What Happens If You Can’t Afford Your Home Insurance Payment?

Get answers about homeowners insurance.

Budgeting is tighter than ever now and it may seem reasonable to let some things slide. Before you let your homeowner’s become a victim to slippage however, you need to look at the big picture. Normally, as long as you get your payment in, even if its a bit late, the worst consequence is likely to be a slapped on fee. Of course, if you make a habit of the practice your payment could rise. But, far worse than these annoyances is what can happen should you actually experience a problem requiring insurance coverage. In short, you could find yourself without remuneration options when you most need them. One thing that is working in the favor of homeowners is that during the Covid-19 crisis many companies are allowing some loosening of the strictures against getting payments in late.

 

Key Takeaways:

 

    • Many insurance companies are being lenient with their policies due to the effects of the pandemic.

 

    • Homeowners insurance companies in many states are instituting a grace period for late payments.

 

    • Read on to find out more about changes to homeowners insurance payments and more due to the coronavirus.

Get answers about homeowners insurance.

“While these efforts will buy you more time to pay your insurance, it is not a forgiveness program and all late or missed payments will eventually need to be paid in full.”

Read more: https://homeownershipmatters.realtor/issues/what-happens-if-you-cant-afford-your-home-insurance-payment/

Image by Alexander Stein from Pixabay

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