You do not need to have your tenants’ insurance policy beyond the last day of your contract with your landlord. You can hand over the keys at any time. Before those 30 days are up, contact your renters insurance company to transfer the policy to your new address. The first step in getting a renters insurance policy is to get quotes from several insurance companies.
Although renters insurance is generally much less expensive than homeowners or condo insurance, there are still ways to reduce your premium. If you want to cancel your renters insurance because you can’t afford the current premiums or you want to save money, it is important to have another renters insurance policy in force before you cancel your old policy. If you buy a home, you should not cancel your renters insurance until you have moved out completely and your homeowners insurance is in force. A change in living situation or rising costs may make cancelling your policy seem attractive, but most of the time, renters insurance is worth it.
As there are several insurers offering renters insurance on the market, you may not know where to start your search. If your budget is particularly tight, you can take advantage of discounts to reduce the cost of a renters insurance policy while still getting valuable coverage. Cancelling your renters insurance policy at any time is easy, but there are a few things you should know beforehand. If you’re moving in with your partner, it may make sense to take out a new policy together or, if you’re moving into their flat, to share their renters insurance policy.
Your renters insurance policy protects your stuff and your peace of mind, but there are some legitimate reasons to want to cancel it. However, states that have a high density of renters, such as California, New York and New Jersey, may have more active renters insurance markets, with more companies and endorsements to choose from. There are numerous renters insurance companies in the marketplace, but your options will depend on the state in which you live. However, you should find a new policy before cancelling your old one, as renters insurance can provide some coverage while you move.
To cancel your renters insurance policy, there are a few steps you should take, such as contacting your insurance company. If you already have a homeowners, condo or renters insurance policy, your personal property coverage should transfer to a short-term rental, just as it would transfer to a hotel room.