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Homeowners Policy Lapse question

Discussion in 'Homeowners, Fire, Casualty' started by James21, Apr 8, 2019.

  1. James21

    James21 Law Topic Starter New Member

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    I own my home free and clear in Florida. Yes I understand its frowned upon but can I cancel my homeowners policy and get a new policy down the road.

    I was told by my agent if you leave you home uninsured for any length of time you will never be able to get coverage again. Is this true? Just to be clear, I would be canceling it. The policy would NOT be getting canceled for non-payment. Payments have always been on time. Thank you in advance!!!
  2. zddoodah

    zddoodah Well-Known Member

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    Of course you can, and it would be perfectly legal to do so. No law requires homeowner's insurance.

    Beyond that, your post does not raise any legal issue. Whether any given homeowner's insurance carrier will or won't issue a policy for a previously uninsured property is a business decision for that company to make.
  3. army judge

    army judge Super Moderator

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    I know of several more reputable home insurers that are reluctant to underwrite homeowner's policies when a homeowner has allowed coverage to lapse.

    That is not an exclusive response just for homeowners insurance, as you'll discover such reluctance surrounding many other forms of insurance.

    As regards lapsed or cancelled homeowners policies, the reluctance of insurers grows stronger if the insured has had even one or two claims.

    Bottom line, you'll have to NOT pay your money and take your chances.

    Each person's experience will differ, thus you might proceed and remain unaffected.
  4. adjusterjack

    adjusterjack Super Moderator

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    I wouldn't say "never" but it will certainly disqualify you for preferred rates so any savings you think you might have will be illusory.

    Besides, if anything happens while you don't have insurance (fire, wind, theft, injury to others) you'll be up shit's creek without a paddle.

    I spent the last 9 years of my insurance career as a claims adjuster. I wrote checks to over 6000 people who were damned happy to have the insurance, whether it was a small water damage claim or a total loss house fire.

    Only fools go without insurance. And when the inevitable loss occurs without it, the fools come to sites like this whining "What are my rights."

    Good luck.
    zddoodah likes this.

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