UHC Non-Renewing 2017 Exchange Policies, Could Your Renters Insurance Do The Same?

We’ve probably all heard that United Healthcare is pulling out of healthcare exchanges in 2017 and non-renewing policies at that time. It’s unconfirmed, but highly likely based on information that the company has themselves released. That will create a significant gap in the individual insurance market, especially with the failures of co-ops nationwide. The co-op failures and unprofitability of individual policies is something for which we can, in large part, thank Marco Rubio, according to the NY Times.

So could this happen to your home policies as well? Could you suddenly find yourself with a policy that won’t be renewed because your insurer no longer wants to write Harrisburg, PA Renters Insurance policies? And if so, what do you do?

To start with, Pennsylvania has a stable property and casualty insurance market. By that, we mean that insurers are making money, premiums are generally affordable, and the state is proactive in making sure that unfair insurance practices don’t impact consumers unduly. That robust market is good for both consumers and good for insurers.

That robust market also means that insurers are not unduly burdened with excessive regulation or with other issues that make it more difficult than it should be to do business in the state. This means that insurers are doing what they do best – insuring people and offering the correct coverage at the correct pricing which allows them to continue to not lose money while charging fair prices to the consumer.

In that sort of market, it would be madness for most P&C insurers to even consider not doing business in the state, or not writing certain lines of business in PA. This means that, overwhelmingly, it’s highly unlikely that your renters insurance will run into the same issue that your United Healthcare exchange policy is likely to in 2017, or in the foreseeable future.

Additionally, because of the way that most states handle rate filings, there’s a very long lead time if an insurer wants to make significant changes to their business model in the state. We see this with the UHC example, and you can be sure you’d have a long lead time if it were going to happen to your home policy, as well.

Just because UHC is making what some would argue to be a poorly calculated decision does not mean that other insurers in other lines of business are likely to do the same. Your home coverage is likely to remain safe. If you have additional questions about your renters insurance, or if you need coverage, feel free to reach out to the renters insurance experts at Effective Coverage. Just call (800)892-4308 or click to get covered - whether you need Pennsylvania renters insurance quotes online or coverage anywhere else!

Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.

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