Title: Navigating Non-Renewal Policies: A Recent Experience with Lemonade Insurance in California
In a recent development, I received a notice from Lemonade Insurance indicating that my current policy will not be renewed. The reason cited was a change in underwriting guidelines, specifically, the company’s maximum insurable rebuild estimate limit has been lowered from $1.5 million to $1 million. The notification arrived approximately five months prior to the policy’s expiration date, giving me some lead time to reassess my options.
It’s important to recognize that insurance providers must adapt their risk appetite based on evolving market conditions and internal policies. While such changes can be inconvenient for policyholders, they are part of the business landscape that insurers operate within.
In my case, I decided to consult with my previous insurance broker to explore alternative solutions. During my last renewal, I had faced a non-renewal due to a FireLine score that temporarily exceeded the insurer’s underwriting threshold. After an appeal, this rating was successfully adjusted back to a more favorable level.
Given my intention to maintain continuity with Lemonade, I plan to reconnect with my broker as the renewal window approaches, roughly 60 days before my current policy lapses. I believe that maintaining this relationship and exploring options will help ensure I secure coverage aligned with my needs, especially considering the favorable terms that Lemonade has provided so far.
Navigating insurance non-renewals can be challenging, but with proactive communication and strategic planning, policyholders can often find solutions that suit their requirements.
