Free Look Period

A Free Look Period, which is also known as the free examination period by insurance companies, is the time frame in which new policy holders are able to terminate their insurance contract without being penalized. The Free Look Period often spans 10 days, but can sometimes be longer depending on the insurance provider. This gives new insurance policy holders a designated period of time to “test out” their real estate insurance. During this time, new policyholders to are able to ask any questions and voice any concerns to the insurance provider so that the new policy holder can experience the policy first hand before deciding on whether to continue with that particular real estate insurance policy or not. If, for any reason, the new policy holder is not satisfied with the real estate insurance, the contract may be terminated, with a full refund of the paid premium, without any penalties such as surrender charges or other fees. If the contract is cancelled, the amount refunded could either be the amount of the purchase payments or the value of the contract at the time of the cancellation. The Free Look Period is not offered by all insurance companies.