Saving on your insurance premium starts by understanding your policy and what you’re paying for. You should read your policy in full and ask your insurance agent if you have questions.
For instance, homeowners insurance does not cover floods, earthquakes, or backup of sewer and water. There are add-on coverage options for those issues as well as home businesses, home daycare, identity theft, and more. Your agent can help you buy add-on coverage for those things, as needed. Flood coverage may be purchased separately through the National Flood Insurance Program (NFIP). Ask your agent or carrier for more information, or contact the NFIP at 1-888-CALL-FLOOD or www.floodsmart.gov
Insurance policies should not be used for routine maintenance issues or minor problems. Home maintenance could prevent a costly insurance claim. Cleaning out gutters, checking for dead trees, and looking for fire hazards are just some of the tasks to be done inside and outside of your home.
Should you need to file a claim, you should know that companies are not allowed to raise the premium, terminate a policy, or deny issuing or renewing a policy simply because a policyholder asked about making a claim or sought information about the claims process. For policies that have been in effect for over 60 days, companies cannot terminate, refuse to renew, or increase the premium solely because the first claim has been filed against the policy.
You or your insurance company may decide not to renew a policy when it expires. According to regulations, companies are required to provide policyholders with a minimum of ten days’ notice before the date of cancellation for non-payment and 30 days’ notice before the date of non-renewal for all other. If you believe that the non-renewal is unjust, we suggest attempting to resolve the matter directly with the company. If you’re unable to reach a resolution, please do not hesitate to contact the Mississippi Insurance Department at 1-800-562-2957.