Renters Insurance

Lease agreements often require tenants to have renters insurance. Be sure to read your lease carefully. Even if your lease does not mention renters insurance, consider buying this insurance to protect your personal property. A landlord's insurance protects the building, but not a renter's belongings. A renters policy may provide coverage for your personal belongings. 

What happens if my insurance company cancels my policy?

Insurance companies can end their relationship with you by cancelling your policy or choosing not to renew the policy when the policy period ends.

Cancellation

To cancel your policy, your insurance company needs to provide you with notice:

• At least 10 days before the effective date of the cancellation if the policy is being canceled for non-payment.
• At least 30 days before the effective date of the cancellation date for other cancellation reasons.

Iowa Code section 515.125(1).

Reasons for cancellation

After your policy has been in effect for 60 days or more, your insurance company can only cancel for select reasons:

• Nonpayment of premium.
• Failure to pay dues or fees where payment of dues or fees is a prerequisite to obtaining or continuing the insurance coverage.
• Fraud or misrepresentation relating to a claim.
• Actions by the insured that substantially change or increase the risk insured.
• Violation or breach of a term or condition of the insurance policy or contract.
• A change in the risk that substantially increases a hazard insured against after insurance coverage has been issued or renewed.

Iowa Code section 515.129A.

Non-renewal

If an insurance company plans not to renew your policy, they must provide written notice to the first named insured at their last known address at least 30 days before the policy’s end date. Iowa Code section 515.129B(1). The Insurance company must include a written explanation of the insurer’s reasons for not renewing the insurance policy. Iowa Code section 515.129B(2). (Note, starting on January 1, 2025, the insurer must notify the insured 60 days in advance, rather than 30 days in advance.)