Are you looking to move from your current place of residence but are not sure if you can transfer your existing home insurance policy to your new home or get back some of the money?
Whether you receive a refund from your insurance firm is dependent on several factors such as where you are relocating to and the amount of money you have paid into your current insurance policy.
High Favor Insurance in Birmingham, MI is an insurance company that can help you with the policy terms. Contact us today for more details.
Insurance Term
Insurance firms provide different payment choices like bimonthly, monthly, yearly, semi-yearly, or quarterly payment plans. When you relocate to another home, whether you will be refunded will depend on your current payment plan.
Given that you pay a premium annually or semiannually, you should expect to get some money back if you are not in the same month you are meant to make a policy renewal. On the other hand, if you are under a monthly payment plan, it is not likely that you qualify for a refund.
Termination Process
You are required to contact the insurance firm early enough before moving to help calculate your refund. The firm needs to know the final date you want your current house covered so that it can calculate the amount of money they should give back to you. You should give them your new address as well.
You can terminate your policy any time you want, but the firm will not give you a refund until the final coverage date. Furthermore, if you are moving the same date that your insurance renews typically, you should still contact your insurer to tell them that you don’t want to renew your insurance policy.
Transfer
Instead of terminating your policy, you could also transfer it to your new home and make all the necessary premium changes. Here, you will not get a refund.
High Favor Insurance in Birmingham, MI can help you with the policy terms. Contact us today for more details.
