Cancellation Fee
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 DateHi 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.  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. OR visit Canada Home Insurance www.canada-insurance-source.com |