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Q: How is my home insurance refund calculated?

A:

If you cancel within 14 days of renewal/inception the refund will be calculated pro rata. If you cancel after 14 days the refund will be calculated on a short rate basis (subject to a minimum premium payable of £10): 

 Months remaining  Premium payable (%)
1 10
2 20
3 30
4 40
5 50
6 60
7 65
8 75
9 85
10 90
11 95
12 100

 

For example, if you cancel your policy 40 days after taking it out, you will be charged 20% of the full annual premium, or £10 if 20% of the full annual premium is less than this amount.

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