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re: Louisiana Legislature repeals law blocking homeowner’s insurance cancellations

Posted on 5/1/24 at 4:29 pm to
Posted by Tiger Prawn
Member since Dec 2016
21999 posts
Posted on 5/1/24 at 4:29 pm to
quote:

This could mean that an insurance company could write you a policy in early September and then cancel it at anytime within that one year from you obtaining insurance, because you no longer have the three year rule protecting you.
No they cannot. They can non-renew you at the end of that one year term, but they can't just make up a reason to cancel you midyear

In the very first year of the policy, the insurance company can cancel a policy within the first 60 days for just about any reason. This is primarily used as the inspection period for the insurance company. It allows the insurer time to inspect the property and then issue cancellations if the property either is in unacceptable condition or has unacceptable liability hazards. Once you get beyond the first 60 days of the policy, the insurer can non-renew you but not cancel you midterm (except for instances of fraud). Repealing the 3 year rule does not change this.

ETA: and if they wrote you a policy in early September, then the 3 year rule wouldn't have even applied to you anyways until after you received your September 2027 renewal.
This post was edited on 5/1/24 at 4:31 pm
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