If you’re a policyholder of Electric Insurance Company, you may have recently received a notice that your insurance policy will not be renewed.
We understand this can lead to stress and confusion when it comes to making sure you’re properly covered. You may be left wondering, what’s next?
Why is Electric Insurance Company not renewing policies?
Electric Insurance Company has decided to stop renewing certain policies for several reasons. The company has been sold to RiverStone International, which specializes in managing legacy and discontinued businesses. As a result, they are withdrawing from personal lines insurance. Following the acquisition, Electric Insurance will no longer offer auto, home, boat, or personal umbrella insurance, affecting all personal lines customers. Plymouth Rock Assurance has acquired the renewal rights for Electric Insurance’s personal lines policies in several states, including Massachusetts, New Hampshire, Connecticut, New Jersey, New York, and Pennsylvania. Additionally, General Electric’s decision to split into three separate public companies—focusing on aviation, energy, and healthcare—has led to the divestiture of Electric Insurance, making it impractical for GE to maintain an internal insurance subsidiary.
What happens next?
Electric Insurance company has transferred the renewal rights of the policies they’re no longer writing to another carrier, Plymouth Rock Assurance. If your policy has been impacted by this change, you can choose to work with Plymouth Rock Assurance or another carrier.
Receiving a non-renewal notice can be unsettling, but there are steps you can take to ensure you remain covered:
- Review the Non-Renewal Notice: Understand the reasons behind the non-renewal to address any issues.
- Shop Around: Compare quotes from multiple insurance providers to find a better fit. (An independent agent can do this for you.)
- Maintain Good Insurance Practices: Ensure you maintain your property, adhere to policy terms, and avoid filing small claims that could increase your risk profile.
- Contact your agent: If you have an agent, they may already have a plan in place. They should be able to answer your questions, advise next steps, and guide you through the process.
Questions?
If you want to discuss and understand your options, OneGroup can help. We’re an independent agency that writes with over 250 companies in personal and business insurance. We will get to know you, review your policy and look for options that best suit your needs, all with no obligation. To get started or contact our personal insurance team.
Please be advised that coverage cannot be bound or altered and a claim cannot be reported without confirmation from a representative of OneGroup.
This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem.