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If you’re not happy with your homeowners insurance policy, you can cancel it at any time. But if you leave before your policy is supposed to end, your insurer can charge you a cancellation fee.
Yes. If you decide to cancel for any reason, all you have to do is let your insurer know what day you want the policy to end on. To avoid a lapse in coverage, make sure your current policy doesn’t end until after your new policy starts.
If you’ve made the decision to cancel, you may be able to call, email, snail mail, fax or cancel online. It’s generally a good idea to use a method that leaves you with written proof that you canceled, like sending a letter or fax or taking a screenshot if you decide to cancel online. Make sure you include the following information:
If you currently have a mortgage for your home, you’ll also need to contact your mortgage lender to let them know that you’re canceling your current policy and give them the start date and details of your new policy.
Yes, your insurer may charge a fee for canceling your policy early. These fees can vary greatly between insurers, so it’s a good idea to find out what your insurer’s cancellation fees are before deciding to end a policy early.
How and what you’re charged will also depend on how you purchased your policy.
Other than the cancellation fee, risks you face include:
Yes. If your policy is about to expire or you don’t want to pay a fee, you can contact your insurer to let them know you won’t be renewing. But you’ll want to make sure that you have a new policy active before your end date.
At least 30 days before your policy ends, your insurer will send you a renewal invitation spelling out any new terms for the coming year. In many cases all you have to do is call them and tell them you don’t want to renew, but it’s a good idea to let them know in writing, or follow up with another phone call, to make sure.
If you don’t respond to the renewal invitation, some insurers will automatically renew your policy under the new terms.
No. Your homeowners insurance policy is specific to you, and your premiums are based on your risk factor, including your pets, claims history and how you use your home.
If you sell or gift your house, the new homeowner will need to start from scratch with a new policy.
Can I transfer my policy to another home?
Technically no, you can’t transfer your policy because it’s based on the specific risks and repair costs of your home. But you can cancel your current policy and start a new policy with the same insurer. This can be a lot easier than finding a new policy, and you’ll already know what to expect from your insurer.
Whether or not you’ll have to pay cancellation fees if you’re taking out a new policy will depend on the insurer. If you’re moving to a new home, call your insurance agent to find out more about insuring your new home.
If you’re set on switching to a different insurer or you’re moving to another state where your current insurer doesn’t operate, canceling is your best bet.
If you’re just trying to score a better deal, you might be able to reduce your premiums by:
If you’re not happy with your current homeowners insurance policy, you have the right to cancel it — but you may have to pay a cancellation fee. To find out if you’re eligible for a deal that makes it worth it, compare home insurance policies.
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