You meant to send in the premium but were sidetracked by other things. Now, your home insurance has lapsed and you are wondering what will happen? Is there a grace period beyond the grace period? Can you get your policy back? The agents at Robnett Integra Insurance Services can help when you need to regain financial stability in terms of a home insurance plan in Brownwood, TX.
What does it mean to have a policy lapse?
Home insurance works like any other plan. You have to pay a premium to keep the policy instated and run the risk of losing coverage when you pay late. Insurance companies do not ordinarily drop you if your premium payment is a day or two late. In fact, most state law bars insurance providers from discontinuing service without offering a grace period and a written notice of plans to terminate a policy.
Grace periods range from 10 days to 45 days. Insurance companies are mandated to cover claims during this time even if you do not pay the outstanding balance later. Your insurance policy lapses if you fail to make your premium payment after the grace period ends. You are, technically, without home insurance during this time and, thus, solely responsible for any major damages to your home thereafter.
How can you get out of the lapse stage and back to being insured?
The easiest way to have a home insurance policy after your previous plan lapses is to reinstate your delinquent plan. This option, however, may come with extra expenses that penalize you for failing to keep up with the plan. Such is the reason why some homeowners choose to purchase a new plan when their old one falls into trouble.
The agents at Robnett Integra Insurance Services can help you find the home insurance policy that best fits your lifestyle in Brownwood, TX. Call us today for a quote!