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I received a renewal for my home owner's insurance. It says if I do not
renew, the insurance expires at <date>. If I pay after <date>, insurance
would resume, but there is no coverage between <date> until the time I pay.
In other words, if I send in payment 10 months after <date>, I'd get 2
months of insurance for one year of premium. Obviously no one in their right
mind would do this -- most people would just start a new policy -- unless
for some reason you become uninsurable and renewal is the only solution.
Another business with a similar policy is costco membership. If your
membership expires and you do not use costco for 10 months, when you go back
to use it, you pay a one year membership for a "retroactive" renewal,
meaning you get two more months to use.
Shouldn't there be some law against this type of ripoff?
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insurance renewal lapse ripoff?
