House Sold. Is it closing date be the date the cancellation becomes effective?

by Ryan P
(misissuaga, on, canada)

Hi There,


My house was sold and the closing date is 1 month from now. Shall I notify the insurance now to cancel the insurance with effective day as the closing date. It seems legal professional suggest at least pick the cancellation date as one day after the closing. Some even suggests to seller that they should only notify the insurance company when in fact the closing has been done as it is hard to get the coverage back if the delayed closing happen. What is the right way to go?

Tks
Ryan

Canceling Home Insurance and Closing Dates


Hi Ryan
In most instances its okay to cancel after the home closes (e.g. when the lawyer tells you it is closed or the next day). You might have to sign something with the insurer. But there's nothing to stop you from cancelling on closing.

You should speak with your licensed representative about this as well.

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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

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