Renters insurance is an important policy that protects your personal belongings and provides liability coverage in case someone gets injured in your rental unit. State Farm is one of the largest renters insurance providers in the U.S.
If you have a State Farm renters insurance policy, you may be wondering – can I cancel my renters insurance at any time if my situation changes? Or are there restrictions on when and how you can cancel a State Farm renters policy?
Below we will explain the details on canceling a State Farm renters insurance policy, including:
- Can you cancel at any time?
- How to properly cancel your State Farm renters policy
- Things to know before canceling
- Avoiding gaps in coverage
- Alternatives to canceling your policy
Can You Cancel Your State Farm Renters Policy At Any Time?
The short answer is yes – you can cancel your State Farm renters insurance policy at any time for any reason, as long as you follow the proper cancellation process.
State Farm does not limit when or why you can cancel your renters insurance. Common reasons people cancel include:
- Moving to a new residence
- Switching to a different insurance company
- No longer needing coverage
- Unable to afford premium payments
You are not locked into your State Farm renters policy for any period of time. It is a month-to-month policy that you can cancel whenever needed.
However, there are a few things you need to keep in mind before canceling at any time.
How To Properly Cancel Your State Farm Renters Insurance
To officially cancel your State Farm renters insurance policy, you must provide notice to State Farm by one of these methods:
By phone – Call your State Farm agent directly and inform them you want to cancel. Have your policy number ready. Cancellations by phone typically take effect immediately.
By mail – Write a letter to State Farm headquarters requesting cancellation. Include your name, policy number, requested cancellation date, and signature. Mail it at least 2 weeks before the date you want the cancellation effective.
In person – Visit your State Farm agent in person and complete a policy cancellation form. This will cancel the policy immediately.
Your cancellation request will be processed as of the date you contacted State Farm, either by phone, mail, or in person.
Once you cancel, State Farm will send you any premium refund you may be owed for the unused portion of your paid policy term.
Things To Know Before Canceling Your Policy
Before immediately canceling your State Farm renters insurance, here are some important considerations:
Your rental lease may require you to maintain renters insurance – Cancelling may put you in violation of your lease if you fail to procure a new policy first.
You need continuous coverage – Letting your policy lapse, even for a day, can negatively impact your insurance history and raise your rates when getting a new policy.
Make sure you have a new policy in place – Never cancel an existing renters insurance policy until you already have new coverage lined up and ready to take effect. A gap in coverage can be disastrous if something happens.
Check if you qualify for a State Farm policy discount – Instead of cancelling, see if you are eligible for any discounts that could lower your premium. This may make keeping your State Farm policy more affordable.
Consider downgrading your coverage – Rather than completely cancelling your policy, you may be able to reduce your coverage amounts to lower your costs while keeping basic protection in place.
Avoiding Gaps In Renters Insurance Coverage
The main risk when cancelling an existing renters insurance policy is accidentally having a gap between when your State Farm coverage ends and new coverage takes effect. Even one day without coverage can lead to serious consequences.
Here are tips to ensure continuous renters insurance coverage when switching policies:
Shop for a new policy first and get a quote, but don’t cancel your State Farm policy yet.
Purchase the new policy and confirm the exact effective start date in writing.
Cancel your State Farm policy the day before your new coverage starts at 12:01 am. Never let policies overlap.
Follow up with your insurance company to ensure there are no issues with the new policy taking effect on time.
Keep documentation showing exact cancellation and start dates in case you need to provide proof of continuous coverage.
If there will be an unavoidable gap, ask your State Farm agent if they can provide temporary coverage until the new policy starts.
Alternatives To Canceling Your State Farm Policy
Cancelling your renters insurance policy completely may not always be the best option. Here are some alternatives to review before terminating your State Farm coverage:
Change your coverage limits – Reduce the amount of personal property or liability coverage to lower your premium costs. But don’t skimp too much.
Increase your deductible – Opting for a higher deductible, like $500 or $1000, can significantly reduce your policy rate. Just be sure you have savings to cover the higher out-of-pocket costs if you have a claim.
Bundle policies – Add State Farm auto insurance or other policies to your renters insurance for a multi-policy discount.
Adjust payment plan – Changing to quarterly or semi-annual payments may lower the fees and allow some savings compared to monthly premiums.
Seek other discounts – Make sure you are taking advantage of all discounts you qualify for, like multi-policy, responsible tenant, security system, and more.
Key Takeaways On Canceling State Farm Renters Insurance
You can cancel a State Farm renters policy anytime by phone, mail, or in person. But follow proper procedures to avoid issues.
Don’t cancel existing coverage until new coverage is in place to prevent dangerous gaps.
Review your rental lease agreement before canceling – you may be required to keep renters insurance.
Consider downgrading coverage or adjusting your policy before fully canceling.
Shop insurance rates regularly – you may find State Farm is still your most affordable option compared to competitors.
Cancelling renters insurance should not be done lightly, as you risk losing important protections. But when you need to cancel your State Farm policy, understand the proper procedures to follow and alternatives to termination that may enable you to keep beneficial coverage.
Can I cancel my insurance at anytime?
Does State Farm charge a cancellation fee?
Can you cancel renters insurance anytime?
How much does it cost to cancel renters insurance?
Why would a renters insurance be Cancelled?