Do Not Let Your Home Insurance Lapse in 2018

There are many things we all forget in day to day life. Sometimes forgetting something has farther reaching consequences than just having to run back to the store for a gallon of milk. For example allowing a home insurance lapse can mean leaving your biggest asset unprotected, but don’t fret because Paragon Independent Insurance Agency protects homes in and around Plano, TX and a solution can be found after a lapse.  

The first thing you should do if you discover that your insurance lapsed for any reason is call your insurance agent and find out how to fix the situation. Depending on the cause of the cancellation, it may be very simple to reinstate coverage. It is important to keep coverage on your home because you never know when disaster can strike and your home base should always be safe. 

Possible Causes of a Home Insurance Lapse in Coverage

  • The most common cause is forgetting to make payments each month, this can often be remedied by making the payment as soon as you remember and contacting your agent. 

  • Changes to your property that are not covered by your current insurance policy. To fix this contact your agent and discuss changes that need to be made to your policy that reflect the changes to the property. 

  • Misrepresentation or even fraud are sometimes the cause of cancellation, in these cases, the client typically is not interested in reinstatement. 

If it is time to renew your current home insurance, if you have a lapse, or if you are purchasing home insurance for the first time, contact Paragon Independent Insurance Agency. We protect homes in Plano, TX and the surrounding areas. 

 

 

Reasons a Home Insurance Claim Can Be Denied

The main purpose of home insurance is to pay for losses when a disaster strikes, thereby helping the residents of Plano, TX and the surrounding areas recover from such risks. But you’ll find quite a number who have complaints about their claims being denied. Sometimes it’s difficult to understand how home insurance works and what it covers. Talk to an agent at Paragon Independent Insurance Agency to help you understand what is or what isn’t covered by your policy. Before you judge the insurance companies, here are some of the reasons your home insurance claim can be denied:
 
Property’s Condition: The insurance company can use PropertyPredictR to estimate the risk for claims. Damages caused due to the poor condition of the home such as poor maintenance are not covered.
 
Exclusion Clause: Insurance policies have exclusions clauses that show what the insurance company won’t cover. Such exclusions include flood and earthquakes. You need an additional policy to cover such risks.
 
Insufficient Coverage: Home insurance covers your risks but to a certain extent, so before you make a claim, make sure it’s within the coverage limit. If you make a higher claim, then the whole claim may be denied.
 
Covered risks: Not all perils are covered by home insurance. This is a common misconception about home insurance; therefore, understand what risks are covered in your policy before making a claim.
 
False Information: If you have given false or exaggerated information in your application, your claim could be denied. Plus, you might get sued.
 
Negligence: If an accident is caused due to negligence, the insurance company may deny your claim. 
 
Make sure you pay your premiums on time, maintain your property to minimize risks, and have enough coverage. At Paragon Independent Insurance Agency, we offer affordable and reliable home insurance policies for your Plano, TX home. For any questions, contact us today.