? Nope. Not the same. They might sound the same, and they might seem like they have the same outcome – you don’t have business insurance – but they’re actually two different things.
So, let’s take a look at what these two scenarios mean for your business.