Although the home was sold, coverage goes beyond the structure of the home. Coverage is normally provided for personal property, liability, and medical payments while anywhere in the world. Therefore, the insurance company may refuse to backdate the cancellation as there is no Florida Statute that will prevent them from doing so. As a best practice, it is imperative to call the company as soon as you sell your home.

Within 90 days after a company receives notice of a new, reopened or supplement property insurance claim (damage to property only), the company must pay or deny the claim or a portion of the claim unless the failure to pay the claim or a portion of the claim is caused by factors beyond the control of the company.

Insurance companies must submit their rates to the Office of Insurance Regulation (OIR) and justify the need for any increase. The OIR reviews these rates to ensure they are adequate for the company to continue paying claims. If the company has justified the rate increase with actuarial evidence, the OIR is required to approve it.

There are no laws that prohibit an insurer from nonrenewing a property policy if you have a pending claim except for the following: Only upon a declaration of an emergency pursuant to s. 252.36, Florida Statutes, and the filing of an order by the Commissioner of Insurance Regulation, an insurer cannot cancel or non-renew a personal or commercial residential property policy if the insured has damage from a hurricane or wind storm until 90 days after the repairs have been made. The structure is considered repaired when it has been completely restored to the extent that it is insurable by another insurer. The insurer may however, non-renew the policy with 45 days of notice if the insurer determines the insured has unreasonably caused a delay in the repair of the structure, there has been a material misstatement or fraud related to a claim, or if the insurer has paid the policy limits.

When a Property Policy is cancelled by the insurer or the insured, any unearned premium must be returned to the insured within 15 working days after the effective date of the cancellation (unless the policy is subject to an audit). If the premium is financed with a Premium Finance Company, the unearned premium must be returned to the Premium Finance Company.