Cancelling your home insurance policy
Looking to cancel your home insurance policy? Before you do, read through some common cancellation reasons below and learn how Square One can help solve them. If you still wish to cancel, sign in to your account.
Looking to cancel your car insurance policy instead? Learn more about some common cancellation reasons, what you can expect, and how Square One can help.
“I found a cheaper policy”
For many customers, price is an important factor when it comes to choosing an insurance provider. If you find a cheaper policy from a competitor, send us an email to see how we can help reduce your payments.
“I’ve decided to move”
If you’re moving, you can buy a policy for your new home and cancel the policy for your old home through your online account. Simply log in, select the policy to change, then click “Switch to a new location.” By doing so, this will ensure your belongings will be covered while in they’re in transit to your new home.
“I received poor service”
Customer service is of the utmost importance at Square One. If you’re having a poor interaction with our company, please let us know by sending an email. We promise to address all your concerns and make things right.
“I also want auto insurance”
Bundling your home and car insurance can offer significant savings. Great news! Customers in Ontario can bundle their home and car insurance with Square One. For customers in other provinces, send us an email to see if we can offer similar savings.
“I find insurance expensive”
If you’re having trouble paying for insurance, send us an email and an agent will help you find ways to save on your premiums. Going without insurance is not recommended as you may face larger expenses after a loss.
What to expect when cancelling
It’s important to remember that not all cancellations are processed automatically. Cancellations are processed automatically if the first named insured initiates the cancellation process online. In other cases, a licensed agent will review the cancellation request and may need to contact the policyholder(s) for more information or confirmation. As requests need to be reviewed by an agent, cancellations may take a few days to process. Cancellations cannot be requested for a date in the past. However, any processing delays will not affect the policyholder. For example, a request submitted on Sunday for immediate cancellation may not be processed until Monday but will be made effective on Sunday.
For homes insured in BC, Alberta, Saskatchewan, Manitoba, or Ontario
After cancellation, refunds are returned to the original payment method. For credit cards, refunds are processed the day the cancellation takes effect. If you paid through bank withdrawal, your refund will be processed either the day the cancellation takes effect or 10 days after your payment was withdrawn from your bank account. Generally, it can take up to a week for the refund to show in your bank account after Square One has processed the cancellation.
Customers are subject to a $50 minimum retained premium (MRP) for the first policy term. The MRP is the smallest amount of money that an underwriter requires when writing a new policy. This non-refundable amount helps cover data costs, banking or credit card fees, and other one-time costs associated with new policies.
The Insurance Act permits an underwriter to set a MRP, and to issue refunds on policy cancellations net of the MRP. For complete details, please see the Insurance Act, Statutory Conditions, Section 5. The Insurance Act also permits an underwriter to issue either a pro-rate or short-rate refund on a customer-initiated cancellation. A short-rate refund includes a penalty. Insurance providers may apply a MRP, short-rate refund, or both.
As an example, the $50 MRP will be fulfilled after two months for a policy with a $25/month premium. If the policy is cancelled within these two month, the customer will not receive a refund. If the policy is cancelled after these two months, then any unearned premium for subsequent months will be refunded.
For homes insured in Quebec
After cancellation, you will receive a refund of any unearned premiums. Refunds will be processed on the day the cancellation takes effect, but may take several business days to appear if refunded to your bank or credit account. For cancellations initiated by Square One, your refund will accompany our registered letter of cancellation.
If you purchased your policy online, and without the assistance of a licensed insurance agent, you may be eligible for a full refund if you cancel your policy within 10 days of receiving it. To request this cancellation, complete the Schedule 1 Notice of Cancellation form found in your policy wordings and send it to Square One via registered mail within 10 days of receiving your policy.
The Square One mailing address is:
Square One Insurance Services
650 West Georgia Street, Suite 1410
Vancouver, British Columbia