Cancelled insurance policy

[Dan Lainer-Vos]

I recently purchased a fourplex. Two weeks ago, mY insurance company asked for pictures of electrical panel. I sent them some but apparently now the right ones and just received a notice of cancellation. I’m really surprised— this seems to me like a minor technical issue that can be easily fixed. Anyway, how serious is this? Will it be possible to reverse the decision? Will it be possible to get similar policy from another company? Advice? Worried Dan

[Chris Sellers]

Dan,

Don't worry, this happens a lot.  When I first started buying properties, I used big companies like Allstate.  They were real picky and dropped me for all kinds of small reasons after doing property drive by's.  Talk to your insurance agent about companies that specialize in rentals and aren't so squirmy.  I use Foremost a lot.  They don't ask for picky stuff or drop me.  Prices about the same.

Good Luck!

Chris