what is the grace period of an insurance policy 
in insurance the grace period is the time between the payment due date and the time when insurance coverage will be revoked due to nonpayment this may be anywhere between 24 hours and a full month after payment if you miss a payment and later choose to reinstate coverage your insurer may choose to inspect the property to make sure that there has been no new damage during the grace period there may be additional penalties for late payment 