In Canada, you can cancel you home insurance.
There are however; considerations you should be aware of. here are a couple:
If you have a mortgage on your home, the lender usually requires insurance coverage. Home insurance contracts are on a yearly basis and if you cancel before the renewal date there is usually a penalty.There could be more considerations depending on your individual circumstances.
You should speak with an independent insurance agent or broker in your local area as laws vary.
Branch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance Carriers
You as a consumer may cancel your homeowners insurance at anytime. While it is rare, always check with your existing carrier to see if there are any short rate fees if you cancel early. Also I suggest if you are moving to another carrier that the new policy is in place before cancelling the existing policy.
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There are however; considerations you should be aware of. here are a couple:
If you have a mortgage on your home, the lender usually requires insurance coverage. Home insurance contracts are on a yearly basis and if you cancel before the renewal date there is usually a penalty.There could be more considerations depending on your individual circumstances.
You should speak with an independent insurance agent or broker in your local area as laws vary.