What is a Lapse in Insurance Coverage?

What is a Lapse in Insurance Coverage?

Individuals and companies buy insurance for many reasons, but protection against financial loss is chief among them. While one hopes that they never need to invoke the terms of an insurance policy, it is nonetheless a hedge of protection that nobody should live without. However, an insurance policy is only as effective as the timeliness of the premiums that are paid. What is a lapse in Insurance Coverage?

When insurance coverage lapses, there are ramifications. Continue reading to learn what a lapse in coverage is and what the ramifications of such an event are.

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How To Search for Insurance Companies

How To Search for Insurance Companies

Insurance for possible liabilities is vital for your peace of mind. The coverage you get is only as good as the insurance company you choose. As such, there is a need for diligence in your search before settling for an insurance company. The following steps should help to ensure that you land in the hands of a legitimate company and one that is suited for your coverage needs. Here is how to search for insurance companies.

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Top 3 Reasons to Have Renters Insurance

Top 3 Reasons to Have Renters Insurance

If you’re renting an apartment or a house and don’t have renter’s insurance, you are most assuredly not alone. According to several sources only a small amount of tenants in the U.S. have renters insurance. And this, by the way, is despite the relatively low cost of having such coverage. A study revealed that the average cost of renters insurance is around $180 per year or roughly $15 a month (depending on your valuables). This is a small price to pay given the peace of mind that it offers if disaster strikes. But still, purchasing renters insurance is a very low priority for many people. For some, it is not a consideration at all. Here are top 3 reasons to have renters insurance.

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Who Needs Renters Insurance?

Who Needs Renters Insurance?

Renters insurance offers the benefits of homeowners’ insurance but doesn’t cover the physical structure. It covers property losses due to fire, smoke, theft, or vandalism. The insurance can also cover tenants’ liability if visitors get injured while on the property. But, who needs renters insurance? We always suggest to contact a Long Island Insurance Company for more detailed information.

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