How to Cancel Renters Insurance

Our step-by-step guide to ending your policy hassle-free— plus tips for keeping your belongings protected.

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Renata Balasco

Senior Content Strategist

Renata joined The Zebra in 2020 as a Customer Experience Agent. Since 2021, she has worked as licensed insurance professional and content strategist.…

Credentials
  • Licensed Insurance Agent — Property and Casualty
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Ava Lynch

Insurance Analyst

Ava joined The Zebra as a writer and licensed insurance agent in 2016. She now works as a senior insurance contributor, providing insights and data a…

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  • 7+ years of Experience in the Insurance Industry
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Beth Swanson

SEO Content Strategist

Beth joined The Zebra in 2022 as an Associate Content Strategist. She is a licensed insurance agent whose goal is to make insurance content easy to r…

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  • Licensed Insurance Agent — Property and Casualty

Canceling renters insurance

While we always recommend carrying a renters insurance policy, sometimes there are legitimate reasons to cancel. Moving in with a partner, buying a home, or simply wanting to switch providers are all valid reasons to need to cancel your renters policy. 

How to cancel your policy depends on your provider, but it's typically an easy change to make. Often you can cancel online, though if this option is not available, you can call your insurance company. You have the option to end your coverage immediately or schedule your policy to end on a specific date. We'll cover all of this and more in our handy guide.

1. Contact your insurance provider

You can typically initiate cancelation through your insurance company's app, online, or over the phone. 

2. Gather your policy details

You will likely need to confirm your identity as the policyholder, so having your policy documents handy is a good way to stay prepared. 

3. Inquire about potential refunds

If you've already paid for any portion of the policy term that you will not be using, your renters insurance company will refund you any unused premium. 


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Considerations before canceling 

Whatever your reason for canceling may be, understand that going without insurance opens you up to risk should something go wrong. Whether you're joining someone else's policy, switching to condo or homeowners insurance, or finding a better rate at another company, you'll want to avoid a lapse in coverage.

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Select a cancelation date that works for your circumstances

In order to remain covered through a policy switch, you'll want to schedule the cancellation for the same day that your new coverage begins. This is important to remember if you're switching companies at the same property or moving. 

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Keep your current policy through a move

If you are moving, you may consider keeping your current policy in place until the move is complete. Renters insurance covers your personal belongings whether they are in transit, storage, or settled in your home. Keeping your current coverage active protects your stuff throughout the move. 

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There are different rules for moving out of state

For policyholders who are changing their renters policy due to a move, remember that insurance is regulated at the state level. So, if you're moving to a new state, you'll probably need a new insurance policy altogether, especially if your previous provider doesn't operate in the new state. Whether you're moving within or out of your state, your renters insurance premium may change. 

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Overlap your renters and homeowners policy dates

The homebuying process is exciting but can be tedious. Even after closing on your new home, there is often a gap before you can move in, ranging from weeks to months. You want to make sure you're covered in this time for where you still live. We advise you to wait to cancel your renters insurance until after you've fully left your rental property. 

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Add yourself to a new housemate's policy before you cancel

If you're moving in with a roommate or significant other who already has a renters insurance policy, be sure to add your name to their policy so your stuff can be protected, too. It's best to do this before you cancel your own policy, avoiding a lapse in coverage. 

Zebra tip: most apartment complexes require renters insurance


Before canceling your renters insurance policy, check the terms of your lease. Most apartment complexes — and landlords — mandate renters insurance coverage for tenants. If you're considering canceling to save a bit of money, understand that you could be violating the terms of your lease and risking further financial woes. 


Alternatives to canceling

Renters insurance is an important and cost-effective solution to protecting your belongings. If cost is an issue and you're still thinking about canceling altogether, consider these alternatives:

  • Change coverage amounts: Lowering limits and increasing your deductible will make premiums more affordable. 
  • Modify your payment plan: Some insurers may allow policyholders to pay in full for a discount, as is a common practice in auto insurance. If this fits your budget better, it may be an effective method. 
  • Shop around for a new provider: About 35% of customers shop for insurance either at renewal periods or when their policy is getting too expensive.[1] It's always a good idea to shop around when it comes to insurance— different companies can offer different benefits and sometimes, you'll find a better rate. 
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Compare policies and protect your belongings for less.


The impact of canceling your renters insurance

Canceling your renters insurance without a backup plan might seem like a quick way to cut costs, but it can lead to significant risks. Without coverage, you’re financially vulnerable to theft, fire, or other unexpected disasters, which could leave you footing the bill for damages or lost belongings. Additionally, some landlords require renters insurance, so canceling might put you at odds with your lease agreement. It’s worth considering the potential long-term consequences before making the decision.


Frequently asked questions: canceling renters insurance

You don't have to wait until the end of your policy term to cancel your renters insurance. You can cancel whenever, and any unused premiums will be returned to you.

There is no immediate penalty for canceling renters insurance, but it can lead to challenges in the future. For example, if your apartment complex or landlord mandates an active policy, canceling your insurance may mean you are in violation of your lease. Additionally, canceling your policy without replacement will result in a lapse in coverage, risking higher insurance premiums in the future.

Most likely, your landlord will find out that you canceled your policy. If they are listed on the policy documents as an interested party (which usually is the case), they will be informed of a cancellation from the insurance company. Landlords often request proof of insurance during lease renewals. If you're planning to renew your lease and your policy has lapsed, your landlord will likely become aware of the gap in coverage.


Sources:
  1. Monthly user surveys via the Marble App. The Zebra

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