In this post I will cover Non-Renewals specifically from Safeco/Liberty. Something that has become a very common issue in 2023 with the insurance market taking a down turn.
Why is safeco insurance non-renewing?
The top reason why Safeco is not offering renewals in 2023-2024 is because they, as an organization, have cut nearly half of their agency force. Which then forces Safeco to non renew / cancel your policy effective the upcoming expiration date. Now, you can save your policy from non-renewal by asking for a Broker of Record Change request prior to the x-date. Meaning that you have chosen a new Safeco agency/agent/broker to take you on as a client before the current policy expires. All you have to do is reach out to the agency, confirm they have an active contract with Safeco and then sign a document to have them represent you going forward. Easy! (psst! we can help you do that, just email us at service@tcsib.com . . . 😉 )
Other reasons a policy is being non-renewed are: Inspection Related, Market Saturation, Claims History, Carrier Leaving the Marketplace and even Payment History. While we may not be able to help everyone in this category every time, we do try our best to provide guidance and put a plan in place to help get you back on track. – Please reach out to us by completing the quote request form below if you are in this second category.
How to avoid a non-renewal?
Let’s look at insurance not as a consumer but as a risk manager. Homeowners insurance is there to pay for a major accident. It is designed to pay for damaged caused by Sudden & Accidental situations and most times the policy may end up paying the full policy limits without ever cancelling, non renewing or even rate increasing an insured. As long as it was a major claim that couldn’t be avoided. Meaning, that you as a responsible homeowner, has a track record of being safe and safeguarding your property. So with that being said, let’s talk about the small things that the insurance company is looking at and that will likely make you look like a high risk insured and quite possibly cause a non-renewal or cancellation of your coverage:
- Pride of Ownership is missing. The weeds are overgrown, the fence is falling over, paint is peeling, gutter are overflowing, there are attractive nuisances on the property such as a project vehicle or even loose and uncared for pets.
- The Roof being older than 20 years and has not been inspected by a licensed contractor.
- Non-Weather Water Claims are the biggest type of losses that insurers are seeing today. So having one on file will put you on a do-not-insure list real quick!
These are the top 3 reasons why folks are being cancelled or the policy is not being renewed but there could be other situations that will trigger underwriting to not want to offer you coverage any longer. Such as having a small claim because this will forewarn the insurance company that you will likely be prone to make more small claims that will eventually lead to a large claim. Or having a pet that seems vicious towards others, or not responding to a letter that was mailed to you for more information about how your home is being used.
Also, there are situations we have experienced where the carrier was covering the home for far too much in dwelling coverage because the prior agent had not done an annual review. So the carrier set it up for non-renewal as it was beyond their appetite guidelines. We did a review, provided an updated Replacement Cost Estimate and were able to save the policy.
There are so many reasons a carrier may want to get off a risk but when you work with your insurance professional, you will be properly guided. Well, at least that’s what our client’s are accustomed to. If you feel that you are not getting the service you deserve, please reach out and we can review your policies and situation.
CAn tcs help me transfer over other policies?
Absolutely, we can help you keep your current policy and have us take over as the servicing agency! Just email us: service@tcsib.com
How can I get a quote? – Just click below! ⤵️
post written by: Domingo Ramos, Insurance Broker, proudly licensed to transact insurance in California, Oregon, Washington, Idaho, Utah, Nevada, Arizona, Colorado, New Mexico, Texas, Michigan or Missouri. – domingo@tcsib.com