This guide outlines how to accurately report prior cancellation history for homeowners or renters coverage over the past 36 months and details Openly’s underwriting standards regarding non-renewed policies.
Selecting the Correct Cancellation Option
When completing an application, evaluate any homeowners or renters policy active within the previous 36 months and select the option that best reflects the applicant's history:
- No: All coverage remained active or was ended solely at the applicant's request.
- Canceled (fell behind on payments): The previous policy was canceled due to non-payment of premiums.
- Canceled (too many claims): The previous carrier canceled the homeowners, condo, or renters policy due to claim frequency within their evaluation period.
- Canceled (carrier exited the area): The previous insurer withdrew from the market and stopped writing policies in that region.
- Canceled (other): Coverage was canceled for any reason not listed above.
Underwriting Eligibility for Prior Cancellations
Openly evaluates a combination of policy attributes tailored to state-specific insurance regulations to determine acceptable risk levels. Applicants Openly previously canceled or non-renewed because their policy characteristics fell outside our underwriting guidelines are ineligible for new coverage.
Non-Renewal Notification Process
When Openly must cancel or non-renew a policy, notices are provided in advance so clients have adequate time to secure alternative coverage:
- Notice Timeline: Written notifications are issued between 30 to 60 days before the non-renewal date, following applicable state rules.
- Delivery: Official notices are sent via USPS mail to both the policyholder and the agent of record.
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