Cancellation Fee


(Prince Edward Island, Canada)

I have bought a home with a closing date of June 23rd in PEI. On June 7th I got an insurance quote and agreed to the coverage and authorized the company to set up the house insurance policy. I now realize I was premature in accepting the offer as a couple of other companies are much cheaper for the same coverage. Is my policy in place now, today June 8th, even though the policy is future dated? or can I cancel the policy now, as the closing date has not yet happened? Will there be a penalty to do so? Thanks.


Canceling Home Insurance Before Start Date


Hi There,

Because it is before your policy started, you might be able to get it canceled without penalty. But I suspect that your insurer will want the "minimum retained premium" that is listed in the policy. This covers their administrative expenses. Give them a call and find out.

Compare home insurance quotes through Kanetix.ca - save time and money!


Ask another question at House Insurance Questions and Answers


Note: Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility. Make sure you review the "please read" page.

www.canada-insurance-source.com

OR visit Canada Home Insurance

www.canada-insurance-source.com

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to House Insurance Questions and Answers.

Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

Please Read

Compare insurance quotes through Kanetix.ca - save time and money!