What do I have to do to cancel a home insurance policy? Normally, these policies are renewed every year and, if you want to change company or stop being protected by this type of policy, you will have to notify it beforehand. Canceling your home insurance is a simple procedure as long as you follow the instructions stipulated by law:
- One month before the renewal date
- In writing
The good news is that cancelling a home insurance policy from Santander, Mutua Madrileña, Kutxabank, Occident, Caser, Segurcaixa Hogar or any other company involves the same procedure: to do it in time and form. We explain step by step how to cancel your home insurance, what the deadlines are and what your communication must include.
Deadline to cancel a homeowner’s insurance policy
The Insurance Contract Law establishes that the insured must give notice of cancellation of the insurance extension at least one month prior to the renewal date.
According to the regulation: “The parties may oppose the extension of the contract by giving written notice to the other party at least one month prior to the end of the current insurance period when the party opposing the extension is the policyholder, and two months when it is the insurer”.
Most home insurance policies are renewed year by year, unless one of the parties objects. Therefore, it is very important that if you wish to cancel your home insurance policy, you give at least one month’s notice prior to the stipulated date.
If you want to count on an insurance brokerage to advise you on the most suitable options for your home and your protection needs, do not hesitate to contact PIB Group Iberia.
Can home insurance be cancelled after the deadline?
According to the legislation and the terms and conditions of the insurance companies, it is necessary to notify within one month. In any case, in this case, it is advisable to contact the company to see how to manage it.
The main problem you may have is that the insurer may file what is known as an “order for payment” process, that is, that they claim the amount of the insurance renewal. Therefore, our advice is always to cancel in due time and form to avoid problems.
Even if the insurer decides to cancel the insurance, if you cancel it by returning a receipt, you may be included in a debt collection file… Which would penalize you when applying for a loan, for example. It can be dangerous to cancel after the deadline.
During the term of your contract you can cancel your insurance at any time you want, but most companies do not undertake to return the proportional part, and the actual cancellation will take place at the expiration of the insurance. For example, if your insurance was renewed in February and you decide to cancel it in April, the company will not usually return the proportional part not taken advantage of, since it is valid for one year.
Steps to cancel your home insurance policy
1. Identifies the renewal date
Look in your contract or in your Customer Area of the company’s website for the renewal date and remember that the deadline for these procedures must be within one month. Of course, you do not have to wait until the last day, we recommend that you do it well in advance, for example, two months.
2. Prepare your home insurance cancellation request.
This written request must clearly state the following information:
- Insurance company to which we turn.
- Date of communication.
- Your identification: name, surname, address and ID card. In the communication, attach a copy of your ID card.
- Identification of your policy: indicate your policy number as a reference.
- Communication of your desire not to extend the policy.
Remember that when the communication is made in writing or by e-mail, it must be accompanied by the policyholder’s ID card.
3. Contact your insurance company
How to notify your insurer? If you find specific steps in which your insurer tells you how to cancel your policy, you can follow them. But as a general recommendation, the best way is to do it in writing, as required by law. It can be by e-mail to the company, communication through your private area or even ordinary mail (in this case we recommend that your letter be registered). Some companies allow this to be done, for example, by telephone communication with customer service, but in this case you would not have a proof that you did this if there were any problems.
4. Keep proof of your communication
To avoid any unpleasant practices on the part of the company, always keep a copy of the document sent so that there is a record that you have made this communication. For example, keep track of the email sent.
If you need more information on this type of policy, here is an article on the Best home insurance policies. We hope this post will be useful for you to cancel your home insurance!
