While no one likes their insurance policy because it costs money, you need to have a very valid reason to cancel a policy mid-term because of the implications that will be imposed upon you for doing so. A good example will be that most Insurance Policies have a minimum earned premium and also are subject to a short-rate cancellation calculation. Further, you need to understand that if you are cancelling in order to replace coverage, that depending upon the character of the policy, you may have some obligations to the existing Insurance Carrier to notify them while the policy is in effect of any incidents that may lead to a claim or occurrence and not having done so until after the policy cancelled may foreclose your ability to have what would normally have been a valid claim, denied, due to late reporting. If the policy being cancelled is on some type of claims made basis and has a retro-active date you will always want to have the new policy with the same retro-active date or that the retro-active date clause has been deleted.
With good health to you.