Many homeowners want to know if they can change homeowners insurance at any time? In short, yes. You can switch home insurance companies at any time.
That isn’t to say there aren’t penalties and / or fees that you might run into if you decide to switch homeowners insurance companies before your current policy expires. If you choose to wait until your current policy expires before changing, there’s a good chance you will avoid those fees.
When should I switch my homeowners insurance policy?
You should look into switching your current homeowners insurance policy if you are unhappy with your insurance carrier or the policy doesn’t fit your needs as a homeowner. A typical homeowners insurance policy will last for a 12 month term. More than likely you will receive a renewal letter before your homeowners insurance policy is set to expire. Once you receive it you may want to take a look at it and see if it fits your needs and has the proper coverage to protect your family.
If you have trouble reading your policy, please feel free to reach out to one of the amazing homeowners insurance agents at Eugene C Yates Insurance Agency. They are experts in reading and writing homeowners insurance policies. They can help you get a new policy or help you to understand your current policy. Not only are they incredibly good at their job, they’re also really nice people! Call them today 916 313 6100!
What are good reasons to leave my current homeowners insurance company?
Sometimes the grass seems greener on the other side, but when you get there it’s not what you originally thought it would be. And there are times when the grass is actually greener. With that being said, you want to make sure you are completely unsatisfied with your current policy before switching, especially if it’s before the expiration of the policy.
There are several reasons to contemplate a change in homeowners insurance companies. Price being one of the more common reasons. Are there better deals than what you currently have? More than likely there are. That’s one of the reasons you need a good homeowners insurance agent. One that can shop multiple insurance companies to find the best one for your personal situation.
Another reason may be discounts. Did you make sure to add in all the possible discounts you qualify for? Did you speak to your agent about bundling your car insurance with your home insurance? This is something the agents at Eugene C Yates Insurance Agency just so happen to specialize in.
You may not be covered with the amount of insurance needed for your home. If something were to happen would you be covered?
Are you getting the service you deserve? Go where you’re treated best. At Eugene C Yates Insurance Agency we pride ourselves in quality service from nice people that are experts in their field. We provide you with the service you deserve.
How to change your homeowners insurance policy
Now that you know you absolutely want to switch homeowners insurance companies, take a four step approach to making the change.
Step One; Review your current homeowners insurance policy
Before you begin making comparisons you will want to take a look at your current policy. Review the annual premium, deductible, and coverage amounts. See if there is an early cancellation fee.
If you are having trouble finding this information please reach out to one of our home insurance agents. They can help you to understand your policy and locate this information.
Step Two; Look for better rates
Now that you know what you’re covered for, start comparing different quotes. The easiest way to do this is by contacting one of our agents. They will help you shop all the companies that fit what you’re looking for. This will save you time and money!
Make sure when you compare policies you’re comparing an apple to an apple. They should be the same policy with the same coverage, just a different company name. If you made improvements to the home, this is a good time to mention those details. Especially if it pertains to improvements that make the home less of a risk to insure.
Step Three; Notify your mortgage company
It’s not a requirement that you tell your mortgage company that you are changing policies before doing so, but it is a suggested best practice. Allowing them to know what you’re planning on doing can help them to prepare and it will also help if you need any additional guidance in the switch.
If you decide to switch homeowners insurance policies before the expiration of your current policy, make sure to send your mortgage company a new copy of the declarations page as well as a written letter that you have decided to cancel your previous policy.
Step Four; Make sure you Buy the new policy first, before you cancel your existing policy
You want to avoid any lapse in homeowners insurance coverage. It’s always best to insure you have the new coverage in place before cancelling your old policy. If there is money from prepaid fees in your old policy, you might receive a refund for whatever time wasn’t used.
If you still believe you need help looking for a new policy or you want to look into your options, it’s always best to give one of our agents a call. They are amazing at their job and would love to help you get better home insurance! Call us today 916 313 6100!