Trading Up - what happens to existing insurance policies?

Hello,

We have just begun the process of trading up.

What is the situation regarding our current life/home insurance policies?
When they are cancelled are we liable for any outstanding premiums remaining for the year?

Thanks,

why would you have to cancel? Would you not just increase the premium in line with new cost of property? Glad you asked, i'm moving teach never considered this...anyone else know how it works??

Sloggi,

The problem is that our existing policies are not good value in terms of the premiums we are paying. So for that reason we will be cancelling them.

Mickaxe

Why don't you try gather up the better quotes and go back to your insurer with them, see if they'll better them?

If its any help, I recently cancelled a mortgage repayment protection policy which we were paying monthly - got a refund of about half a months payment back from the insurer cos I cancelled mid-month. You're most likely paying for the month in advance if you're paying monthly, so would be refunded from when the cancellation was effected.