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What happens if I accidentally let my home insurance lapse if I have a mortgage?
I accidentally let my home insurance lapse for three days, but then I got a new policy. I haven't heard anything from the mortgage company yet, and I'm scared to call them. What happens if I accidentally let my home insurance lapse?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
- You won’t be able to make a claim for any damage that occurred during the lapse in coverage.
- Your mortgage company may impose force-placed insurance on your home at a massively inflated rate.
In the case of the latter, you will typically receive a phone call or letter informing you of the force-placed insurance. Since you have another policy in place, you may be able to get the force-placed insurance removed without a hitch—however, you’ll have to call your mortgage company to determine whether that’s possible.
Keep in mind: In the future, make sure your
home insurance
doesn’t lapse by setting up autopay, which enables payments to automatically come out of your account each time your policy renews. Alternatively, it may be a good idea to see if your mortgage can take care of paying your home insurance. Many mortgage companies will set up what is called an escrow account to pay your taxes and home insurance.
You still have control over the company you choose for insurance, but a part of your monthly mortgage payments will be subsequently used to pay for insurance coverage. This option can help you avoid unintentional lapses that can put your home and finances at great risk.
View full answer
- Gregory R.
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