How to Cancel a Renters Insurance Policy

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ByMark Fitzpatrick
Edited byMegan Hull
ByMark Fitzpatrick
Edited byMegan Hull

Updated: May 22, 2024

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Canceling your renters insurance policy is as simple as contacting your insurance provider. From there, your provider will guide you through the process and forward any forms you may need to fill out. However, remember that, depending on your situation, you might have other options besides canceling your policy altogether. For instance, if you’re moving to a new location or just got a roommate, you can usually update your policy instead of canceling it outright.

Key Takeaways

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Depending on your specific circumstances, canceling your renters insurance could expose you to some financial risks.

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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.

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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

Canceling your renters insurance policy is often a straightforward and quick process. MoneyGeek compiled step-by-step instructions to help guide you through cancellation:

Contact your insurance provider

Get in touch with your provider directly by phone, email or through its website.

Have your policy details ready

Ensure you have all relevant policy details ready — like your policy number and coverage limits — so verifying your policy is easier.

Discuss your situation

Be ready to discuss your current status and reason why you want to cancel. Your insurer may offer other options instead of outright termination of your policy.

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 proceed with the cancellation of your renters insurance.

Check specific cancellation policies and deadlines

Inquire about your provider's cancellation policies and deadlines. If, based on this information, 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 — if you no longer rent the property, have moved to a different location or found an alternative insurance solution, it might be the right time to cancel.

Keep in mind that, depending on the circumstances, terminating your policy could leave you vulnerable to unexpected losses and damage. MoneyGeek outlined factors to take into consideration for some of the most common policy cancellation scenarios to help you determine if terminating your policy is best.

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    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.

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    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 way, you can continue to enjoy the benefits of 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.

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    If you're canceling because you got a roommate

    Having a roommate doesn't mean you should cancel your renters insurance policy. In fact, it can be advantageous to share. You can explore the option of adding your roommate to your existing policy and sharing renters insurance, ensuring you both have the protection you need.

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    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, make sure to time your new policy so that there are no gaps in coverage during the transition. Maintaining your renters insurance policy is advisable until your new home insurance policy is fully in effect.

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    If you're canceling after fulfilling a necessary coverage requirement

    Terminating your policy because you just used 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. Beyond this, you'll expose yourself to financial risks by not having renters insurance coverage.

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    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 simply 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 typically 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. Additionally, be aware that some insurance companies may impose cancellation fees or administrative charges when you terminate your policy early. Make sure to read your policy’s terms and conditions, and contact your provider directly to inquire about their 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 essential to carefully assess your situation and explore alternatives before deciding to cancel your renters insurance. Maintaining coverage can offer valuable protection and peace of mind in the face of unexpected events.


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.

What is the easiest way to cancel insurance?
How do I request the cancellation of insurance?
What happens if you forget to cancel renters insurance?
Can I cancel my insurance policy and get my money back?

About Mark Fitzpatrick

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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.