How to switch home insurance

Before you switch your homeowners insurance policy. You’ll want to contact your mortgage company to let them know about the change. This will help with the transition of your policy.

Beyond homeowners insurance being tied to an escrow account, it’s pretty easy to switch policies. You may find a discount you didn’t know about after speaking to an agent at Eugene C Yates Insurance Agency and want to make the switch. 

Whether you’re looking for a lower rate or just looking for better home insurance coverage, we’ll show you step by step how to switch home insurance companies. 

Step one; review your current policy

The first step you’re going to want to take is reviewing all the terms and conditions of your current home insurance policy. Double check your annual premium, deductible, and coverage. You’ll want to compare those basic aspects to the new policy. 

If you’re having trouble finding the physical policy, you might want to try looking on the insurance companies website. It’s very common to find the information you’ll need to compare home insurance polices. 

Look to see if there is a cancelation fee or any penalties for ending your policy early. If you’re having any trouble finding this information or just need help understanding your policy, give us a call. Our agents are experts when it comes to home insurance and would love to help you get a better policy. 

Step two; shop around

After you have all the information you need to make the comparison, it’s time to shop for the best deal. The easiest way to shop for the best rate is to call Eugene C Yates Insurance Agency and speak to one of our home insurance specialists. They can take a look at your situation and shop around for the best rate for you. It’s really that easy. Call us today, we’d love to hear from you! 916 313 6100

Our professional home insurance agents will look into discounts you might qualify for and look into all the ways you can possibly save money. 

Knowing what’s on your policy helps when you’re comparison shopping. It’s a good practice to know as much as you can about your current policy. It’s the only way you’ll truly know you’re getting a great deal on your home insurance. 

Step three; Inform your mortgage company of the change

You may have already given the mortgage lender a heads up so this next part should be fairly simple. You’re going to want to ensure them that the new policy covers the cost of the home and is if not the same at least better coverage than before. Make sure this is a reality when you actually secure your policy. 

The mortgage lender will want to make sure their invest is covered if the worst were to happen. If the home was completely destroyed would the policy cover the costs to rebuild it? This is a very key point of reference when getting your new policy, just to be safe. 

Once you have the new home insurance policy, you’ll want to send your declarations page to the lender as soon as you can. This should be accompanied by a letter notifying them that the existing policy is now being replaced by the new homeowners insurance policy. 

Step four; purchase the new policy first, then cancel the existing one

To avoid a lapse in coverage you’ll want to make sure to purchase the new policy first, before you cancel the existing one. Once the new policy is finalized it is safe to cancel the old one. Although, you may run into penalties if you’re cancelling before the end of the term of the home insurance policy. 

There’s always a chance you can get a refund check as well. This of course is dependent on whether or not you per paid for your original home insurance policy. 

Step five; allow the servicer to finish the rest 

When you are complete make sure to ask the servicer if you have any additional requirements to finish with the new policy. Once they have completed what they need to do, you should be good to go. 

If there is money left within the escrow account you may be issued a check if the new policy is more affordable. If the new home insurance comes with higher premiums you may be required to pay the escrow account money you owe at the end of the year. It’s always best top ask questions and find out what you’re actually covered for. 

If you wanted help switching home insurance, give us a call. Our agents can help you get a better policy in no time! 916 313 6100