Jessica Fox Last Updated On: September 13, 2023

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How To Change Homeowners Insurance?

Homeowners Insurance

The very idea of switching home insurance providers may bring on a headache, but we can assure you it can be a painless experience — if you know what you’re doing.

Whether you’re shopping around for cheaper rates, moving, or what have you, you’re well within your rights to explore or change homeowners insurance whenever you’d like.

Here’s how you can switch insurance providers with ease!

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Common Reasons For Changing Homeowners Insurance

Some of the most common reasons why homeowners decide to change insurance are:

  • Coverage: If you’re looking for specific coverage that your current provider does not offer or you’re not satisfied with restrictive policies, both are common reasons for you to go elsewhere.

  • Price: Whether you’re close to renewal or on the hunt for a good deal, it makes sense to change insurers if you find cheaper coverage elsewhere.

  • Discounts: Often, insurance providers will give up to 10% off discounts for bundling home and auto insurance with them, to gain new customers.

  • Service: If you’re dissatisfied with your provider, this will often spur customers into finding a new insurer.

Can You Switch Homeowners Insurance Whenever?

Technically yes, however, it’s not always in your best interest. Most home insurance policies are annual, so if you have a lot of time left on your policy, you may get penalized for breaking the contract early.

Legally, you can opt-out of a policy and start a new one at any point. But to make it worth your while, it’s best to investigate other homeowners insurance just before your existing insurance is up for renewal.

How To Change Your Homeowners Insurance?

If you want to change insurance providers and are ready to take the leap to greener pastures, these are the steps you want to follow:

  1. Determine Your Needs: Before you make the jump to another provider, make sure you know what you want from your home insurance so you can compare apples to apples. There’s no sense taking on a new policy only to discover your current policy was what you needed all along!

  2. Shop Around: Part of shopping around is calling your current provider and telling them you’re considering leaving; give them a chance to try and keep your business. Otherwise, shop around to find the best coverage and rate for you. Once you’ve found some prospective insurers, do yourself a favor and read the customer reviews on reputable sites, like The Better Business Bureau.

  3. Renewal Date: First things first, find out when your policy comes up for renewal. You wouldn’t want to take on new insurance if you’ve already paid up for the year; in that case, it would be better to hold off until renewal time. You can get reimbursed if you’ve paid in advance; however, you won’t receive those funds quickly.

  4. Apply For New Insurance: If you’ve narrowed down your list of quotes to one, you’re now ready to call the new insurer and begin paying into your new policy. The insurance company will provide you with an effective date, e.g., January 1st, that you’ll take to your existing insurer. New policies take 1-3 business days to come into effect, so don’t cancel your current plan until your new one is activated.

  5. Cancel Pre-Existing Insurance: Once you’ve locked down your new policy, you need to call your existing insurance provider and tell them you’re canceling your plan on your effective date. Some providers are okay with accepting cancellations over the phone, while others might require it in writing. Once you’ve covered that, request a policy cancellation letter that you can give to your mortgage lender.

  6. Update Mortgage: Part of your mortgage requirements is maintaining active home insurance. If you’re switching providers, you’ll need to contact your lender and send them:
    • Declaration page for your new policy
    • Payment receipt
    • Cancellation confirmation from your former insurer

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Changing Homeowners Insurance With Ease

If you’re ready to change your home insurance, rest assured, it doesn’t have to be difficult.  

Whether you’re moving or it’s time to try another insurer, you can request home insurance quotes from other providers and make the switch if you find a better fit for your home insurance needs. Gathering quotes from insurers is the most time-consuming. From there, all you have to do is activate one insurance, deactivate the other and then notify your mortgage lender — see, it’s simple, nothing to stress about!

Jessica Fox Jessica Fox has been a freelance writer for five years, with a specialty in health, wellness, and insurance. During this time, she’s written for some of the biggest B2B and B2C brands from around the world. Jessica is also the mother of two young daughters and loves coffee, writing, and working out.

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