Why are home insurance companies so put off by lapsed coverage?

I've been shopping for home insurance quotes. Some providers have straight out refused to give me a quote after learning I haven't had home insurance for the last five months. Why are they so sensitive about lapses in insurance?

Answer
I am sorry to hear that you are having trouble getting home insurance after a lapse in coverage. It is critical that you get home insurance right away because if something happens to your home, you would have to pay for the repairs out of pocket.
Unfortunately, the longer you go without insurance, the harder it becomes to get insured. Insurance companies do not like taking risks, and they view a lapse in insurance as risky behavior. For this reason, your insurance premiums may be higher after a lapse. Once you find a new provider, you can typically re-shop for a new policy after a year to find a lower rate since you will then be shopping as an insured. Good luck!
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Jackie Whalen
Answered on Apr 02, 2021
Jackie Whalen has been in the insurance industry for over 7 years, working in sales, service and claims. She has won numerous awards as a top salesperson and customer service agent. She currently lives in New York with her husband. Her 24 year old son recently moved out on his own which has given her more time to travel, write and train her dog Maisy not to chase her cat, Whiskey.
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