It is very important for individuals to maintain home insurance on their property at all times. Should something happen to put the home at risk, such as a fire, flood, or burglary, it is critical that the right type of insurance be in place to protect the value of that home. Additionally, most mortgage lenders require borrowers to maintain a specific level of coverage at all times to protect the investment. So, what happens when your home insurance does lapse?
In Albertville, Minnesota, it is critically important to discuss your situation with your insurance agent as soon as possible. Getting a new policy in place right away is critical. Some insurance providers may penalize you with higher rates because of the lapse, but many will not. Ultimately, you do not want to delay in getting the coverage you need. The best way to do this is to consider both options of renewing your policy with your current provider or seeking out a new one.
You do not want to face risks with your lender for having a gap in coverage. It is best, then, that if you plan to switch providers that you begin looking at least a month in advance of the expiration of your current policy. This can help to reduce your risks of losing coverage even for one day.
If you are in the market for a new policy, it is often best to use an independent agent to help you to find the right policy for your needs. Even when you may not have the best track record of coverage, chances are good there is a provider that can meet your needs. Trust in an independent agent who can help you to find the right policy for your particular needs.