How to Cancel a Renters Insurance Policy (2024)

On This Page:

  • How to Cancel Renters Insurance
  • Considerations Before Canceling
  • Typical Cancellation Refund
  • Consequences of Canceling
  • FAQ
  • How to Cancel Renters Insurance
  • Considerations Before Canceling
  • Typical Cancellation Refund
  • Consequences of Canceling
  • FAQ

Canceling your renters insurance policy is as simple as contacting your insurance provider. From there, your provider will guide you through the process and forward any forms you may need to fill out. However, remember that, depending on your situation, you might have other options besides canceling your policy altogether. For instance, if you’re moving to a new location or just got a roommate, you can usually update your policy instead of canceling it outright.

TABLE OF CONTENTS

  • How to Cancel Renters Insurance
  • Considerations Before Canceling
  • Typical Renters Insurance Cancellation Refund
  • Consequences of Canceling
  • FAQ

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How to Cancel a Renters Insurance Policy

Canceling your renters insurance policy is often a straightforward and quick process. MoneyGeek compiled step-by-step instructions to help guide you through cancellation:

1

Contact your insurance provider

Get in touch with your provider directly by phone, email or through its website.

2

Have your policy details ready

Ensure you have all relevant policy details ready — like your policy number and coverage limits — so verifying your policy is easier.

3

Discuss your situation

Be ready to discuss your current status and reason why you want to cancel. Your insurer may offer other options instead of outright termination of your policy.

4

Assess the offers and inquire about potential refunds

Before you make a final decision to cancel your policy, assess if other options offered by your provider are more viable than cancellation. Ask if you can get a refund if you decide to proceed with the cancellation of your renters insurance.

5

Check specific cancellation policies and deadlines

Inquire about your provider's cancellation policies and deadlines. If, based on this information, you determine that terminating your policy is the best course of action, follow through with the cancellation.

Considerations Before Canceling a Renters Insurance Policy

Before canceling your renters insurance policy, start by assessing your current circ*mstances — if you no longer rent the property, have moved to a different location or found an alternative insurance solution, it might be the right time to cancel.

Keep in mind that, depending on the circ*mstances, terminating your policy could leave you vulnerable to unexpected losses and damage. MoneyGeek outlined factors to take into consideration for some of the most common policy cancellation scenarios to help you determine if terminating your policy is best.

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Typical Renters Insurance Refunds After Canceling a Policy Early

If you cancel your renters insurance policy before its term expires, you'll typically receive a refund for the unused portion of the policy, especially if you've paid the premium in full for the entire term. This means you'll receive a prorated refund for the months you won't be covered. How long it takes to receive your refund also varies by provider, with some taking at least 30 days.

If you've been paying your premiums monthly, you typically won't receive a refund. Additionally, be aware that some insurance companies may impose cancellation fees or administrative charges when you terminate your policy early. Make sure to read your policy’s terms and conditions, and contact your provider directly to inquire about their specific refund process and any associated timelines.

Consequences of Canceling Renters Insurance

While it may seem like a way to save money in the short term, canceling your renters insurance policy can expose you to financial risks. The following are some of the most important potential consequences of canceling your coverage:

  • Loss of Protection and Increased Liability: Canceling your renters insurance results in losing protection for your personal belongings against theft or damage and eliminates liability coverage if someone is injured in your rental unit. This makes you financially responsible for medical expenses, legal fees and the cost of replacing or repairing your belongings in case of covered perils, leading to potential unexpected financial burdens.

  • Lease Violation: If your lease agreement requires you to maintain renters insurance, canceling your policy may violate your lease terms. This could lead to lease termination or other penalties imposed by your landlord.

  • Difficulty in Future Rentals: Some landlords may require renters insurance as a condition for renting their properties. Canceling your policy could make it challenging to secure rental housing in the future.

Considering these consequences, it's essential to carefully assess your situation and explore alternatives before deciding to cancel your renters insurance. Maintaining coverage can offer valuable protection and peace of mind in the face of unexpected events.

FAQ

It's important to understand the pros and cons of canceling your renters insurance policy before terminating it. Whether you're relocating, seeking better coverage or simply reassessing your insurance needs, knowing how to cancel your policy and what to expect can help you make the best decision for you. MoneyGeek answered some of the most common questions people ask about the cancellation process to help address your concerns.

What is the easiest way to cancel insurance?

How do I request the cancellation of insurance?

What happens if you forget to cancel renters insurance?

Can I cancel my insurance policy and get my money back?

About Mark Fitzpatrick

How to Cancel a Renters Insurance Policy (1)

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

How to Cancel a Renters Insurance Policy (2024)

FAQs

How to Cancel a Renters Insurance Policy? ›

Canceling your renters insurance varies by insurance company, but it's generally pretty easy. Some companies will let you cancel your policy online through their website or by sending an email; some companies will do it over the phone; and some companies will want you to write a letter in order to cancel.

Can I cancel renters insurance online? ›

Canceling your renters insurance varies by insurance company, but it's generally pretty easy. Some companies will let you cancel your policy online through their website or by sending an email; some companies will do it over the phone; and some companies will want you to write a letter in order to cancel.

How do I cancel my insurance policy? ›

Contact your insurer or agent to find the best way to cancel your policy. Some insurance companies permit you to cancel right over the phone or online. Other insurers may require written notification or a signed document.

How does renters insurance work when moving? ›

Renters insurance may cover a loss while moving if it would cover the same type of loss while you were not moving. This might include things like your furniture, clothing, and other personal belongings. You can check your policy for any rules for moving that may affect when your coverage applies and in what amounts.

Can I cancel renters insurance at any time Progressive? ›

To cancel a Progressive insurance policy, call (866) 416-2003 to speak with a customer service representative and arrange for the cancellation to take effect immediately or at a future date. You can't cancel Progressive insurance online, but you can cancel over the phone at any time.

Who has the cheapest renters insurance? ›

Our Picks for the Cheapest Renters Insurance Providers
  • Lemonade: Our top pick.
  • State Farm: Our pick for affordable premiums.
  • Toggle: Our pick for custom pricing.
  • Allstate: Our pick for seniors.
  • Nationwide: Our pick for valuable endorsem*nts.
May 23, 2024

Does renters insurance automatically renew? ›

A: Although renters policies have a one-year term, there is no need to reapply every year. Your insurer will offer to renew your policy and continue to cover you if you pay the renewal premium. You will receive new policy documents every year outlining the terms of offered renewal coverage.

Is there a penalty for Cancelling an insurance policy? ›

Canceling your policy before your renewal date may trigger early cancellation fees. Depending on your provider and other factors, you may be charged either a flat or short-rate fee.

What is a valid reason to cancel an insurance policy? ›

Reasons to consider canceling your insurance policy:

You believe you're paying too much for insurance. Your business has changed, and you need different coverage. You're moving out of state, and your current insurer doesn't offer policies in your new location. You're unhappy with the service your insurer provides.

How much does it cost to cancel insurance policy? ›

You should get a refund of any premiums you have already paid. However, your insurer may take off a small amount to cover days when the policy was in force. They may also charge you a small administration fee. Some insurers may give you a longer cooling-off period.

Does renters insurance cover moving due to mold? ›

Renters insurance typically does not cover the costs of mold remediation that may be needed after a covered peril strikes, but your landlord's insurance policy for the building might. It's important to check your renters policy or quote for details.

Do I need renters insurance if I move in with my boyfriend? ›

Does each roommate need renters insurance? Many insurance companies will require roommates to have their own separate renters insurance policy rather than allowing roommates to be on a policy together. If your landlord doesn't mandate renters insurance, you and your roommates aren't required to carry a policy.

Is renters insurance possessive? ›

Renters' insurance, renter's insurance, renters insurance. A. All those forms are fine, but Chicago prefers the plural possessive.

Is it easy to cancel renters insurance? ›

The easiest way to cancel insurance is to contact your insurance provider directly. Most insurers have customer service hotlines or online portals where you can initiate the cancellation process. Simply reach out to them, provide your policy details and follow their specific guidelines for terminating your policy.

Can I cancel insurance at any time? ›

Whether you're switching car insurance providers or selling your car, you can cancel your current insurance policy at any time. It's a simple process that typically doesn't take much time. That said, you'll need to consider the timing and potential fees before you terminate your insurance.

Can I cancel my insurance policy and get my money back? ›

If I cancel my auto insurance, will I get a refund? If you paid your premium in advance and cancel your policy before the end of the term, the insurance company might refund the remaining balance. Most auto insurers will prorate your refund based on the number of days your current policy was in effect.

How do I cancel my Allstate renters insurance online? ›

To cancel Allstate insurance, the policyholder must contact their agent directly or call customer service at 1-800-726-6033. Your agent may ask you to submit a written request for cancellation.

How do I cancel Rentistry? ›

Unless the lease with your landlord requires you to remain enrolled during the term of your lease, you may opt out of Rentistry and cancel the Services at any time for any reason by emailing Rentistry@Foxen.com and requesting the Rentistry Termination Form for completion.

Can you cancel Geico renters insurance online? ›

To cancel a Geico insurance policy, the policyholder must call Geico to speak directly with a customer service agent. Customers cannot cancel their policies online or through the Geico mobile app. You may cancel your Geico insurance policy at any time.

How to cancel AAA renters insurance online? ›

To cancel AAA insurance, the policyholder must contact their agent directly or call customer service at 1-800-222-4357. The cancellation can be arranged for a future date or set to take effect immediately. You will need your name, policy number, and the date you want your policy to end.

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