Why do I still have home insurance? I sold my home months ago.

An often misconception is that when a home is sold, the mortgage company will cancel the insurance. While the mortgage company was most likely the one billed for your homeowners policy, they are not in control of cancelling the policy. As the insured, it is ultimately your responsibility to cancel your own insurance.

In the instance where your home was not cancelled, there are still options. The first option is to just cancel the insurance immediately, granted there isn’t anything due on the policy. The second option is to backdate the policy cancellation to the date your home was actually sold. In order to process the backdate cancellation, you would need to provide proof of sale of the home as well as sign a cancellation form. This second option is better because it allows you to receive any refund that may be available to you and it also keeps your records accurate.

As a reminder, always read the mail that you receive from your insurance company. Also, make sure you check and double check that your policies are covering your autos and homes correctly. We are always here to assist and answer any questions that you may have regarding your policies and coverage. Please never hesitate to call us at 480-513-3131.