Asked and AnsweredI'm selling my apartment. When can I cancel my insurance coverage?
A Seller is usually told to cancel the insurance coverage on his or her apartment on the day of the closing. It is a better practice to continue the coverage until the day after the scheduled closing. As closings can get delayed or adjourned, it is safer to continue insurance coverage until the closing has been completed. There have been instances when an apartment has been damaged on the day of the closing or while the closing is actually taking place. When that happens, if the seller's insurance coverage has been canceled, the seller could be liable for the loss without insurance to pay for the loss. Play it safe and cancel the insurance on the day after the closing.