Cancelling a condo insurance policy sounds like it should be easy but depending on who you are insured with, it can be a challenge. Much like when making home renovations, the key to this process is patience and you will need a lot of it. Be prepared to get asked a lot of questions, most of which you are not obligated to answer.

Shopping all of your insurance policies every few years is a great idea. You never know which company is going to have the best rates. Just because you have been with one company for five or ten years does not usually mean you will be getting the best deal. If you are just switching your coverage from one company to another, make sure you gather all of the necessary information.

Items You Will Need

You will need your policy number and you will need to call the insurer. When you get someone on the phone make sure to document their name, the time you are calling, and the general topics discussed. This can come in very handy if or when you need to call in the future. Having all of this information recorded is one way to make sure you get a refund if one is due.

When you speak to the company's representative on the phone mention you would like to cancel your condo insurance policy and give them your policy number. Most all companies' processes will be different for cancellations, so make sure you write down the directions to properly complete each step. Some companies need you to send or fax them the fact that you want your policy cancelled, what your policy number is, the effective date of the cancellation, and provide a signature. Most places will have you mail or fax but some will let you email this information.

If you pay your premiums monthly you may be entitled to a partial refund. Make sure you inquire as to what amount this is and when they will mail you a check for any difference. If you are just switching companies you should have your new policy in effect before cancelling your old one. You should let your old insurance company know as soon as you have new coverage since your refund will be based on how long the old insurer had to provide coverage for the month you cancel in.

Converting into a Homeowners Contract

If you are moving from a condo and no longer need condo insurance at all you should ask your old company if they can change your condo policy to a renter's or homeowner's policy. Make sure you get a quote from them and ask them how long the quote is good for. This will let you know how long you have to shop around to all of the other insurers. You need to explore at the very least three other places to see if you can get a better deal.

When getting a quote, you should ask if the company offers any discounts. Some places will offer discounts to different alumni associations, state employees, or other special groups. Insurance companies will not tell you they offer discounts, you must ask. It is up to you how good a deal you get on your policy.

Insurance is a protection that you cannot afford to be without even for a day. If you are changing companies make sure you are covered by your new insurer before cancelling your old insurance policy. If you are moving to a house or an apartment, make sure you have the appropriate policy to cover your belongings at your new place.

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