How to Switch Home Insurance Providers Without Losing Coverage
What if you could give your home more protection while paying less money?
It is important to protect your house, which is why you need to find the right home insurance. But what if your needs change over time? You may need to change your policy or even find a new carrier altogether. There are many advantages to switching carriers, but some homeowners hesitate to do so because they are worried about losing coverage.
Fortunately, it is quite easy to switch home insurance providers without losing coverage. Done right, this will provide your house with better protection, and you may end up with a much better rate than you were paying before. Ready to save big while paying less? Keep reading to discover everything you need to know.
Why Switch Home Insurance Providers?
The decision to change home insurance carriers is a major one. Why should you do it at all, then, especially if you are worried about doing so?
The simple answer is that changing homeowners insurance providers offers a number of potential benefits, including the ability to get better coverage at a lower cost. Your InsureOne Insurance agent will help you make your decision by outlining the benefits and downsides.
Understanding the Benefits of Changing Your Home Insurance Provider
There are generally two major reasons to change home insurance: to get a better policy and to get a better price. When you find a reliable carrier such as InsureOne, you may be able to do both at the same time.
How Switching Can Save You Money or Offer Better Coverage
Comparing home insurance providers allows you to get free quotes and discover who can offer you the best deal. Every carrier has its own method of setting prices, so you may be able to get a very similar policy from someone else at a lower cost. You can save even more by changing your policy to reflect your current needs. Be sure to ask each prospective carrier about possible discounts and bundles (like bundling home and auto insurance), all of which can further reduce your monthly premium.
InsureOne is equipped to do this comparison shopping with you, so you can get a side-by-side comparison of your options.
How to Switch Home Insurance Providers Without Losing Coverage
Some owners are hesitant to switch home insurance providers because they are worried they will lose coverage. It is an understandable fear because homes are so expensive, and someone could lose their house altogether if it is damaged without the protection of a proper policy.
If you know how to do it, though, it is possible to switch home insurance without coverage gaps. Below, you will learn more about how to protect yourself with this important process.
The Importance of Overlapping Coverage Dates
To ensure you get new home insurance without coverage gaps, make sure you have slightly overlapping coverage dates. While it is possible to start a new policy on the exact same day that an old one ends, your best bet is to cancel the old policy only after the new one is in effect.
How to Align the Start and End Dates of Both Policies
For the smoothest home insurance coverage transfer, you will need to coordinate with your old carrier and your new carrier to align the start and end dates of your policies. Alternatively, you can wait to cancel the old policy until the new one goes into effect.
Informing Your Current Provider and Ensuring Proper Cancellation
You need to let your current carrier know you are switching policies and to set a firm end date for the old policy. Afterward, follow up with the original carrier to make sure that everything was properly canceled.
Steps to Take Before Switching Home Insurance Providers
Changing homeowners insurance providers can be a stressful and complex process. But you can reduce the stress and simplify everything for yourself by knowing exactly what steps to take and letting an InsureOne agent walk you through it.
Want to make sure your own switch goes smoothly? Below, you will find the steps to take before switching to a new home insurance policy.
Reviewing Your Current Policy to Identify Gaps in Coverage
Before you can start comparing home insurance providers, it is important to know what you are looking for with your new coverage. Review your current policy on your own and again with an agent you trust to identify important coverage gaps (like not having essential home liability coverage) that would leave you with major out-of-pocket expenses if disaster struck.
Getting Quotes from Multiple Providers and Comparing Coverage Options
You can get free quotes from other insurance carriers at any time. Before switching, be sure to get multiple quotes so you can find the one that offers the best coverage and pricing for your current needs. An InsureOne agent can help you find multiple quotes and help you decide which is best for you.
Understanding the Terms and Conditions of the New Policy
Your new home insurance policy is meant to be an improvement over the old one. Therefore, you should carefully review the fine print and make sure you understand all of the terms and conditions. If necessary, ask your agent any questions about what the policy covers to clear up any potential confusion.
What to Consider When Switching Home Insurance Providers
Still nervous about how to switch insurance providers? The process does not have to be scary, especially when you know what to consider before making any changes.
Typically, you need to consider factors like coverage limits, deductibles, and policy exclusions. When you know what to look for, you can then find the carriers who pair that with great customer service and a smooth claims process.
Coverage Limits and Deductibles: Ensuring Continuity of Protection
Coverage limits define how much protection you have, and deductibles determine how much you must pay before the policy pays out. It is important to make sure any new policies you review offer the same level of protection so you do not leave your home vulnerable.
Policy Exclusions: Make Sure You Are Not Losing Coverage for Critical Areas
It is common for many types of homeowners policies to have policy exclusions for everything from flooding to mold. To avoid losing home coverage, make sure any new policies you review do not have any exclusions for areas where you really need coverage.
Customer Service and Claims Process: Switching for a Better Experience
One of the main reasons some people switch home insurance providers is to get better customer service and a smoother claims process. Even if the new coverage is exactly the same, better customer service can make all the difference in the world.
How to Make the Switch Smoothly and Safely
On paper, switching carriers sounds pretty easy. After all, who would not want to pay less each month and actually get better protection when they need it the most?
You may have a bad experience, though, if you do not know what to ask your mortgage company. At minimum, you should ask them to review the new policy and ask questions you may have about things like what the most important perils are and replacement value vs. cash value.
In rare cases, the mortgage holder may need to approve the new carrier. In all cases, though, they can offer advice about new policies.
How to Notify Your Mortgage Company of the Change
In most cases, the new carrier will automatically notify your mortgage company of your new coverage. To be on the safe side, though, you can provide the new insurance declarations page to your lender by mail. If you would rather send electronically (via faxing or scans), be sure to ask your mortgage company if that is allowed and, if so, their preference.
Ready to Switch Your Home Insurance Provider? Contact InsureOne Today
Now you know how to switch home insurance providers. This includes knowing how to shop for policies, check the fine print, and avoid coverage gaps. But do you know where you can find the carrier who is just as devoted to your home as you are?
Here at InsureOne, we are devoted to protecting homeowners just like yourself. When you are ready to get the best in price and service, come get a quote online. You can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to find an InsureOne office near you.
FAQs
Will I Be Covered During the Switch Between Insurance Providers?
As long as you avoid coverage gaps (by either coordinating the start and end date of your policies or just canceling the old policy only after the new one starts), you will be covered during the switch.
Can I Switch My Home Insurance Policy at Any Time?
You can switch policies at any time, but be sure to check for any cancellation fees or penalties from your old carrier.
What Happens If I Have a Gap in Home Insurance Coverage?
If anything happens to your home during the gap, you will have to pay for repairs out of pocket, without any help from a carrier. This is why the most important switching home insurance tip is to avoid gaps whenever possible.