{"id":6,"date":"2018-01-23T13:53:23","date_gmt":"2018-01-23T19:53:23","guid":{"rendered":"http:\/\/www.comcoinsurance.com\/blog\/?p=6"},"modified":"2018-01-23T13:53:36","modified_gmt":"2018-01-23T19:53:36","slug":"what-are-the-risks-if-my-homeowners-insurance-lapses","status":"publish","type":"post","link":"https:\/\/www.comcoinsurance.com\/blog\/what-are-the-risks-if-my-homeowners-insurance-lapses\/","title":{"rendered":"What Are The Risks If My Homeowners Insurance Lapses?"},"content":{"rendered":"<p>It can happen to any homeowner. You\u2019re sorting through the unopened mail that\u2019s been piling up on the counter and you come across a renewal notice from your home insurance provider \u2013 dated three months prior. You realize that you don\u2019t presently have homeowners insurance coverage. But, the lapse\u00a0<span class=\"scayt-misspell-word\" data-scayt-word=\"wasn\" data-scayt-lang=\"en_US\">wasn<\/span>\u2019t for very long, and won\u2019t affect your insurance coverage, right? Think again!<\/p>\n<h3>What Is A Homeowners Insurance Coverage Lapse?<\/h3>\n<p>Your Mount Prospect, IL homeowners insurance is considered lapsed if you go without coverage for any length of time, whether it\u2019s a month or just one day. There are several common reasons homeowners let their insurance lapse, including:<\/p>\n<ul>\n<li>You failed to make required policy payments on time.<\/li>\n<li>Your insurance canceled your policy.<\/li>\n<li>You allowed your policy to expire before securing a new one.<\/li>\n<\/ul>\n<p>Each of these situations are easily preventable. Because there are a number of mishaps that can happen when you let your policy lapse, it\u2019s smart to keep up to date with your policy (and your mail) to eliminate hardships down the road.<\/p>\n<h3>What Can Occur If My Homeowners Insurance Lapses?<\/h3>\n<p>There&#8217;s a reason you were sent a renewal notification from Com-Co Insurance Agency Inc. three months ago \u2014 it\u2019s important to keep your insurance coverage consistent. Here\u2019s what can happen if you don\u2019t:<\/p>\n<ul>\n<li>Your premium rates may go up \u2013 even if your policy has only lapsed for a few days, your rates may go up. Insurance companies know that people who maintain consistent coverage are less of a financial risk.<\/li>\n<li>Your lender may purchase insurance for you \u2013 Most lenders require continuous insurance coverage, so if yours lapses your mortgage company may buy coverage on your behalf \u2013 and increase your mortgage payments to cover the premiums of a more expensive policy with less coverage.<\/li>\n<li>You may have trouble getting insured again \u2013 Insurers typically look into your insurance history. If you haven\u2019t been consistently covered it will be more difficult to obtain coverage.<\/li>\n<li>If an incident occurs while your insurance has lapsed, you&#8217;re out of luck \u2013 If a burglar breaks into your home or a tree falls on your roof, you won\u2019t have any financial protection in place to cover the loss. Securing insurance after the fact won\u2019t cover a loss event.<\/li>\n<\/ul>\n<p>If you&#8217;re a Com-Co Insurance Agency Inc. customer and have questions about your Mount Prospect, IL homeowners insurance policy renewal or other insurance concern, please\u00a0give us a call at\u00a0(847) 673-1212.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It can happen to any homeowner. You\u2019re sorting through the unopened mail that\u2019s been piling up on the counter and you come across a renewal notice from your home insurance provider \u2013 dated three months prior. You realize that you don\u2019t presently have homeowners insurance coverage. But, the lapse\u00a0wasn\u2019t for very long, and won\u2019t affect [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,1],"tags":[],"class_list":["post-6","post","type-post","status-publish","format-standard","hentry","category-home-insurance","category-insurance"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.comcoinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/6","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.comcoinsurance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.comcoinsurance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.comcoinsurance.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.comcoinsurance.com\/blog\/wp-json\/wp\/v2\/comments?post=6"}],"version-history":[{"count":1,"href":"https:\/\/www.comcoinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/6\/revisions"}],"predecessor-version":[{"id":7,"href":"https:\/\/www.comcoinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/6\/revisions\/7"}],"wp:attachment":[{"href":"https:\/\/www.comcoinsurance.com\/blog\/wp-json\/wp\/v2\/media?parent=6"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.comcoinsurance.com\/blog\/wp-json\/wp\/v2\/categories?post=6"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.comcoinsurance.com\/blog\/wp-json\/wp\/v2\/tags?post=6"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}