How to Cancel Homeowner's Insurance

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You can cancel your homeowner's insurance at any time by following just a few basic and easy to manage steps. Cancel your homeowner's insurance with help from an assistant professor of insurance at The American College in this free video clip.

Part of the Video Series: Information About Insurance
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Video Transcript

Hello, I'm Kevin Lynch, Assistant Professional of Insurance at The American College in Bryn Mawr, Pennsylvania. Right now, we're going to answer the question, "How do you cancel a homeowner's policy?" Well, the obvious answer would appear to be, call your agent. But, actually, that wouldn't get the job done and the reason is in order to cancel a homeowner's policy, you need to communicate in writing with your agent or your insurance carrier if you're one of those rare people who has purchased their policy directly through the company's website. However, before you consider canceling your policy, please remember the golden rule of policy cancellation. Never cancel a policy until you have successfully obtain a new policy to replace it. Some people will simply send in a fax to their agent requesting that their policy be cancelled. I counsel against that very strongly. Talk to your agent before you cancel your policy. Many times policy owners think they found the better deal at another company, only to find out later that they were comparing apples and oranges. All policies, even though they're the same type of policy don't have the same coverages. Another important consideration, remember to consider the discounts that you're receiving on your current policy. For example, if you have homeowner's and auto with the same company, you're receiving an auto home discount on both policies. So, if you were to, for example, cancel your auto policy and move to another carrier, you failed to consider the loss of the discount effect on the policy that you remains behind. So, as I said, talk to your agent, give him the opportunity or her the opportunity to evaluate what is a better deal for you and I assure you, if the other company's a better deal, they're going to tell you that. Don't be concerned. So, it is sometimes in your best interest to shop around, but sometimes it's not. The person you owed most to is yourself. So, do everything you can to make sure your spending your insurance dollars wisely. I'm Kevin Lynch with The American College in Bryn Mawr, Pennsylvania. We've talked about how do you cancel a homeowner's policy. For more information, go to www.theamericancollege.edu. Thank you.

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