You can cancel your condo insurance. However, your condo insurance provider might charge a cancellation fee or impose a cancellation penalty. Prior to canceling the policy, always consult with a knowledgeable Texas property insurance agent. An agent can:
You can cancel your condo insurance policy by talking to your Texas property insurance agent and/or condo insurance provider about your intentions. The usual process of cancellation is:
Canceling your condo insurance policy can have several adverse effects. If you cancel your condo insurance plan, you might be left without a policy to protect your condominium against insurable perils. Also, several insurance providers in Texas charge a cancellation fee; hence, canceling your plan may attract a fee or penalty. However, canceling your condo insurance policy can be a good decision if you no longer require coverage or can no longer afford the premiums and wish to get a more affordable condo insurance policy.
Canceling your condo insurance policy might not attract a cancellation fee or penalty if you are within the free look period. The free look period is a time an insurer will allow you to examine an insurance policy and determine whether or not you would like to continue with the insurance plan. It is usually a 10-day window.
If you paid the policy premiums in advance, your condo insurance provider would usually refund unused premiums if you choose to cancel your policy.
You can reinstate canceled condo insurance by contacting your condo insurance provider and signing a new condo insurance policy agreement. After signing the agreement, you should begin paying premiums to prevent another policy lapse. You can also contact a licensed residential property insurance agent in Texas to assist you with reinstating your canceled condo policy.