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Did you know this? Since the 1st of January 2015 you can easily cancel your home insurance thanks to the Hamon law (law n°2014-344). However, only 15% of French people have already made use of this new law according to an Odoxa survey.
How does it work in practice? How does this impact you?
In this article, we will analyse for you, the law and the termination process, so that it all (finally) becomes a pleasure.
1. The Hamon law allows you to cancel your home insurance at any time after a 1 year commitment period ✅
2. Your insurer is then required to reimburse you for the overpayment if you paid subscription fees in advance 💸
3. At Luko, we take care of all the formalities for you if you choose to join us ✌️Luko dusts off traditional insurance to make it simple, transparent and most importantly, really useful.
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The purpose of the Hamon law is to protect the consumer by making it easier for him to terminate his insurance contracts.
It applies to home insurance which, as a reminder, is mandatory for all tenants and highly recommended for landlords.
The contracts were tacitly renewed every year and it was not possible to interrupt them during the year. It was necessary to wait for the anniversary date of the contract.
The insureds therefore had to:
Otherwise the contract was automatically renewed. And there it goes again for another full year of commitment.
This law was the first step in giving the power to the consumers. It required insurers to notify their insureds annually that their anniversary date was coming and that they were entitled to terminate. A good way to remember!
Especially since, if the insurer forgets to send you this famous letter (or email), you are entitled to terminate without notice. Pretty practical.
✌️ Free-dom. With the Hamon law, you can cancel your home insurance at any time after your first year of subscription.
And this, without financial prejudice.
Concretely: you are legally binded to your contract for one year and, tacitly, the latter will be renewed from year to year. You are then free to terminate it at any time.
The right of withdrawal. During the first 14 days following the signing of your home insurance contract, you have the right to cancel at any time. Without justification or notice. This is the legal withdrawal period.
There exist special cases whereby you can terminate your home insurance before the end of the first year. These must be legitimate reasons such as:
👼 At Luko, we take care of the termination for you. Whatever the situation.
At the end of the subscription process, we will ask you:
🌴 Nothing more to do on your side after this step: we take over with your former insurer.
Be aware that during the transition, you will never be without coverage or double coverage. We take care of the permanence of your guarantees.
🤔 What if I had paid for my insurance in advance?
🤔 Do I lose money by leaving before the birthday?
No, of course not! Your old insurance will reimburse you on a pro rata basis for the months not used. By check or bank transfer, it's the law.
Don't wait any longer, finally choose a simple, transparent and intelligent insurance with Luko 💙