To get the best homeowners insurance coverage, you need to shop around. Even if you have a policy currently in effect, it's possible that you will find a company that can offer you better protection or a better price for your policy. Another reason for changing carriers may have to do with being dissatisfied with the service that your current company provides when it comes to changing your policy or making claims. If you decide to change your homeowners insurance, there are the steps you will need to take.
Changing Homeowners Insurance
Read your existing policy to determine whether your policy is fully earned. If so, and you have not paid the premium for the entire policy term upfront, you will owe the premium for the remainder of the policy term, whether you cancel it or not. This can help you decide whether you want to cancel now or wait until the policy expires.
Shop for quotes, online, through websites such as Answer Financial (link in "Resources" section), or call an independent insurance agent in your area to obtain quotes from their carriers.
Choose a new company that will best meet your coverage needs and homeowners insurance budget. Set an effective date for the next day, if you want to switch immediately, or set the new policy to begin on the day immediately following the expiration of the current policy.
Notify your current insurance company that you wish to cancel your policy, as soon as coverage is in place with your new insurer. Call your agent, and send official notice in writing to the agent and the insurance company. Request a refund of paid premium, if this applies to your policy, or ask that they notify you about any amount remaining due on the old policy.
Complete any paperwork and underwriting requirements requested by your new insurance company to ensure that your policy will be in force.
If you are canceling your current policy due to dissatisfaction, consider contacting your agent or the company's customer service manager to see if they can rectify the situation first.
Request a binder as proof of coverage before your policy is issued by the new company. Never assume you are covered without some form of written proof.