cancel your home insurance policy


How can you cancel your home insurance policy

How can you cancel your home insurance policy

From cancellation fees to cool-down periods, we tell you what you need to know about canceling your home insurance policy.

There must be many reasons for wanting to cancel your home insurance policy
You may have researched the market and want to switch to a better deal. Or you might sell your home or even move abroad.

But how to cancel your policy?

I do not wish to renew my policy, but I cannot access my insurance company. What should I do?

During the COVID-19 pandemic, you may find that you cannot contact your insurance company on the phone due to long waiting times.

If this occurs, you can send an email to the insurance company, to confirm that you do not want to renew the policy. Keep in mind that only the policy holder can cancel the insurance policies.

You can find the email address of your private insurance company on their website. You must include the following in your email:

- Your policy number and the date of renewal

- The name of the document owner, date of birth, and zip code

It may also be helpful if you added a reason for the cancellation and mentioned that you were unable to reach out on the phone.

You must ensure that you have valid insurance to cover you after the renewal date.

Calms him down

If you just finished your home insurance policy, canceling is very simple.

By law, you have a 14-day "cooling off" period, during which time you can cancel the policy without equivocation or question.

This period starts either from the day your insurance policy starts or when you receive your policy documents, whichever is later.

You may not get a single penny of your money back, but you should get most of it back.

You should receive a refund for any premiums you've already delivered, minus a proportional payment to cover the few days the policy was in effect.

This will also apply to any additional policies that you remove at the same time.

Your insurance company may also charge you a set-up fee, usually around £ 15. If you are considering canceling your contract, you should contact your insurance company as soon as possible, to avoid exceeding the 14-day limit.

Remember, you don't need to cancel the policy if you only plan to change your details. Most insurance companies can adjust your premium if you move home.

Not so cool

Things get more complicated if you unlock your home anytime after the cool-down period, but before the renewal date.

Most insurance companies will give you a pro-rata refund, provided you have not submitted any claims within the policy year.

So if you cancel after six months, your insurance company must return half of your annual premium, minus the fees (administration fees usually range between £ 35 and £ 50 - always check your documents).

If you received a discount on your premiums at the time the policy was taken, the insurance company will likely cancel this and deduct the amount from the refund.

If you cancel your policy to take advantage of a cheaper home insurance deal elsewhere, that fee could wipe out your savings.

It may be easier, easier, and cheaper to wait for renewal before looking for a better deal.

Keep yourself covered

Before doing anything, review the policy brochure and speak to your insurance company. Whatever you do, do not simply cancel your direct debit, as this does not cancel your policy.

If you do, your insurance company may withhold documents, such as a no-claims bonus confirmation, until you make a full payment.

As far as they care, your policy still applies, and you still owe them your monthly installments.

Once you speak to your insurance company and cancel your policy, you must cancel the bank direct debit.

In some cases, you will need to cancel your policy in writing, by e-mail or mail, stating the date on which you want the policy to cease.

It is important to make sure you have a new policy in effect before canceling the previous policy. Otherwise, you will not be covered if your home suffers theft, loss, or damage between policies.

Remember, if you have a mortgage, building insurance is usually mandatory.

Automatically immobilize.

The ideal time to shop for a better deal on your insurance is on the annual renewal date.

The downside to automatic renewal of your home insurance policy is that you can easily miss this yearly window when you can cancel your policy for free.

If you want to shop every year for a better deal on your home insurance, make sure you know when it is time to renew your policy.

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