When you sell a house, you can proceed to cancel your home insurance but don’t do so immediately you put your house up for sale. There’s a good time to cancel your home’s insurance and you’ll learn more about that in this article.
When is the best time to cancel my home insurance?
There’s a chance that you may forget to cancel your home insurance during the process of getting a contract on your home. But this doesn’t have to be a problem since canceling your home insurance means one less bill to pay.
However, the period your home goes under contract isn’t the time to cancel your home loan. As long as the house is registered under your name, you shouldn’t cancel your home loan. Your agent can help you determine the right time to cancel your home loan.
This article will teach you what you need to know about canceling your home insurance. Keep reading:
Should I need to cancel home insurance when selling a house?
When you move out of a house, it’s only right you cancel your home insurance, however, the insurance doesn’t automatically transfer to the new home you’re moving into. One home insurance cannot cover two properties with different risks. So if you’re moving into a new home, you’ll need new home insurance.
To cancel your home insurance, reach out to your insurance agent when your home goes under contract and you’re sure of the closing. Your insurance agent will give you advice on the policy cancellation.
Your home insurance company should also be aware of when you vacate the house because empty houses have a higher chance of damage. And some insurance companies cannot insure an empty house for long before canceling the policy.
Also, you can stay put in your current home until you lawfully avoid an untimely cancellation of your home insurance.
How can I cancel my home insurance?
To cancel your home insurance, you will need to send a letter of cancellation to your insurance agent; the content will contain:
- your name
- policy number
- property’s address
- the date you want the cancellation
- and your wish to cancel
And if you’ve paid in excess beyond the date of cancellation, you can request a refund in your letter. The best time to submit this letter to your insurance agent is when you’re sure of the closing date.
Will I get a refund after cancellation?
If you’ve paid your home insurance in advance, you can request a refund but this depends on the insurance policy term. Home insurance can be paid monthly, quarter, half a year, or a year.
If you’ve paid for months ahead of your cancellation time, you can ask for a refund upon cancellation. However, if you pay monthly and you have a few days left after cancellation, you may not get any refund for the days left.
Conclusion
To cancel your home insurance when selling your home, work with your home insurance agent to know the right time to do so. And to be sure of the closing date of your house, you should sell to an intentional buyer.
Selling to a cash house buyer is a good way to get your house sold fast. At Best Offer OKC, we buy houses at the best price. We’re your best option if you’re looking to sell your house fast Oklahoma City.
Selling to us means you can close the sale of your house fast and move on to cancel your home insurance.
Contact us today for more information about our services!