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.

5 Important Things You Didn’t Know About Home Insurance

Your home is not only your biggest investment but something you need to protect. Parker Preferred Insurance understands the importance of safeguarding Dallas, TX residents’ homes. Apart from providing coverage, we understand the importance of giving crucial information to customers. 

Here are five important things you probably didn’t know. 

Standard Home Insurance policies 

Most home insurance policies have four components, namely:

  • Structure coverage 
  • Personal property coverage 
  • Liability protection 
  • Additional expenses

Good Faith

Your insurance firm’s agents should always treat you in "good faith." Besides, the company should honestly communicate with you about the home. However, you should willingly provide all valid information requested. 

Verifiable Claims Process

You are not compelled to use the exact forms an insurer gave you to compile a contents list. The insurer can’t ask you to provide them with unrealistic proofs of loss. Besides, they should notify you on obtaining genuine claim-related documents whenever you need them.

Legitimate Investigation

Every home insurer should gather relevant information during a claims process. As a homeowner, you should cooperate with them when they give you reasonable requests. Also, you can request your insurer’s investigator to provide you with written questions. You are obliged to answer them in writing.

Extra Living Expenses

In case of a disaster rending your home uninhabitable, your home insurance provider may give you additional living expenses (ALE). Moreover, upon request, the insurer should give you a list of refundable ALE expenses. The ALE is paid upfront to help you settle after incurring a loss and on an "as incurred" arrangement when you submit document expenses and receipts.


An insurer can’t force you to hire a particular contractor to rebuild or repair your property. They should also inform a homeowner in writing that they can select any certified contractor or repair company. They should restore your property to the trade standards which Texas law allows.

If you reside in Dallas, TX or the surrounding areas, and you need home coverage, contact Parker Preferred Insurance.