By Maria Sassian, Triple-I consultant In high-risk areas like the West Coast with its wildfires and Florida with its hurricanes and floods, insurance as insurers attempt to limit their exposure to future losses.Homeowners insurance protects your most valuable possession, so the prospect of getting a notice that your policy will not be renewed can be nerve-racking.  But don’t panic if that happens – you have options.

Know the difference between cancellation and non-renewal There is a between an insurance company canceling a policy and choosing not to renew it.Insurance companies can’t cancel a policy that has been in force for more than 60 days except when: Nonrenewal is a different matter.Either you or your insurance company can decide not to renew the policy when it expires.

Depending on the state you live in, your insurance company must give you a certain number of days’ notice and explain the reason for not renewing before it drops your policy.Question the non-renewal If you think the reason the insurance company provided for non-renewing is unfair or want a further explanation, call the company.  You may get an opportunity to keep your coverage by verifying that you’ve taken risk mitigation measures such as replacing the roof or removing flammable materials near your house.If your policy isn’t renewed because of a failed inspection, making the proper updates could help you maintain coverage.

Shop around for another policy If your insurer insists on non-renewing, shop around for a new policy.Here are some tips from Triple-I’s guide: Explore your state’s shared market option If you’ve shopped around and can’t find coverage, you may need to turn to the state-run shared market.Many states offer policies for high-risk homes, or beach and windstorm plans for coastal properties.

These policies offer limited coverage and are often more expensive than a standard home policy from a private insurer.For more comprehensive coverage, may purchase a “difference in conditions” policy that complements FAIR Plan coverage.Look into surplus lines The , which is comprised of highly specialized insurers, exists to provide coverage that is not available through licensed insurers in the standard market.

Each state has surplus lines regulations and each surplus lines company is overseen for solvency by its home state.Available surplus lines companies vary by state.Speak with an insurance agent or broker about surplus lines if you’ve been rejected by at least three other insurers.Non-renewals in disaster-prone areas are pushing back against the non-renewal trend by placing moratoriums on non-renewals for certain zip codes, as happened in California recently, or for certain companies, as is the case in .

Whether the decision not to renew is yours or your insurer’s, don’t put off shopping for a new policy.You don’t want coverage on your home to lapse.