How To Switch Homeowners Insurance Companies

Sometimes in life, it’s easy to say, “if it’s not broken, why fix it?” Much of the time, that’s true. However, when it comes to homeowners insurance, a little research

may end up saving you a lot of cash in the long run.

If you find yourself a better deal on home insurance (probably on Insurify ), you may end up wanting a new policy and leave that old one behind. You don’t have to wait until your policy term is up – look and switch to a better policy today.

Luckily, you’re never totally locked into a policy. Once your policy is set to expire, don’t feel obliged to stick with your existing policy. By comparing homeowners insurance rates, you’re likely to find a more affordable plan.

How to Switch Your Homeowners Policy

If you’ve recently purchased a new home, decided to bundle with your auto insurance, or have found a cheaper rate, you’re going to want to switch your homeowners insurance. If you haven’t found a cheaper quote yet, the first step you’ll want to take is comparison shopping. By visually comparing rates, coverage options, and add-ons side by side, your choice will be easily made.  A new homeowners insurance company may offer you more bang for your buck than your current insurer.

After you’ve secured a new, hopefully, cheaper home insurance policy, the next step you’ll need to take is to apply for your new insurance. Some insurance companies offer online application processes while others will require a phone conversation with an insurance agent. During the application process, you’ll need to declare some demographic information, as well as details about your property to the insurance provider, such as the age of your home, your ZIP code, and your marital status.

Once you’ve secured a policy and been approved by your new homeowners insurance company, you’ll want to ensure you’re in complete understanding of details and all policy information. Know your coverage limits, your deductible amount, and what’s included in your insurance coverage (such as flood insurance or other insurance needs). Ask questions about cancellation fees and how to file an insurance claim. All this information is vital to know before anything bad happens.

Don’t forget to cancel your old policy by contacting your former home insurance carrier. You can contact your old insurer by mail, phone, or email, just make sure there is documentation of your communication—keeping a paper trail of your correspondence is important if anything goes wrong with your cancellation process.

If you’re switching insurance companies, it’s crucial to notify your mortgage company of the switch. For homeowners with an escrow account with their mortgage lender, monthly mortgage payments likely include money that is used to pay your homeowners insurance premium. When monthly payments are due, your lender will forward the full amount to the new insurance carrier you have chosen.

Reasons to Switch Home Insurance Companies

Breaking up is hard to do. But when it comes to changing your homeowners insurance policy, there are a few circumstances that make the switch very worthwhile.

Price

You may have been on your existing policy for years prior to switching to a new company. With new insurance shopping technology, it’s easier than ever to do a side-by-side comparison to find the average cost of homeowners insurance and then choose the cheapest, best coverage for your home.

Coverage Needs

If you’ve recently updated your home with renovations or additions, acquired a pool or trampoline, or decided it’s time to further protect your property from floods or other natural disasters, you may want to consider switching your home insurance. As our lives change, so do our coverage needs. If you’ve experienced changes in your home life, you may want to consider switching your home insurance for a better fit. Check your declarations page to make sure you fully understand the ins and outs of your policy and coverage limits.

Bundling Opportunities

Maybe you’ve recently switched auto insurance companies after finding a better rate for your policy. If that’s the case, you may be able to stretch your savings even more by bundling your home and car insurance policies. The same might be possible for other forms of insurance you hold. Depending on your coverage needs, bundling and multi-policy discounts can be a great incentive to switch to a new insurer.

Customer Experience

If you’ve had to file a claim with your home insurance company in the past, the experience you had with their customer service team may have had a great impact on you. If you had a less-than-desirable claims filing experience, you want to consider switching companies. Customer service reputation should have a significant impact on your choice of insurance companies. When you’re in crisis mode after damage to your home, the last thing you want to do is deal with subpar customer service.

How to Switch Home Insurance  FAQs