A renters policy is cheap enough that people cancel it casually between leases. The gap costs more than the premium saved, and it costs it for years afterwards.
Continuous cover is itself a rating factor. A lapse is visible to the next insurer and it is priced.
Three things about keeping a policy running.
Insurers ask about prior cover and treat continuous insurance as a favorable signal. A lapse of even a month can move you into a worse rating tier at the next application, and that effect lasts well beyond the gap itself. The month of premium saved is the smallest number in the calculation.
Between leases possessions are in a truck, a storage unit or a relative’s garage, which is when they are most likely to be damaged or stolen, and exactly when people cancel. The riskiest period is the one most often left uninsured.
A renters policy can usually follow you to a new address with a phone call, keeping the cover and the continuity intact. Canceling and reapplying achieves the same cover at a worse price.
Keeping it continuous through a move.
It affects today’s pricing and it is worth knowing why.
So the policy moves with you rather than ending.
The in-between period is the one that needs attention.
Tell us whether you have had cover continuously and when you are moving.
