What You Can Expect if Home Insurance Lapses

Home insurance in McKinney, TX and surrounding areas is the number one way to protect your home from large scale damage. Although obtaining and maintaining a home owner’s insurance is relatively easy, there can be instances in which you find your insurance has lapsed. Here’s is what you can expect if this happens to you.

Why Would my Insurance Lapse?

Home owner’s insurance can lapse for a few reasons. The most common reason for this is a failure to pay premiums. When insurance premiums are not paid on time, the policy will lapse. This means that you will not have insurance coverage. Another reason a policy may lapse is that you fail to renew the policy in the allocated time frame. The last reason that a policy would lapse would be because of changes that have taken place to property that would have made the home too much of an insurance risk to cover.

What Can Happen if my Insurance with Parker Preferred Insurance Lapses?

The most critical consequence of a lapsed home owner’s insurance policy will be the lack of coverage to your home. If during this time your home sustains large scale damage due to fire, flood, or other disasters, the repairs for this will come out of your pocket. This could be financially devastating to you and your family. In the event of complete home loss, you would have no means of rebuilding or buying a new home for your family.

In the event that someone is injured on your property while you are uninsured, then you will be personally held legally responsible should that person sue you for their injuries.

How Can I Reinstate Lapsed Insurance?

Even if a policy lapses, a quick call to Parker Preferred Insurance serving McKinney, TX, and surrounding areas, can be the first step to getting your policy reinstated. Give us a call today to find out how we can help you.