Insurance companies may cancel your insurance policy if the property has deteriorated to a point that it no longer meets the company's underwriting standards. Insurance companies may also choose not to renew your policy if you have filed more claims than the average person. The average home owner files a claim once every nine years.

The appraised value of your property is the value when the appraisal was made. Your property may have lost value since your last appraisal as a result of poor maintenance or depreciation. If your house or belongings are damaged, your insurance company must pay your property's actual cash value at the time of the loss or its replacement value if your policy provides replacement cost coverage.