What happens if I allow the insurance on my two-family rental property
lapse for a few days. It expires tomorrow, and I could save about 1500
dollars by waiting until next week to re-up with a different company.
Thanks...

In article . com,
hanson wrote:

What happens if I allow the insurance on my two-family rental property
lapse for a few days. It expires tomorrow, and I could save about 1500
dollars by waiting until next week to re-up with a different company.
Thanks...


Well, nothing if you don't have to make a claim.


Dimitri

"hanson" wrote in message
ups.com...

What happens if I allow the insurance on my two-family rental property
lapse for a few days. It expires tomorrow, and I could save about 1500
dollars by waiting until next week to re-up with a different company.

You might want to read your mortgage carefully. It is possible that the
terms of the mortgage require you to maintain insurance with the lender as
beneficiary. In that case, if you let your insurance lapse, and the bank
finds out about it, they might call the loan. I imagine it would be a good
idea to take a copy of the mortgage to a lawyer for review.

Of course, if something happens while you don't have insurance, you're
screwed; but I imagine you knew that already.

"hanson" wrote in message
ups.com...
What happens if I allow the insurance on my two-family rental property
lapse for a few days. It expires tomorrow, and I could save about 1500
dollars by waiting until next week to re-up with a different company.
Thanks...

just get a policy with the new company. a slight overlap isn't that
expensive.

On 20 Jan 2006 13:56:32 -0800, someone wrote:

What happens if I allow the insurance on my two-family rental property
lapse for a few days. It expires tomorrow, and I could save about 1500
dollars by waiting until next week to re-up with a different company.
Thanks...

Why can't you sign up with the new company earlier???


Reply to NG only - this e.mail address goes to a kill file.

"hanson" writes:

What happens if I allow the insurance on my two-family rental property
lapse for a few days.

It could burn down and you'd be left holding the bag and financially
ruined perhaps?

It expires tomorrow, and I could save about 1500 dollars by waiting
until next week to re-up with a different company. Thanks...

Calculated risk.

But I can't see why you couldn't renew with the existing company for a
2 day period. Just explain that you need coverage for those two days,
and by the time they send you the invoice you'll be bound to the other
company.

You do know that if you terminate a term with an insurance
carrier...you typically get credit for all unused time of the term
right?


--
Todd H.
http://www.toddh.net/