How To Switch Homeowners Insurance Companies

Jackie Cohen
Written by
Jackie Cohen
Photo of an Insurify author
Written by
Jackie Cohen
Editorial Manager
Jackie Cohen is an editorial manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.Jackie's work has been cited in USA Today, The Balance, and The Washington Times.
John Leach
Edited by
John Leach
Photo of an Insurify author
Edited by
John Leach
Insurance Content Editor at Insurify
John Leach is an insurance content editor who has worked in print and online. He has years of experience in car and home insurance and strives to make these topics easy to understand for everyone. He has a linguistics degree from UC Santa Barbara.

Updated June 4, 2021

Reading time: 3 minutes

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Why you can trust Insurify

Insurify is America's highest-rated insurance comparison platform. We partner with the nation's top insurance companies and are licensed as an agent in all 50 states. However, the insurance experts writing our content operate independently of our partners, and you can learn more about how we make money by viewing our advertising disclosures. Also check out reviews from over 3,000 satisfied customers, our data methodology, and our editorial standards.

Is it easy to switch home insurance companies?

It's the policyholders' right to cancel their home insurance at any time. Make sure you have a new policy lined up prior to canceling your current policy. Lapses in coverage can poorly affect your future rates, and mortgage lenders often require proof of insurance for coverage.

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

  • There are many reasons a homeowner may choose to switch their home insurance policy. If you’ve recently purchased a new home, you’ll need to secure a new homeowners insurance policy that pertains to your new property. Some homeowners may not be moving, but they’ve found a cheaper price with a new company. Homeowners insurance companies may also offer bundling discounts with other forms of insurance, like auto or life, which may be an incentive to switch your home insurance up. Whatever the reason, homeowners should always periodically shop around for new insurance quotes with a comparison site like Insurify so that you’re never paying more than you have to.

  • If you’ve added new elements to your home, including renovations or even a swimming pool or trampoline, you’ll want to check with your current home insurance company. Many times, these changes will result in a price increase for your home insurance policy. Before committing to the price increases, shop around for a new home insurance policy, you may be able to find a company that will offer you lower homeowners insurance quotes, even with that trampoline and diving board. Never settle for your first quote, and be sure to do a quote comparison with Insurify before committing.

  • If you find a cheaper home insurance quote than your current policy and would like to switch, the first thing you’ll need to do is apply with the new insurance company. Once accepted, you’ll need to contact your current insurer to properly cancel your old policy. After that, secure your new policy with a different company. Congrats! You’re saving big by switching home insurance policies.

    How to Switch Home Insurance: The Bottom Line

    If you’ve just sent a down payment for a new home or are simply looking for a lower rate on your insurance payments, it may be time to switch up your home insurance. If you’re ready for a change, the first thing any homeowner should do is use a home insurance quotes comparison to find the best rate. Savings might be right around the corner. There are so many homeowners insurance companies, we can help you narrow down your choices and pick the best fit.

    Changing homeowners insurance companies is not as complicated as you may think. Switching home insurance companies can provide you new coverage and decrease your annual premiums.

    If you’re ready for a change, start comparison shopping today and find a new, lower rate on your home insurance policy.

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Jackie Cohen
Written by
Jackie Cohen
Linkedin

Editorial Manager

Jackie Cohen is an editorial manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.

Jackie's work has been cited in USA Today, The Balance, and The Washington Times.

Learn More
John Leach
Edited by
John Leach

Insurance Content Editor at Insurify

Photo of an Insurify author
Edited by
John Leach
Insurance Content Editor at Insurify
John Leach is an insurance content editor who has worked in print and online. He has years of experience in car and home insurance and strives to make these topics easy to understand for everyone. He has a linguistics degree from UC Santa Barbara.