If you cancel your insurance policy after making a monthly payment, you will only be charged for the days you were insured. This means you will get a partial refund for the remaining days of the month that you didn’t use, minus any applicable cancellation fees.
Most insurance companies charge a cancellation fee between 2% and 7% of your premium, with higher percentages typically applied earlier in the policy term. For example, canceling an $800 annual home insurance policy might cost you approximately $16 to $56.