Moving comes with a lot of stress and excitement and insurance is one of those things that people tend to forget or try to cross off their list quickly. There are two mistakes that are usually done when dealing with homeowners insurance while someone is moving. One being that the homeowner cancels too early and things fall through. Second, being the homeowner forgets to cancel their insurance altogether and loses money!

Early Cancellations, New Policies & Vacant Homes

Most people want to cancel their homeowner’s policy as soon as it goes under contract, but that is a mistake. As long as the home is in your name, you need to keep it insured, even if your all moved out! We will help you through this process and let you know when the time is right to cancel so you don’t have to worry about it.

Remember that the homeowner’s policy for the property you sold does not cover you for the new house your moving into. Two different houses are two different risks and require two different policies. Prices and coverages will change for a new house, so make sure to purchase a new policy for your new house.

If you have moved out and your home has not sold yet, then your home is unoccupied or vacant. This is important to let us or the insurance company know if the house is vacant because this is a much higher risk. An update in policy is required if your home is vacant! Some carriers will cancel your policy if the home is vacant for a certain amount of time, but we have many different options and can get your vacant home covered.

How Do I Cancel My Homeowners Policy?

Once everything is set and stone, you are ready to cancel your homeowner’s policy, which is actually pretty easy! We prepare all the documentation for you and send you the documents for you to sign. It will include your name, address of cancellation, policy number, the date that you wish to cancel, and consent that you want to cancel. Review the documents, sign them, and send them back to us! Unity One will send it to the insurance company and make sure it’s canceled.

Remember, as long as you are the owner of the home, you are responsible for the condition of it. If you cancel too early and something happens to the home, you are going to have to pay from your own pocket.

Do I Get A Refund?

Homeowner policies are either paid in full or are billed in installments. Whether you prepaid for the year, 6 months, 3 months, or by month you may be able to get a refund based on your insurance carrier. Most of the time unused premium will be refunded with a cancellation fee. There is not always a cancellation fee, but sometimes there is. Unity One Insurance will make sure to let you know how much your refund will be.

If you have any more questions about anything, give us a call at 949-450-1822 or email info@unity1.com. We’re more than happy to help you!