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8950 Dr MLK Jr St N #107
St Petersburg, FL 33702

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What happens if your home insurance lapses?

A Home Insurance Lapse

If you own a home in St. Petersburg, FL and you’re wondering what happens if your policy with TBIG Insurance, Inc. lapses, the short answer is: Nothing.

Or at least, nothing happens directly as a result of your insurance lapsing. If you get your insurance renewed, you can buy the same policy you had and not have to worry about anything. But if your insurance has lapsed and something happens to your home, then it’s no different from not carrying insurance at all.

This means that if you put back your insurance payments for a month and your coverage lapses, you won’t be able to claim that broken window just because you eventually repurchased insurance. If this were an option, people would be able to wait until their home catches fire, and then buy insurance. Insurance is for what might happen to your home, not what already happened to it.

In other words, it’s important to stay up to date on your home insurance. If you let it lapse and wait too long, you may wind up getting into trouble with your lender, as most in St. Petersburg, FL will require you to carry hazard coverage to cover their investment into your home.

If you stay up to date on your payments, you should have absolutely no problems with your home insurance coverage. Get a reliable policy through TBIG Insurance, Inc., pay your payments on time, and whatever happens, you’ll be covered as long as you have the appropriate policy for it. If your insurance lapses, even for just a day, it’s as good as having no insurance at all.