If I cancel my renters insurance policy early, am I entitled to a refund?

"Once I get married, I'm going to give up my apartment and cancel my renters insurance. Will I get a refund for unused coverage?"

Answer provided by
Savannah Grabek
Answered on Jun 16, 2021
“Similarly to an auto policy, if you have paid for your renters insurance but cancel before the term is up, the insurance company will typically refund you any unused premium.
There are some companies that have cancellation fees, but even if you are subject to a penalty for canceling, in the long run, it may still be better to cancel your old policy and start a new one rather than paying a higher premium. If you are concerned, it would be a good idea to ask your insurance company if they impose a cancellation fee. “

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