Want to Switch Homeowner's Insurance Providers? What You Need to Do

If you are not happy with your current homeowner's insurance provider or are searching for a more affordable insurance agency, it is essential to understand how switching insurance providers work.

Review Your Current Policy

First, you are going to want to sit down and review your current policy in detail.

Make notes about the level of coverage you have. For example, what are your limits for personal property on your policy? What are the limits for your dwelling and other structures? What are your liability limits? You are also going to want to note the amount for your deductibles.

Studying your current coverage will allow you to compare the coverage your current provider gives you with potential new providers more accurately. You need to understand your policy to compare providers.

Figure Out What Coverage You Need

Don't assume that the coverage you have with your current insurance provider is what you need. The value of your personal belongings can change over time, as can the cost to replace your home. You will want to make sure that your coverage limits reflect the current value of your home and belongings.

You are also going to want to make sure you are not underinsuring yourself with your liability coverage. You want your liability coverage to be large enough to protect your assets.

Get Quotes

Now that you know what level of coverage you currently have and what level of coverage you need, it is time to start getting quotes from other insurance providers.

There are various services online that will allow you to enter detailed information about your home, and they will then share with you quotes from various companies. You can also go to individual insurance provider's websites, enter information about your home, and get quotes from each site. Or you can go old-school and call and talk to a representative to get a quote.

When you get the quotes, you will want to compare the coverage they offer with the rates they charge. You are also going to want to find out any additional ways they provide service to their customers.

Buy New Coverage Before Canceling

You don't want to have a gap in your insurance coverage. That can cost you when it comes to your future premiums. That is why you are going to want to start your new coverage before canceling your old coverage.

Some insurance companies will help you cancel your old policy so that as one policy ends, the other begins. You can also send the declarations page from your new insurance provider to your old insurance provider along with a cancellation request. Then, they will backdate the cancellation to when your new policy started, ensuring you had continuous coverage.

If you want to switch insurance providers, first study the coverage you have and figure out what coverage you need. Then, get quotes from various companies. Arrange to start your new coverage immediately following the end of your old coverage.