When should I cancel my renter’s insurance if I have turned in my keys?

Renters insurance can save you a lot of headaches and anxiety when you are renting. If an accident were to occur the renters policy can cover you under a variety of different circumstances. When leaving a rental home one of the most important things you need to do is cancel your renters insurance policy. There is no need to have your renters insurance policy past the last day that is on your contract with the landlord. You may turn in your keys whenever you are ready, but you should avoid terminating the insurance policy until the date that is on the rental contract.

One reason for this is because most insurance companies will cover your belongings during the move. This means if your moving truck gets stolen or your property gets damaged by a peril that is within your insurance policy, you can claim the damage with your insurance company. Be sure to check your policy to see what types of perils your insurance company covers. These can range from theft, fire, water, flood and natural disasters to more common occurrences like an accident while moving your property in a moving truck.

Another reason to maintain your renters insurance until you are fully moved is your legal contract. Depending on your state and landlord, there may be a clause written into rental agreements that you, the renter, must have renters insurance while they are renting in property. This not only protects you, but also the landlord from any liability of damages to your property. If you were to turn in your keys before the last day of rental contract, you may be at liability if anything happens to the property while you are not there. Additionally the landlord might learn that you are in breach of the rental contract, and decide to take legal actions or impose additional fees for the mistake.