Homeowners insurance covers building damage caused by various influences. If you no longer need it, you can cancel it.
If your homeowners insurance no longer meets your needs because you have modernized the house or the insurance company has increased prices at short notice, these are reasons to cancel. Regular cancellation is possible without any problems provided the notice period is observed. If the premiums increase, you also have the right to extraordinary cancellation.
There are several reasons for canceling a homeowners insurance policy:
If you have modernized your home and equipped it with a photovoltaic system or a heat pump, for example, you should check your contract. It may make sense to cancel and take out a contract with another insurer. In order to save on premiums, it is worth comparing the terms and conditions of different insurers from time to time. If another insurance company is cheaper or offers better services, you can cancel the old contract.
The notice of termination must be in writing. However, it is sufficient if it is handwritten. Pay attention to the notice period within which termination is possible. Some information is important in your notice of termination:
Ask for written confirmation of cancellation and send the cancellation by registered mail. This way you have proof that you canceled on time. Only cancel if you have already signed a new contract with another insurer. You need the consent of the financial institution registered in the land register.
If there is no valid reason, such as a premium increase or the sale of your house, you can terminate the contract within the notice period. If your contract is valid for several years, termination is only possible up to three months before the end of the contract. Otherwise, the notice period is three months to the end of an insurance year. The insurance year is a calendar year. The notice of termination must therefore be received by the insurer by September 30th at the latest.
In various cases, you have a special right of termination, with different deadlines applying depending on the reason for termination. If there is an increase in premiums, you can terminate within one month of receiving the notification. Termination is possible at the earliest when the increase takes effect. If the insurance company increases premiums due to an improvement in benefits, there is no special right of termination.
After you buy a house, the previous owner’s insurance is transferred to you. You can cancel within one month of the entry in the land register at the end of the insurance year or without notice. If you sell a house yourself, you can also cancel within one month of the entry in the land register.
After a death or inheritance, cancellation is only possible at the end of the insurance year. After a settled claim, there is a special right of cancellation within one month.
