What are the downfalls of having a gap in home insurance coverage?

I don't like my current home insurance company, so I'm thinking about letting the policy lapse. What are the downfalls of having a gap in your home insurance coverage?

Answer
“Several bad things can happen if you have a gap in home insurance coverage, including:
  • Force-placed insurance because you don’t have the insurance coverage stipulated in the loan agreement
  • A chance for denial of a claim or a total loss if something happens to your home.
Even if you don’t like your insurance company, you shouldn’t let your insurance lapse. Not only is it irresponsible, but you’ll likely pay more for insurance once you start a new policy.
Instead of letting it lapse, start shopping for home insurance rates online, just as you would shop for car insurance quotes online.
You could also use Jerry. Jerry can collect quotes from up to 50 top insurance companies in seconds. It’s one of the best ways to find great rates as quickly as possible.”
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Eric Schad
Answered on Aug 17, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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