Final answer:
When a seller cancels their insurance after selling their house, they can expect to receive a refund for the unused portion of their premium. The refund amount is based on the remaining time in the policy period. Sellers should contact their insurance company for more information.
Step-by-step explanation:
When a seller cancels their insurance after selling their house, they can typically expect to receive a refund for the unused portion of their premium. The refund is calculated based on the number of days remaining in the policy period. For example, if the seller cancels their insurance halfway through a one-year policy and has already paid for the full year, they may be entitled to a refund for the remaining six months.
It's important for sellers to notify their insurance company about the change in ownership and request the cancellation of the policy. The insurance company will then review the policy and calculate the refund amount accordingly.
Keep in mind that the specific refund policy and procedure may vary between insurance companies, so it's advisable to contact the insurance company directly for accurate and detailed information regarding the cancellation and refund process.