Hello, I’m in Ontario, Canada. My home insurance is up for renewal on August 25, 2024, but I’ve sold my house, with possession set for September 13, 2024. My current insurance broker, Inova, says my only option is to renew my policy and then pay a penalty for canceling the one-year contract 11 months early. I don’t have a mortgage on the house, but I’m not comfortable going uninsured for those 18 days. They didn’t specify the penalty amount, but I’d prefer not to pay it, even if it’s minimal. Does anyone know where I can get a 30-day house policy?
Is it really worth avoiding the penalty? You’ll likely end up paying more for a temporary policy—if you can even find someone willing to quote you for such a short term.
You might be able to get coverage with a company like Foremost, but I’m not sure if they operate in Canada. In the US, it’s difficult to find coverage in the standard market if the home is already for sale. Plus, it might not be worth it for them to process an 18-day policy that will be canceled almost immediately.