Ongoing Building Insurance Claim - can I cancel policy?

I have an ongoing buildings insurance claim. Can I cancel my policy without it affecting the ongoing claim?

Comments

  • 400ixl
    400ixl Posts: 4,482 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Do you mean not renew or cancel the in year policy?

    If you are making a claim you have to pay the full premium, so cancelling will not be financially worth it. If you mean can you renew with someone else, then yes and the claim will still proceed with the insurer of the time.
  • DullGreyGuy
    DullGreyGuy Posts: 17,292 Forumite
    10,000 Posts Second Anniversary Name Dropper
    What are your grounds for cancelling it? With a claim ongoing a cancellation wouldnt generate a refund so unless you are moving out and going to live with your parents or such that you dont need insurance its generally not sensible to cancel it mid policy.

    If you mean you want to allow the policy to lapse at its natural end and take on a new policy elsewhere you certain can do that but be aware that not all insurers are happy to take one someone with an ongoing claim.
  • Annemos
    Annemos Posts: 1,022 Forumite
    Fourth Anniversary 500 Posts
    edited 14 August 2023 at 2:16PM
    And if a Subsidence claim, I would not recommend it. Then it is usually better to stay with the same Insurer, even after the claim is finished. 
  • MsMoon
    MsMoon Posts: 163 Forumite
    100 Posts Second Anniversary Photogenic Name Dropper
    What are your grounds for cancelling it? With a claim ongoing a cancellation wouldnt generate a refund so unless you are moving out and going to live with your parents or such that you dont need insurance its generally not sensible to cancel it mid policy.

    If you mean you want to allow the policy to lapse at its natural end and take on a new policy elsewhere you certain can do that but be aware that not all insurers are happy to take one someone with an ongoing claim.

    I have an offer to sell the property. I will however take the advice above and keep paying the monthly premiums until the policy is paid for (I was unaware I had to do this with an open claim) - hopefully my claim will be upheld by then, though going by their speed, I won't hold my breath!
  • Smithcom
    Smithcom Posts: 249 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    MsMoon said:
    What are your grounds for cancelling it? With a claim ongoing a cancellation wouldnt generate a refund so unless you are moving out and going to live with your parents or such that you dont need insurance its generally not sensible to cancel it mid policy.

    If you mean you want to allow the policy to lapse at its natural end and take on a new policy elsewhere you certain can do that but be aware that not all insurers are happy to take one someone with an ongoing claim.

    I have an offer to sell the property. I will however take the advice above and keep paying the monthly premiums until the policy is paid for (I was unaware I had to do this with an open claim) - hopefully my claim will be upheld by then, though going by their speed, I won't hold my breath!
    You should simply keep valid buildings insurance in place until you no longer have a financial interest in the property

    You have suggested cancelling cover:

    -   Upon receipt of an offer to sell (which presumably may/may not complete)
    -   When policy is paid up (but you may still have a financial interest in the property)

    ...neither of which would seem to be sensible.

    Might be worth seeing if there is a family member/friend who can guide you day-to-day with this, to avoid making a costly mistake

    SC


  • MsMoon
    MsMoon Posts: 163 Forumite
    100 Posts Second Anniversary Photogenic Name Dropper
    edited 15 August 2023 at 7:05AM
    Smithcom said:
    MsMoon said:
    What are your grounds for cancelling it? With a claim ongoing a cancellation wouldnt generate a refund so unless you are moving out and going to live with your parents or such that you dont need insurance its generally not sensible to cancel it mid policy.

    If you mean you want to allow the policy to lapse at its natural end and take on a new policy elsewhere you certain can do that but be aware that not all insurers are happy to take one someone with an ongoing claim.

    I have an offer to sell the property. I will however take the advice above and keep paying the monthly premiums until the policy is paid for (I was unaware I had to do this with an open claim) - hopefully my claim will be upheld by then, though going by their speed, I won't hold my breath!
    You should simply keep valid buildings insurance in place until you no longer have a financial interest in the property

    You have suggested cancelling cover:

    -   Upon receipt of an offer to sell (which presumably may/may not complete)
    -   When policy is paid up (but you may still have a financial interest in the property)

    ...neither of which would seem to be sensible.

    Might be worth seeing if there is a family member/friend who can guide you day-to-day with this, to avoid making a costly mistake

    SC



    That was a tad patronising -  I don't need a family member to guide me - I say the property is under offer but it is days away from completion. I know I need to keep policy in place until then. My original question was about an open claim & keeping the policy in place. And are you sure you are correct yourself? According to one of the answers, if I had paid the policy in full and there was an open claim, I would not get a refund until the claim was completed anyway (even if I sold the property). 
  • Smithcom
    Smithcom Posts: 249 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    MsMoon said:
    Smithcom said:
    MsMoon said:
    What are your grounds for cancelling it? With a claim ongoing a cancellation wouldnt generate a refund so unless you are moving out and going to live with your parents or such that you dont need insurance its generally not sensible to cancel it mid policy.

    If you mean you want to allow the policy to lapse at its natural end and take on a new policy elsewhere you certain can do that but be aware that not all insurers are happy to take one someone with an ongoing claim.

    I have an offer to sell the property. I will however take the advice above and keep paying the monthly premiums until the policy is paid for (I was unaware I had to do this with an open claim) - hopefully my claim will be upheld by then, though going by their speed, I won't hold my breath!
    You should simply keep valid buildings insurance in place until you no longer have a financial interest in the property

    You have suggested cancelling cover:

    -   Upon receipt of an offer to sell (which presumably may/may not complete)
    -   When policy is paid up (but you may still have a financial interest in the property)

    ...neither of which would seem to be sensible.

    Might be worth seeing if there is a family member/friend who can guide you day-to-day with this, to avoid making a costly mistake

    SC



    That was a tad patronising -  I don't need a family member to guide me - I say the property is under offer but it is days away from completion. I know I need to keep policy in place until then. My original question was about an open claim & keeping the policy in place. And are you sure you are correct yourself? According to one of the answers, if I had paid the policy in full and there was an open claim, I would not get a refund until the claim was completed anyway (even if I sold the property). 
    It's usual to not receive a cancellation refund, if the cancellation occurs in the same period that the claim was made.

    It's not the open claim that negates the refund.  It's the claim being made during a specific policy period, and the premium for that specific period having served it's purpose, hence nil refund (normally).

    In any event, refund or no refund, you should keep cover in place until you no longer have a financial interest in the property.   That said, buildings insurance is not a legally compulsory purchase, except to the extent that it may be required by a mortgage lender, so I guess you can do whatever you feel most appropriate (unless you have a mortgage lender).

    Your comments seemed like you were considering not insuring your most valuable asset* for a period of time, having received an offer to purchase your property, hence I suggested that you seek counsel from a trusted friend/family member.   You may feel my comments patronising, or you may feel that I was trying to help you protect your interests.   You choose.

    *I assume

    SC


     
  • MsMoon
    MsMoon Posts: 163 Forumite
    100 Posts Second Anniversary Photogenic Name Dropper
    Smithcom said:
    MsMoon said:
    Smithcom said:
    MsMoon said:
    What are your grounds for cancelling it? With a claim ongoing a cancellation wouldnt generate a refund so unless you are moving out and going to live with your parents or such that you dont need insurance its generally not sensible to cancel it mid policy.

    If you mean you want to allow the policy to lapse at its natural end and take on a new policy elsewhere you certain can do that but be aware that not all insurers are happy to take one someone with an ongoing claim.

    I have an offer to sell the property. I will however take the advice above and keep paying the monthly premiums until the policy is paid for (I was unaware I had to do this with an open claim) - hopefully my claim will be upheld by then, though going by their speed, I won't hold my breath!
    You should simply keep valid buildings insurance in place until you no longer have a financial interest in the property

    You have suggested cancelling cover:

    -   Upon receipt of an offer to sell (which presumably may/may not complete)
    -   When policy is paid up (but you may still have a financial interest in the property)

    ...neither of which would seem to be sensible.

    Might be worth seeing if there is a family member/friend who can guide you day-to-day with this, to avoid making a costly mistake

    SC



    That was a tad patronising -  I don't need a family member to guide me - I say the property is under offer but it is days away from completion. I know I need to keep policy in place until then. My original question was about an open claim & keeping the policy in place. And are you sure you are correct yourself? According to one of the answers, if I had paid the policy in full and there was an open claim, I would not get a refund until the claim was completed anyway (even if I sold the property). 
    It's usual to not receive a cancellation refund, if the cancellation occurs in the same period that the claim was made.

    It's not the open claim that negates the refund.  It's the claim being made during a specific policy period, and the premium for that specific period having served it's purpose, hence nil refund (normally).

    In any event, refund or no refund, you should keep cover in place until you no longer have a financial interest in the property.   That said, buildings insurance is not a legally compulsory purchase, except to the extent that it may be required by a mortgage lender, so I guess you can do whatever you feel most appropriate (unless you have a mortgage lender).

    Your comments seemed like you were considering not insuring your most valuable asset* for a period of time, having received an offer to purchase your property, hence I suggested that you seek counsel from a trusted friend/family member.   You may feel my comments patronising, or you may feel that I was trying to help you protect your interests.   You choose.

    *I assume

    SC


     

    Fair enough - it is always difficult to assess the tone of replies online! I was never thinking about not keeping cover in place - it was just in relation to the open claim & the fact that the insurance company I am with is, shall we say to be polite, not very good - so I was always going to either keep it in place if need be or change to a new company until the property is sold. Thanks for the extra info, anyway, much appreciated.
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