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As an insurance expert, has written about homeowners, auto, health, and life insurance for The Balance. Mila received the Bernard J. Learn about our editorial policies. Article Fact Checked January 16, Key Takeaways Renter's insurance can keep you covered while moving, living with a friend, traveling, or keeping items in storage.
If you decide you want to cancel your renter's insurance, it's usually fairly straightforward. Call your insurance company and tell them you want to cancel; then, follow any additional steps. Your Privacy Rights.
Also, don't cancel the policy if another family member will be moving into the property. Many insurance companies will allow you to change the policy and have the new tenant become the insured — no cancellation necessary.
Be sure to talk directly with the insurance company to make sure all of the premiums were paid, and the policy isn't in danger of lapsing for non-payment. You don't want someone to move into the rental and think they were covered, only to find out that the policy had lapsed long ago. If you're going to be staying in a rental, you don't want to lose your coverage. It's worth keeping for the protection and peace of mind it provides. Not only will it protect against damage or theft, but it also offers additional benefits that many people never consider:.
It would be easier to add an endorsement for a change of address rather than canceling your insurance when you move. Changing the address could save you money since you won't face any penalty for canceling your policy. And, your policy will probably provide coverage for your belongings while you're moving from one location to another.
You'll want to contact your insurance company to see if your renter's insurance policy will be adequate if you have an upcoming move. Many people don't realize that their renter's insurance may cover items they have in storage.
If you are living somewhere else temporarily and want to store your possessions, you can avoid risking financial loss from theft or damage to your furniture, collectibles, or other personal items. Each insurance company handles this differently, so review your policy and talk to the insurer directly before you decide to cancel your renter's insurance policy. Your renter's insurance may cover your liability and your possessions while you travel.
If you're going to be gone for an extended period of time, you may be tempted to cancel your coverage, but check with the insurance company before you do. Regardless of how long you'll be away, you want to be sure that your belongings are insured against damage or theft while you're gone. Not every insurance company's policy will cover roommates. It may be to your advantage if you just change the address on your policy. If you're getting married, you won't have to cancel your policy and get a new one.
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