When can I cancel my homeowners insurance?

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PostPosted: Fri May 17, 2013 12:16 pm   Post subject: When can I cancel my homeowners insurance?  

When can I cancel my homeowners insurance if am not satisfied with the company? The premiums are paid directly by my mortgage company and the insurance provider doesn’t tell me when they raise the premiums until the policy is paid in full. Is there any timeframe within which I should cancel after the commencement of the policy?


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RogerSimpson
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PostPosted: Fri May 17, 2013 12:29 pm   Post subject:   

You can cancel (and move) your insurance whenever you want. You obtain a new policy on xx date and cancel your old policy on xx date. You then inform your mort. company of this change. I don't know that I've done it but you will probably have a double premium worked into your mort payment for a year and you'd have the old premium refunded into your pocket. You may want to ask your mort company how this works as I'm sure it happens all of the time.



BTW, your insurance company should be mailing you the new policy prior to the old one expiring. This new policy also shows you the new rate... prior to it being effective.

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tcope
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PostPosted: Mon May 20, 2013 10:18 am   Post subject:   

Yes, as soon as you have a new policy in place.



Once you have your new policy, get in touch with your present homeowners insurance carrier and cancel the policy immediately. Anyway, it’s best to sit and discuss with your agent before you take any step.



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