Updating your insurance information
Fortunately, the correction is an easy one – but mandatory for insurance customers.
Other states aren’t so strict – California hits you with a $500 fine, but also may impound your car and suspend your license.
You’ll also likely face higher rates to renew your auto insurance.
The 'moving violation' Call it the ultimate “moving violation." But at least the New York consumer walked away with his insurance – and the contents of his wallet – intact.
“We see this a lot,” says John Capuano, New York's associate insurance commissioner.
“Nearly every homeowner’s policy automatically renews, unless there has been a catastrophic loss or the insurer has left the marketplace – like a lot of Florida insurance firms left the hurricane insurance market in recent years,” Smith says.
“But if you make upgrades to your home and it increases in value, and if you haven’t updated your homeowner’s insurance, you likely won’t be properly insured.
Consumers who let their auto insurance lapse are viewed as higher-risk customers by insurers – and likely will be charged more for a new policy.
Keeping your house in order As for homeowner’s insurance, updating your personal information can mean the difference between security and disaster.
With open enrollment coming up, many people are wondering if they need to update their information to continue to participate in the Affordable Care Act or “Obamacare” marketplace.