What generally happens if I let my renters insurance lapse?
UPDATED: May 5, 2014
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Asked May 5, 2014
Renters insurance is used to protect your personal property and provide you with a barrier against liability claims due to injury or property damage. As long as the policy is kept current, it can save you a lot in out of pocket costs, but the benefits end if the policy lapses for any reasons.
Most insurance companies will give you a 30 day notice of intent to cancel your policy. If you bring the policy up to current or meet whatever conditions are required of you, the policy will not lapse and your coverage will continue as always. If you do not meet the conditions of the insurance company, or are being dropped for a reason you cannot change, you will have to find a new insurance policy.
Once your renter's insurance policy lapses, the coverage ends. At that time, you will be personally responsible for any losses or claims against you and your home. The insurance company will continue to settle any claims that were already in process before the lapse became effective, but will not pick up any additional claims. Without coverage, a visitor who breaks an arm could cause you financial ruin if they decide to sue for the injury.
To replace your renters insurance, an insurance broker is your best option. Insurance brokers such as the website you are currently using offer policies from multiple insurance companies so that you can compare the costs without having to go to several different places or fill out almost identical forms over and over again. And since a brokerage works for you instead of a particular insurance company, the broker is going to try a little harder to get your business, and that means helping you save money on the policies you need.
Answered May 5, 2014 by Anonymous