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Whether you’re fed up with your home insurance or you’re moving to a new place, you can cancel your policy at any point. However, leaving early can come with exit and admin charges.
Yes. You simply need to get in touch with your home insurance provider and tell it which day you want your deal to end. Make sure your new policy starts on that day too though, as you don’t want a lapse in coverage.
Once you’ve made the decision to cancel the next step to take is to either call, email or write a letter to your insurer. Make sure you include the following bits of information when you request your policy is cancelled:
You’ll want proof of your cancellation so, if calling, ask the insurer if it can send you an email or letter confirming that you’ve left.
You’ll also need to contact your mortgage lender if you have a mortgage for your home. Simply let it know you’re cancelling your current deal and say when your new policy starts and which insurer it’s with.
If you leave within the cooling-off period then no. However, after the first 14 days you’ll probably be hit with a cancellation fee.
The size of this charge will depend on the insurer, so it’s a good idea to ask your provider what you’re liable to pay before you actually jump ship.
How you purchased your insurance will play a key role in calculating how much money you will be charged for leaving too.
Cancellation charges are the obvious downside, but there are a few other reasons you might opt against leaving early:
Yes. Let your insurer know you don’t want to renew your deal. However, it’s vital you get a new policy lined up and ready to start on the end date of your current agreement. In short though, here are the steps you’ll need to take:
Unfortunately no. Your home insurance policy is tailor-made, with the premiums calculated on factors that are specific to you.
For instance your claims history, pet and how you use your home will also be taken into account when working out your insurance costs.
Should you sell or give your property away as a gift, the new owners will need to find their own policy.
In some cases, yes. However, you may be charged an administration fee and your premiums are likely to change. They could well go down, if you’re moving to an area with lower levels of crime for instance.
Yet they could well go up, so it might be a good idea to shop around and see if other insurers can offer you a better deal.
Ultimately, you’ll have to sit down and do some sums, working out whether changing insurer is really worth it once any cancellation fees are taken into account.
Some people will have no choice but to cancel, if they’re moving abroad perhaps. But others might be able to get a better deal and reduce their premiums by:
If you want to you can cancel your home insurance whenever you like, but you need to weigh up any cancellation fees and lost discount charges.
You’ll need to shop around and compare home insurance policies before sitting down and getting the calculator out, to see if switching is really worth it.
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