Policyholder-Cancelled Renters Insurance

Just as an insurance company is entitled to cancel a renters insurance policy, so, too, can the policyholder.

For example, let's say you purchase renters insurance and then discover that the cost is higher than it would be with another company. Or perhaps you've had a minor claim, and your company took an extraordinary length of time to write and deliver your check. Maybe there has been some recent negative press associated with the company that issues your renters policy, and you just don't feel comfortable. Or you recently acquired a piece of art, inherited a cello, or were given a Doberman and discovered that adding a rider is either impossible or far too expensive. Perhaps A.M. Best, Standard and Poor's or Moody's has dropped their ratings for your renters insurance company. Regardless of the situation, just as the renters insurance company can cancel a policy, so can the policyholder.

Depending upon the company, some cancellations can be done over the telephone or internet. Smaller companies might require a cancellation be done in writing, either by faxing in a form or visiting the agent to complete the cancellation.

If you've paid the policy in advance, you should receive the unused portion of your payment back. A careful review of your policy should indicate whether the company will retain any part of the overpayment to cover the business costs associated with cancellation.

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