Insurance Policy: Cancel or Adjust

It’s sometime a great dilemma to decide when to cancel and when to adjust an insurance policy. Here's a quick guide to help you understand when to cancel a policy and when to simply adjust your coverage:

i. Cancel:
Selling your car, boat, or other item you're not replacing? Once you no longer own the asset, cancel the policy.

ii. Adjust:
Replacing a similar item? Talk to your agent to adjust coverage for your new car, boat, etc.

iii. Update:
Moving? Talking to your agent is critical, whether you're a renter who's buying a house or a homeowner switching addresses. In most cases, you won't need to cancel your homeowners insurance or auto insurance - your policy and information just need to be updated.