Cancelling home insurance during a policy

shaund316

I'm currently renting, but I'm looking to move at some point in the next year. The contents cover is up for renewal however, and I can only seem to find yearly policies.

Does anybody know whether it's possible to cancel a policy after it's started and stop paying for the rest of the year? Just in case I move out.

To be honest, I'd be happy with just paying for the year now but my flatmate is a student and resents paying anything he doesn't need to!

Thanks guys

InsideInsurance

It is possible to cancel mid year but there are fees applied to doing so. It is also possible to do a mid term adjustment if you move home and just move the insurance to cover your new property (again an admin fee may apply and the policy will be rerated for the new location which may be higher or lower than your current home)

*Scarlett

Insurance is normally a 12 month contract but you can cancel at any time.

If you have not made a claim since the policy started you would normally be entitled to a pro rata refund for the time you have not used or if you pay monthly you can cancel the DD. Do not do this until you have informed the insurer that you wish to cancel - this would lead to non payment procedures and the insurer possibly cancelling the policy which you have to declare forever more and will cause problems getting future insurance. You can't just stop paying and take this as having cancelled the insurance.

Most companies have a cancellation / admin fee - £25 - £50 or more.

Some will allow you to cancel mid term without penalty if you give them a certain notice period.

As said above, you can amend your address details if you move but this also usually has a fee and the premium may differ to what you are paying at the minute. Check your policy book or ring them for up to date fees.

If your current company are competitive with the renewal price check the cancellation and adjustment fees. If you do move and the price for the new addess is ok then you know what you can expect to pay.

If their price for the new property is high then you can shop around around and you will at least know what you can expect to pay as a cancellation fee.