I bought a full year insurance on my rental property from Farmers, after 3 months they just mailed me a letter saying that we will cancel your contract since risks does not meet their underwriting guidelines...Is that normal to cancel the contract after 3 months???
They will be sending you a check for the remaining months. And while I wouldn't say it is common it isn't unheard of. Good thing is there are lots of other places to go!
They will be sending you a check for the remaining months. And while I wouldn't say it is common it isn't unheard of. Good thing is there are lots of other places to go!
@Jinesh Kumar I hope it all works out. I'd ask them which underwriting guidelines you didn't meet so you can see if it's a serious concern or if it's something you can address (you don't want that happening again!)
@Jinesh Kumar I have been a Farmer's customer for 25 years. A cancellation in midstream like this is generally; age of building, electrical, flat roof, unreinforced brick or concrete. Things you won't be fixing; so don't ask. Otherwise it is hard to say "no clue".
Instead I would go to a broker; check their feedback etc, a good one will know what carrier is most likely to insure your type of property. Good luck!
Thank you all...Roof has some shingles off so they decided to end my contract :-D.....I will fix shingles and try another insurance company...but my agent said just fix shingles and reach out to him..he will reinstate the contract again and straighten everything out...
Thank you all...Roof has some shingles off so they decided to end my contract :-D.....I will fix shingles and try another insurance company...but my agent said just fix shingles and reach out to him..he will reinstate the contract again and straighten everything out...
If they were aware of the shingles and it was an issue for them, why didn't they address it with you and give you a chance to remediate before canceling your policy? Seems like a d--k move, and really poor (not to mention inefficient) business on their part.
I tell ya, about ten years ago insurance companies have moved above used car dealers on my personal shyster list.