There are many reasons why you may need to change your home insurance policy or carrier. For example, it could be due to price, coverage options, discounts, or the level of satisfaction. There are also some situations where it makes sense to switch your home insurance company. For example, if another insurance company offers you a better rate than your current insurer, while also offering the same type of coverage or even better coverage, then it makes sense to change your home insurance. Also, if you are not satisfied with your current type of coverage or the service entirely, you may want to change your home insurance.
You may also consider changing your homeowners insurance policy if you’re about to purchase a new home. In this case, you can work with an insurance agent to ensure you get a better insurance policy than your prior one.
In this article, we’ll discuss five steps to take in order to change your homeowner’s insurance.
Steps Needed to Change Your Home Insurance
- Review Your Current Policy
Before you shop for a new policy, ensure you read the terms and conditions of your current policy, especially the details relating to the cancellation of plans and effective dates. If you need more details, you can check the homeowners insurance declarations page or contact your insurer directly. It is important to read the terms and conditions in order to make sure you can cancel your policy after your new policy’s start date.
- Review Your Coverage Needs
Before you make the switch to a new insurance company, it is important to review your current coverage needs. Your current coverage needs may have changed since you purchased your last policy.
- Look for a New Insurer
The next step is to shop for a new insurance company. You can compare your current provider’s quotes with several others. Look for an insurer that offers better rates and better coverage options. It is important to consider other important factors such as customer service and reputation when shopping for a new carrier.
- Make the Switch and Cancel Your Old Policy
Once you have found a suitable replacement plan, ensure the new policy is in place before you cancel your existing plan. It is important to make sure the cancellation date on your old home policy is on or after the replacement policy’s start date. Also, ensure you receive a confirmation that your old policy is canceled. In some cases, you may be able to get a refund if you have paid in advance.
- Inform Your Mortgage Company
This step may not be necessary if you own the property outright. If not, then you will need to inform your mortgage company. If you have an escrow account set up with your lender, your monthly mortgage payments will likely include the amount used to pay your home insurance premium. If you have changed carriers, it is important to notify your mortgage company so they can send the check from your escrow account to the right insurer.
It is important to review your homeowners insurance policy periodically. For more information and assistance, contact us at Weeks & Associates Insurance Services in Thousand Oaks, California. We’ll be happy to help you review your insurance policy so you can make the right decision for your home.