Canceling your renters insurance policy is often a straightforward and quick process. MoneyGeek compiled step-by-step instructions to help guide you through cancellation:
Renters Insurance
How to Cancel a Renters Insurance Policy
Updated: May 26, 2025
Advertising & Editorial Disclosure
Key Takeaways
Depending on your specific circumstances, canceling your renters insurance could expose you to some financial risks.
You may receive a refund if you cancel your policy early, but there could also be fees associated with canceling depending on your provider's specific rules.
Always talk to your insurance provider and ensure you understand the consequences of terminating before deciding to cancel your coverage.
How to Cancel a Renters Insurance Policy
- 1
Contact your insurance provider
Get in touch with your provider directly by phone, email or through its website.
- 2
Have your policy details ready
Prepare all the relevant policy details, like your policy number and coverage limits, for a smooth verification process.
- 3
Discuss your situation
Be ready to discuss your current status and reason you want to cancel. Your insurer may offer other options instead of outright termination of your policy.
- 4
Assess the offers and inquire about potential refunds
Before you make a final decision to cancel your policy, assess if other options offered by your provider are more viable than cancellation. Ask if you can get a refund if you decide to cancel.
- 5
Check specific cancellation policies and deadlines
Inquire about your provider's cancellation policies and deadlines. If you determine that terminating your policy is the best course of action, follow through with the cancellation.
Considerations Before Canceling a Renters Insurance Policy
Before canceling your renters insurance policy, start by assessing your current circumstances. It might be time to cancel if you no longer rent the property, have moved to a different location or found an alternative insurance solution.
Depending on the circumstances, terminating your policy could leave you vulnerable to unexpected losses and damage. Consider these factors for some of the most common policy cancellation scenarios to help you determine if terminating your policy is best.
If you're canceling because of high premiums
If you're considering canceling due to expensive premiums, consider comparing renters insurance quotes from different insurance providers. This allows you to find cheap renters insurance options that suit your needs. Alternatively, you can request to adjust your coverage limits from your existing insurance provider to lower your rates.
If you're canceling because you're moving
Moving doesn't necessarily mean you have to cancel your existing renters insurance policy. Many insurance companies offer the option to transfer your policy to your new address. This lets you keep your existing coverage. However, if your current insurance provider doesn't offer coverage at your new address, be sure to purchase a new renters insurance policy before your old one expires.
If you're canceling because you got a roommate
Having a roommate doesn't mean you should cancel your renters insurance policy. You can explore the option of adding your roommate to your existing policy and sharing renters insurance. This can be advantageous since you both will have the protection you need.
If you're canceling because you're getting home insurance
If you're in the process of purchasing a home and plan to cancel your renters insurance, time your new policy so that there are no gaps in coverage during the transition. Keep your renters insurance until your new home insurance policy is fully in effect.
If you're canceling after fulfilling a necessary coverage requirement
Terminating your policy because you only needed it as a requirement for a lease could lead to non-compliance with your agreement. This could potentially result in the termination of your lease. You'll expose yourself to financial risks by not having renters insurance coverage.
If you're canceling because of your insurer
In cases where you're dissatisfied with your insurer's service or have encountered issues, you can cancel your policy and switch to a different insurer. Make sure to find a suitable provider and purchase a policy before canceling to avoid gaps in coverage.
Typical Renters Insurance Refunds After Canceling a Policy Early
If you cancel your renters insurance policy before its term expires, you'll usually receive a refund for the unused portion of the policy, especially if you've paid the premium in full for the entire term. This means you'll receive a prorated refund for the months you won't be covered. How long it takes to receive your refund also varies by provider, with some taking at least 30 days.
If you've been paying your premiums monthly, you typically won't receive a refund.
Some insurance companies may also impose cancellation fees or administrative charges when you terminate your policy early. Read your policy’s terms and conditions, and contact your provider directly to inquire about its specific refund process and any associated timelines.
Consequences of Canceling Renters Insurance
While it may seem like a way to save money in the short term, canceling your renters insurance policy can expose you to financial risks. The following are some of the most important potential consequences of canceling your coverage:
- Loss of Protection and Increased Liability: Canceling your renters insurance results in losing protection for your personal belongings against theft or damage and eliminates liability coverage if someone is injured in your rental unit. This makes you financially responsible for medical expenses, legal fees and the cost of replacing or repairing your belongings in case of covered perils, leading to potential unexpected financial burdens.
- Lease Violation: If your lease agreement requires you to maintain renters insurance, canceling your policy may violate your lease terms. This could lead to lease termination or other penalties imposed by your landlord.
- Difficulty in Future Rentals: Some landlords may require renters insurance as a condition for renting their properties. Canceling your policy could make it challenging to secure rental housing in the future.
Considering these consequences, it's important to carefully assess your situation and explore alternatives before canceling your renters insurance. Maintaining coverage can offer valuable protection in case of unexpected events.
Canceling Renters Insurance Policy: Bottom Line
Canceling your renters insurance is straightforward: contact your provider and follow its instructions. Your provider will walk you through the process and provide any forms you need. However, you should first explore other options like adjusting coverage limits, transferring your policy when moving or adding a roommate to your existing policy rather than starting over.
Remember that without renters insurance, you're personally responsible for replacing stolen or damaged belongings, medical expenses if someone gets injured in your rental, and legal fees. You may also violate your lease agreement, potentially leading to eviction. Before canceling, carefully weigh the short-term savings against the long-term financial protection renters insurance provides.
Understanding Renters Insurance Cancellation Process: FAQ
It's important to understand the pros and cons of canceling your renters insurance policy before terminating it. Whether you're relocating, seeking better coverage or simply reassessing your insurance needs, knowing how to cancel your policy and what to expect can help you make the best decision for you. MoneyGeek answered some of the most common questions people ask about the cancellation process to help address your concerns.
How do I request the cancellation of insurance?
To request the cancellation of insurance, you should contact your insurance provider through its customer service channels. Be prepared to provide your policy number, personal information and, most importantly, the reason for cancellation. Your insurer will guide you through the process and inform you of any documentation or forms required.
What happens if you forget to cancel renters insurance?
If you forget to cancel renters insurance and continue paying premiums, you will maintain coverage until you officially request cancellation. Remember that even if you no longer need the coverage, your policy remains in effect until you take action to terminate it.
When should I cancel renters insurance?
Cancel your policy if you’re moving out permanently, no longer renting or switching to a new provider. Always wait until your new policy starts before canceling the old one.
Do I get a refund if I cancel renters insurance?
Most insurers offer a refund for any unused portion of your premium. Check with your provider to see if it charges a cancellation fee.
Can I switch renters insurance at any time?
Yes, you can switch providers whenever you want. Make sure your new policy begins before the old one ends to avoid a gap in coverage.
What happens if I cancel and my landlord requires insurance?
Canceling without a replacement policy may violate your lease. Always check your lease terms and have coverage in place if required.
When to Cancel Renters Insurance: Our Review Methodology
Why Trust MoneyGeek?
We obtained information from Quadrant Information Services and examined rates of customer and claim satisfaction from the top industry assessments, J.D. The National Association of Insurance Commissioners (NAIC), AM Best, and Power. In order to provide the best renters insurance solutions for different renter profiles and demands, as well as at the national and state levels, MoneyGeek developed a ranking methodology to compare the data.
Renters Insurance Profile
In this study, MoneyGeek focused on a particular profile of renters, characterized by:
- Good credit score
- Claims free for over five years
Moreover, the research also encompassed scenarios involving renters with varying credit histories and different records of insurance claims.
Renters’ Insurance Coverage Details
Calculations for the average home insurance rates were based on the following policy specifics:
- $20,000 in personal property coverage
- $100,000 in personal liability coverage
- $1,000 deductible
Additionally, MoneyGeek's investigation included an exploration of policies offering broader coverage ranges, extending from $20,000 to $100,000 for personal property, liability coverage ranging from $100,000 to $300,000, and deductibles varying between $500 and $2,000.
Canceling Renters Insurance: Related Articles
Renters Insurance
Renters Insurance
Renters Insurance
Renters Insurance
Renters Insurance
Renters Insurance
Renters Insurance
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.