Termination of home insurance

Termination of home insurance

You may want to cancel your home insurance contract for various reasons. Among these, we can find the sale of your home, a move… In fact, when we notice that a Canadian moves on average 5 to 6 times per decade, imagine the number of home insurance contracts that arise. resilient or renew themselves!

So how do you cancel home insurance?

In this guide, you will find everything you need to know to initiate a home insurance termination: sample home insurance termination letter, home insurance termination table ... and much more.

Summary

    What is home insurance?
    Why cancel home insurance?
    What does the law say about terminating home insurance?
    When to cancel home insurance?
    Relocation and termination of home insurance: what rights?
    Our home insurance termination letter template
    What is the termination period for home insurance?
    Do I have to pay a fee to cancel home insurance?
    How do I cancel home insurance from Desjardins?
    Home insurance cancellation table: what are we talking about?

What is home insurance?

Home insurance is an insurance product that provides tenants, owners or co-owners of real estate with coverage in the event of an incident that affects the property.

Home insurance generally includes protection for the property itself (walls, piping, ceilings, etc.) as well as for the movable property inside it (furniture, personal effects, household items). value, etc.), as well as liability insurance - in the event that you cause damage to the property of a third party.

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Why cancel home insurance?

There are many reasons for canceling home insurance: moving, selling the property, insufficient or unsuitable guarantees, too high a premium, poor management by the insurer following a claim ...

Whatever the reason, it's important to take the right steps to terminate your home insurance properly and as quickly as possible.

If you want to take out a new policy in the future, read the guarantees very carefully to find out what home insurance covers. This will help you avoid making a mistake and canceling your home insurance unnecessarily.
What does the law say about terminating home insurance?

To cancel your home insurance, you are required by law to send a cancellation notice to your insurance company. So a simple email is not enough.

Cancellation of your home insurance with your insurer takes effect when they receive your mail (postmarked) - not at the time of sending. However, your insurer is not required to send you an acknowledgment of receipt. You may need to contact them to get confirmation of the effective termination of your contract.

It is important to note that canceling your home insurance can be done at any time.
When to cancel home insurance?

It is legitimate to wonder when to cancel your home insurance. In fact, various life events can cause you to cancel your home insurance contract. Thus, Quebec law leaves you free to cancel your home insurance at any time. The only thing you need to keep in mind is that you will likely have to pay penalties if you don't cancel when the current term expires.
Relocation and termination of home insurance: what rights?

In Quebec, the move justifies the termination of home insurance. In fact, everyone is free to terminate their home insurance contract whenever they want, without giving reasons. Thus, the termination of home insurance following a move obeys the same rules as other cases, that is to say that you will have to pay penalties in the event of termination before the end of your current term.

Thus, moving and terminating home insurance in Quebec are not mutually exclusive. In fact, moving is a leading cause of home insurance termination, which seems logical.