When you take out a home insurance policy, you have (by law) at least a fourteen day 'cooling-off' period. This gives you the chance to reconsider whether or not the policy really fulfils your needs. During this time you can cancel the policy, and if applicable receive a full or partial refund of any insurance premiums that you have already paid, depending on how long you were insured for and whether or not you made a claim within this period.
If you wish to cancel your home insurance after the cooling-off period, you may receive a partial refund of any premiums paid minus the period during which you were covered. In most cases, your insurer will also deduct a 'reasonable' administration charge. If you owe your insurer any premiums, you must repay these before the cancellation can be recognised.
As with any type of insurance, if you purchased your policy off your insurance provider's premises (for example, if you purchased online), you must have been given clear written notice of your right to cancel. If not, the contract is unenforceable. This written notice usually accompanies a cancellation form and the correct cancellation procedure, which you must follow if you wish to terminate the policy. You are advised to send any notice of cancellation by recorded mail, since the date you post the letter is considered to be the date on which you cancelled.
If your insurance provider wishes to cancel your policy, they can do so by giving you a few days' notice: typically just seven days. If you fail to make a premium payment, your insurer is also entitled to cancel your policy from the date your payment was due.
