A grace period is usually a period of time after your policy lapses during which you can still maintain coverage by paying your premium. Grace periods typically last between 10 and 30 days.
If you miss a payment or let your policy lapse, you may be able to reinstate your coverage within this grace period without having to reapply or submit a new down payment. However, you will likely have to pay any past-due premiums, plus any fees associated with reinstating your policy.
Once the grace period expires, you will typically have to reapply for coverage and may be subject to new underwriting guidelines. This means you may be denied coverage or required to pay a higher premium than you were paying previously.
