Cancellation of Fire and Extended Coverage Policy – Grounds. After a policy of fire and extended coverage insurance, as defined in paragraph (b) of Section 143.13, has been effective for 60 days, or if such policy is a renewal policy, the company shall not exercise its right to cancel except for one or more of the following reasons:
     a. For nonpayment of premium;
     b. When a policy was obtained by misrepresentation or fraud; or
     c. For any act which measurably increases the risk originally accepted.