How can I reinstate my homeowner insurance that was terminated due to no payment ?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Apr 6, 2011
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Insurance Question from Mount Prospect, IL
Asked on 04/06/2011
How can I reinstate my homeowner insurance that was terminated due to no payment ? My homeowner insurance was terminated due to no payment and the insurance that bank purchased for me is 4 x the amount I normally pay which put my escrow account in the negative balance, so right now I have to either pay the shortage upfront or my monthly payments are so high that I can barely afford it. I need to somehow reistate the insurance that was terminated or buy insurance for that time frame (in the past) june 2010 - dec 2010. What can I do, where can I go ?
Answer given on April 08, 2011
Unfortunately, it is very unlikely you will be able to go back and reinstate the insurance that lapsed in June. I do not know of any insurance company that will go back that far.
I do suggest that you contact an insurance agent, either your previous one or a new one and start a new policy immediately. When you do that, you can stop your bank from continuing their policy. They will stop once they receive proof of a new policy. You also should be able to set up a payment plan for your new homeowner policy that should be affordable for you.
Once you have replaced your insurance, you might try to call your bank to try to set up a different payment plan for the insurance they purchased for those months. They may let you pay a little less once you show that you have obtained insurance on the home through your agent.
IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.