What Happens When Your Homeowners Insurance Lapses?

  1. 150 POINTS
    Paul Nelson
    Owner, Paul Nelson Insurance Services, Santa Cruz, CA
    When homeowners insurance lapses, your coverage immediately stops. If you have a mortgage on your home your lender will automatically place insurance effective the first date of lapse. In this situation you want to get coverage back in place as soon as possible because lender placed temporary insurance can be up to 400% more expensive than your prior company.
    Answered on June 11, 2013
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