What Does it Mean if My Policy Has Lapsed?Insurance policies cover only the term designated by the policy. Once that period of time is up, your coverage will end, and your insurance company will not cover any claims made after this time.
Most states have automatic renewal or anti-lapse laws, which require your insurance company to give you notice that your term will be ending soon so that you can pay the premiums and avoid a lapse in your coverage.
What if My Insurance Company Did Not Notify Me that I Needed to Renew?
Many states have laws that will automatically extend your current coverage if your insurance company fails to notify you that it is time to renew. Some insurance policies will give you a grace period where you are still covered even though you have not yet paid for the next term. These grace periods are even required for some policies, such as disability insurance. Should I Contact an Insurance Attorney?If you believe your policy has lapsed unlawfully or if you were not given notice of renewal, you should contact an insurance attorney. An experienced insurance lawyer can help you manage the complexities of dealing with insurance companies and their policies. |
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