In recent times, the economy has become unpredictable due to pandemics, international wars, and trade wars; therefore, you can easily find yourself out of work and unable to afford home insurance. This is likely a worry for you as a resident of Gainesville, FL, since your home is your most valued asset. Here is what you to know if you can’t afford home insurance anymore.
What Will Happen if I Miss a Home Insurance Payment?
If you miss your insurance payment, your insurer will send you a reminder a few days after the due date. There is typically a 30 days grace period for you to make your payment. If you make the payment within this grace period and it’s the first time you miss a payment on the due date, the only consequence would be that you will have to pay a late fee. However, if you repeatedly miss making your payment on the due date are you are always paying during the grace period, your premiums will rise. Moreover, if you neglect to make payments for more than one month, you risk losing your coverage, and your bill might be directed to a collection agency.
Don’t Cancel Your Home Insurance; Make It Cheaper
Rather than waiting to miss a payment on your home insurance, you should consider making it cheaper as soon as you realize that you can’t afford your current policy. Some solutions to making your home insurance more affordable that we at Peninsula Underwriters Insurance Agency recommend are;
- Increasing your deductible: The more the deductible you have on your home insurance policy, the cheaper the premiums.
- Make your home safer: You can expect a considerable discount on your premiums if your home is safer. Install a smoke detector, anti-theft door lock, and cut trees around the house to make your home safer.
Are you a resident of Gainesville, FL, and having difficulty getting your home insurance right? Contact Peninsula Underwriters Insurance Agency will all your home insurance needs.