Is It Possible to Cancel My Tenant Insurance Policy at Any Point?

In this article, we’ve got you covered with everything you need to know about cancelling your tenant insurance policy

Having the proper tenant insurance provides a sense of security when renting a home, condo, or apartment. However, what happens if you’ve moved into your first home and no longer require tenant insurance? In this article, we’ll discuss the key aspects of cancelling your insurance policy, including costs and penalties involved.

What Does It Mean to Cancel My Tenant Insurance Policy?

Once your policy is cancelled, you'll be responsible for any damages or incidents that occur after the cancellation date. However, any claims for losses that happened while your policy was active will still be covered, even if you file them after cancellation.

Why Would Someone Cancel Their Policy?

People often cancel their policy for a number of reasons, such as:

Discovered a cheaper option. Many times, people will find that they’re overpaying for their tenant insurance policy and switch providers to a cheaper option.
Moving to a different apartment. Sometimes people will cancel their policy when moving to a different apartment and start up a new one. With policies provided by APOLLO, all you need to know is your new address and you can update your policy directly on our customer portal.
Purchased a house or condo. Purchased your first home? Congratulations! If you move from a tenant insurance policy to a homeowner’s or condo insurance policy, just let us know and we’ll move your account over to the appropriate policy — and we’ll even waive the fees associated with starting a new policy.

What Kind of Refund Do I Get When I Cancel My Policy?

If customers need to cancel their tenant policy before the end of the term, we want to make sure they fully understand any associated fees and penalties.

Before you cancel your tenant insurance policy, it’s important to review your policy as it will include all the rules for refunding premium. Fees collected at the time of purchase are not returned as those pay for the transaction and other fixed costs.

Fees applied at purchase are non-refundable, as they cover transaction and other fixed costs. Instead of being charged all at once, these fees are evenly distributed across your first 12 payments."

Insurers APOLLO works with use a common industry practice known as short rate cancellation, meaning there will be a small charge to cancel. However, this charge will get smaller the closer the cancellation is to the end of the policy term.

To ensure transparency, we provide our customers with our short rate cancellation table in their policy documents, under table R7.

Does My Policy Cover My Belongings During a Move?

Yes, policies provided by APOLLO cover your belongings not just while you move, but up to 30 days after your move, so long as your policy is active. This means even if you move in with someone else, such as a family member or significant other, we’ll cover your belongings during your move — so you may miss out on coverage if you cancel your policy too soon.

How Do I Cancel My Policy?

To cancel your policy at any time, just head to APOLLO’s Customer Portal, where you can cancel your policy in two simple steps:

Enter the e-mail address associated with your insurance policy provided by APOLLO and we’ll send you a one-time unique log in code.
Use the code to sign in to the Customer Portal and view and edit your coverages, change your address or cancel your policy.

Are There Alternatives to Cancelling an Existing Policy?

Yes! If you are moving and have a policy provided by APOLLO simply log in to the customer portal and update your address. If you're moving outside the province use the contact us page to speak to an agent. Moving your policy to a new address saves you from paying cancellation charges. If you want to lower your premium costs consider eliminating optional coverages or changing your deductible. With a policy provided by APOLLO you can log in to the customer portal and modify your coverage, you'll see the pricing changes based on what you've selected.

APOLLO offers effortless tenant insurance designed to protect renters across Canada. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.

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