Can I Cancel My Home Insurance At Any Time?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    You can cancel homeowner’s insurance at any time.  Call your insurance company or agent and tell them that you want to cancel coverage.  They will issue an amended declaration that will show that all coverage ceased on the date that you called.  They will send you a bill for any premium that is still due or a refund of any premium not used.  They will send the same declaration to your mortgage company who will then start writing letters to you and will ultimately force issue a policy to cover their interests and send you the invoice for the premium, normally as a part of your mortgage bill.
    Answered on July 11, 2014
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  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! You can, but if you carry a mortgage on the property, you might want to save yourself a few headaches, (and a lot of money), and do some simple things first. Before you cancel your current coverage, make sure that you have the new one lined up to start the day your current one ends. Contact your mortgage people, and furnish them with the new companies information, and proof that there will be no lapse in coverage. That should save you from a panicked mortgage company, that will self insure you at a higher rate, or less favorable coverage. Thanks for asking!
    Answered on July 12, 2014
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