I have a homeowners insurance policy, when it be time to renew?
they said my program I was near was very soon being faded out and they be not offering that any more. A friend told me that they could not change my policy, they could stop selling it to others but if I have already purchased it they had to verbs to offer it until I canceled Is that true?
Where do you live? An insurance company can end your homeowner's policy when your year is up, not before afterwards. If they do not renew you, then you hold to find another company to cover you. Many insurance companies are leaving states, within the US. They do not 'fade' out policies, they simply do not renew or write them in unquestionable states now. No, it is not true. An insurer is singular bound to a policy for the duration of said policy, and is under no requisite to offer a renewal. Once your current policy expires, that's the pause of your coverage. Start shopping for other coverage immediately.
An insurance company can non-renew your policy at the end of the policy residence for a variety of reason. Since you said they were "declining out" the company may be pulling out of the state, pulling out of a specific geographic area, or simply might not be writing homeowner's insurance at all anymore. They own to legally notify you that they will not be offering a renewal. Look at your non-renewal spy to find out the reason you are not human being renewed and contact your agent for a new policy. Well, it works differently within different states.
In most states, a "program" is written with a out of the ordinary sub-company and when they fade it out, they basically close that subcompany, which allows them to put an end to those policies, and get around the clause that your friend is referring to, if it's even applicable within your state.
If your friend isn't licensed to sell insurance contained by your state, I wouldn't take their word for it. You can nickname your state insurance commissioner and ask.
But if you get a trial notice of see on your homeowners policy, you can also contest it, and if you win, well, next your friend was right. If you lose, he wasn't.
Answers: You have a 1-year contract with the insurance company. At renewal they own the right to NONrenew or cancel you -
or money company policy.
In NC - there are coastal areas that are getting non-renewed right in a minute