Again, using U.S. health
coverage as an example, under
group insurance a
person will normally remain covered as long as he or she continues to work
for a
certain employer and pays the required insurance premiums, whereas under individual
coverage, the insurance company often has the right not to renew an individual health insurance policy,
for instance if the
person's risk profile changes (though some states limit the insurance company's rights not to renew after the
person has been under individual
coverage with a given company
for a
certain number
of years).
«Many
people don't realize that their standard homeowners insurance policy won't provide full
coverage if their home sits unoccupied
for a
certain amount
of time,» says Ruth Stroup, a Farmers Insurance
Group agent from Oakland, Calif. «The timeframe varies depending on your state and insurance carrier, but typically it's 30 or 60 days.