If you’ve opened your mail to find a cancellation notice for your MAPFRE renters or homeowners insurance, you are probably filled with many questions. MAPFRE Insurance Company recently announced plans to withdraw new business dealings from five states, in an attempt to refocus their business in eleven “more profitable” states where they currently have dealings.
So if you currently have an active insurance policy with MAPFRE, where does that leave you? If you are a resident of New York, New Jersey, Kentucky, Tennessee, or Indiana you definitely will need to get a new renters or homeowners insurance policy in place, as these are the states they are withdrawing from. Read below to see answers to some common questions, and how MAPFRE withdrawing their business may or may not impact you.
MAPFRE Cancellation/Non-Renewal FAQ
What Do I Do If I’ve Received a MAPFRE Cancellation Notice?
First of all, take a deep breath. Unexpected news like this can definitely feel like you’ve had the rug pulled out from under you, but fear not–there are plenty of steps you can take to ensure you are protected with no lapse in coverage. First off, it’s important to know that any insurance company is legally required to give you notice well in advance of canceling or altering any current policy.
You will not just be left in the lurch. In most cases, the notice will be in the form of a non-renewal of contract, rather than strictly a cancellation. You will have until the end of your existing policy period covered before being terminated from the agreement. A MAPFRE cancellation notice just simply means you need to make a new plan.
To ensure that you have continuous coverage on your home or rental property once your MAPFRE cancellation takes effect, you will need to start looking into alternatives. You will need to get a plan in place to pick up exactly when your old policy cancels. Effective Coverage can help you with every step of the way.
Why isn’t MAPFRE Renewing Policies?
MAPFRE Insurance’s decision to pull business completely from five states is due to a complete overhaul of their business. They are leaving the life insurance business entirely and deciding to focus the rest of their business only in states which have been deemed monetarily beneficial.
Is It Legal For MAPFRE To Just Stop Insuring Me?
As long as they pursue an orderly withdrawal, yes. The company needs only to make sure they follow the legal requirements for non-renewing or canceling policies. It’s important to note that MAPFRE Insurance has hired an investment bank to sell their New York subsidiary, and are pursuing replacement carriers in the four remaining states.
Do Insurance Companies Often Pull Out Of States?
No, insurance companies that are stable and highly rated do not generally abandon states.
How Do I Know What I Need To Do?
If you live in any of the five states from which MAPFRE is withdrawing their business, you will definitely need to start thinking about alternatives to insuring yourself and your property. Do you live in a Manhattan loft? Check out our New York City renters insurance. A Buffalo craftsman style house more your thing? Our New York Renters Insurance has got you covered. Are you a resident of “Music City”? Then we have plenty of information on Tennessee Insurance for you as well. Also be sure to look over our official guides to renters insurance if you live in New Jersey, Kentucky, Tennessee, or Indiana, as you will be impacted in these areas as well.
Who Should I Call If I Receive a Non-Renewal Notice For My MAPFRE Policy?
You can rely on Effective Coverage to be there for you in the future. We are a highly rated insurance provider and also work with a selection of prominently rated underwriters to ensure you get full and complete coverage to maintain your standard of living in the face of any emergency. We care about our customers and will do everything to guarantee our client’s safety and protection. If you have received a MAPFRE cancellation notice, feel free to give us a call to explore your options moving forward.
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