Switching your homeowners insurance policy is absolutely possible. Many homeowners stay with the same insurer for years, but that doesn't mean you're locked in. In fact, you have the freedom to change providers whenever you want.

By learning the steps and considerations involved, you can transition to a new home insurance company smoothly.

Can you switch homeowners insurance?

Yes. You can change your home insurance company at any time. If you cancel mid-policy, your insurer might charge a cancellation fee, so plan the timing carefully. Make sure your new policy begins before or on the day your old policy ends to avoid any gap in coverage.

Are There Any Downsides to Switching Home Insurance Companies?

There are a few potential drawbacks to switching. You might face an early cancellation fee from your current insurer. You could also lose any loyalty or multi-policy discounts you currently receive. And if you don't line up the new policy to start immediately when the old one ends, you risk a gap in coverage. Consider these factors to make sure switching will truly benefit you.

How Do I Know if Switching Home Insurance Is a Good Idea?

It's a good idea to switch if you stand to gain better value. For example, you might get a significantly lower premium, broader coverage, or specific discounts and features with another insurer. On the other hand, if your current coverage is sufficient and the savings from switching are small, you may be better off staying put. Weigh the benefits you'd get by moving.

What Information Should You Gather Before Comparing Quotes?

Before comparing home insurance quotes, gather some key information:

Personal and home details: Your name and the property address, plus key details about the house (year built, size, and any special features like a pool or security system).

Current policy and claims: Have your current policy's declarations page (showing your coverages, limits, and deductibles) ready. Note any claims in the last five years, since insurers will ask about your claims history.

Mortgage info: If you have a mortgage, jot down your lender's name, address, and loan number. The new insurer will need this to update the lender on your new policy.

Five Steps to Changing Your Homeowners Insurance

Follow these steps to change your homeowners insurance smoothly:

Check Your Current Policy. Review your existing policy for any terms or fees for early cancellation. See if there's a cancellation penalty and note your policy end date and current coverage limits (found on your declarations page).

Evaluate Your Coverage Needs. Think about whether you need more or less coverage now. For instance, home upgrades or new valuables might mean you should increase your coverage. If nothing major has changed, your current coverage amounts can serve as a baseline for new quotes.

Shop Around. Get quotes from multiple insurance companies. Compare quotes (making sure each has similar coverage) and consider each insurer's customer service and financial strength ratings.

Start the New Policy Before Cancelling the Old. Start your new policy before or on the day your old one ends. Then, cancel your old policy effective on that same date. This way, you won't have any lapse in coverage, and you'll receive a refund for any unused premium (minus any cancellation fee).

Notify Your Mortgage Lender. Inform your mortgage lender about your new insurance policy. They need updated proof of coverage. Once they have the new policy details, they can update their records accordingly.

Will I Pay More if I Switch Home Insurance Companies?

Probably not. Often, switching saves you money because you'll choose a new policy with a lower premium for the same coverage. However, if your new policy offers higher coverage limits or additional add-ons, you could end up paying more than before. The key is to compare quotes on an equal coverage basis. Make sure you're getting all the discounts you qualify for with the new insurer as well.

Can I Switch Home Insurance Companies After a Claim?

Yes, but timing matters. If you have an open claim, it's best to wait until that claim is fully settled before switching. Changing insurers in the middle of a claim can complicate the process. Once your claim is paid out and closed, you can switch to a new company. Keep in mind your past claim will still appear on your record and could influence the premium your new insurer offers.

Comprehensive insurance, with Genac

General Accident provides comprehensive home insurance coverage. Our policy protects your home and belongings against major risks like fire, hurricanes, theft and more. It also includes personal liability coverage, which covers you if someone gets hurt on your property.

Plus, Genac offers a 10% discount when you bundle your home and car insurance with us. Contact us for a quote and see how easy it is to protect your home.