What will happen if I miss a home insurance payment?

Home insurance payments perhaps aren’t your favorite things. The deadlines are usually doable and you get that check in the mail (or pay online) with plenty of time. But sometimes things happen and you miss a payment. Maybe an emergency came up and you couldn’t get the bill paid. Perhaps it’s been a tough month financially and you just can’t make that payment. Or you may have simply forgotten – it happens. Whatever the reason may be, the home insurance bill didn’t get paid. And now you’re wondering what happens if you miss a home insurance payment. We’ll explain.

Home insurance and grace periods.

Your insurance may come with a grace period, meaning that you have a little extra time if you miss the deadline for your payment. The grace period (if you have one) varies from home insurance company to home insurance company. A typical grace period could be ten days, but it could be more, could be less. It all depends on your home insurance policy, so you need to be sure to read your policy closely. Even if you don’t plan on ever missing a payment or being forgetful, it’s helpful to know what would happen as a worst-case scenario, according to your particular policy.

Keep in mind that your insurance company may allow you to make payments by phone or online, which will help you get the money to the insurance company quickly. Most of the time, if they get the payment by the last day of the grace period there will be no lapse in coverage.

Pro tip: To avoid forgetting to make a payment, you can consider setting up automatic payments if your company offers that option.

Home insurance cancellation.

If you don’t make your home insurance payments, your home insurance could get canceled. And that could leave you in a bit of a pickle.

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The consequences of having your policy canceled because of nonpayment are more far-reaching than just having no coverage on your home (although admittedly that is a fairly severe consequence.) Should your home insurance get canceled, it can be extremely difficult to find new insurance. That’s because carriers don’t like to see a lot of risk in people they insure. As a result, they may refuse your pleas for insurance. And even when you find new coverage, it might be very expensive.

Moral of the story: pay the insurance company. You don’t want to be in a situation where you’re scrambling to figure out what to do if your home insurance gets canceled.

Communication is key.

It’s important to keep an open line of communication with your agent. If you’re having trouble with making your payments, reach out to your agent and see if there are any other payment plans or options. See if there’s anything your agent can do to help with figuring out a new payment schedule.

Shopping around.

If your home insurance is too expensive, you can always look around to see if there are better rates out there. You always have the option to change carriers if someone has better prices for the same coverage. Of course, you don’t want to sacrifice coverage for the sake of paying less for your insurance. But one carrier might have a discount that another doesn’t, or you might be able to save by bundling your home insurance and auto insurance. There is a multitude of ways you can save money on your home insurance.

If you miss a home insurance payment, don’t panic. Your home insurance policy may have a grace period that will allow you a little more time to make that payment. Be sure to check your policy to see if you have any sort of grace period built in, and stay in contact with your agent. Try to set up automatic payments if you have trouble remembering when to make your home insurance payment or pay for the entire year’s premium at once. Whatever strategy works for you, do try to pay the insurance company on time. They appreciate that.


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Speaking of shopping and saving on your home insurance, we can help you with that. We’ll help you find the best coverage at the best possible rate. All you have to do to get home insurance quotes is fill out our online form or give us a call today.