Leigh Insurance Agency of St Augustine Blog
Lapsing house insurance might be bad for your property. Your insurance company won't cover the damage during this time. Small things like late payments might trigger your provider to cancel your coverage.
Handling an insurance lapse is easy. Pay your late payment to reactivate your coverage. Don't let your homeowner's insurance expire. You can solve the problem, but it's risky and has major implications. A gap in coverage raises your risk and rates.
What Happens If Your Home Insurance Expires?
If your home insurance coverage is left to expire, a few possible outcomes are possible.
Your Mortgage Lender May Buy You a Policy
If you want to secure a mortgage, your lender will need you to purchase home insurance. Your insurer will inform your lender of a policy lapse. Your lender may choose to get new insurance on the borrower's behalf. It's not uncommon for this kind of insurance to be more costly than others and to provide less coverage for your goods.
Insurance Premiums May Rise
Your insurer will see you as a high-risk customer if they see a policy lapse on your record. You will remain a high-risk customer even if your house insurance is renewed. So, your insurance rates may go up.
It Will Be Hard to Find Coverage With Other Carriers
If you don't maintain the required coverage on your house, you can have trouble switching to a new carrier. Your records are one of the most crucial questions in the insurance application.
In summary, once your insurance coverage ends, your property is no longer protected, which leaves you powerless against natural disasters, robberies, and fires in your house. And your insurance rates can go up as a result. Pay your bills on time to help keep your house in good shape, and provide your insurer with all the information they need to save you from having this happen.
At Leigh Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We will go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (904) 826-0799 or Click Here to request a free quote. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!
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