Essential Protections for Coverage

 

 

All homeowners need basic protection from their insurance policies and many buy additional protection. The Essential Protections require that policies contain minimum guarantees of protection and that companies offer some kinds of additional protection. Policyholders also need to be protected against unfair cancellation or nonrenewal of their policies, and the Essential Protections set standards there, too.

 

Homeowners’ insurance policies should contain minimum guarantees of protection and insurance companies should offer essential additional coverages.

  • Every homeowner’s insurance policy should contain essential terms and coverage, and policyholders at the time of purchase or renewal should be able to purchase additional important coverage.

Insurance companies must observe reasonable standards for canceling and renewing policies and reporting claims.

  • Insurance companies may not use an inquiry about a loss or a single claim as the basis for cancellation, nonrenewal or premium increase of a policy. All homeowners need basic protection from their insurance policies and many buy additional protection. The Essential Protections require that policies contain minimum guarantees of protection and that companies offer some kinds of additional protection. Policyholders also need to be protected against unfair cancellation or nonrenewal of their policies, and the Essential Protections set standards there, too.

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