If you are not happy with the homeowners insurance policy you have, you have the right and freedom to switch to a different company. In fact, you can switch companies whenever you would like, and you are always free to choose the company you switch to. If you plan to do this, here are some tips to help you successfully switch homeowners insurance agencies.
Get quotes and carefully compare them
The purpose of switching homeowners insurance companies is usually to get better coverage for your home for a lower price; however, there are other reasons people switch too, but the first step of switching is asking for quotes. When doing this, make sure you tell each agent you speak to what types of coverages you want and the amounts you want for each type. You should also tell them the deductible amounts you want. By giving each company the exact same information, you will have an easier time comparing the quotes so you can find the best one.
Ask about discounts such as bundling
When speaking to the agents, make sure you ask them about any potential discounts you could be eligible for, including a discount for bundling. If you choose to bundle, it means you will need to switch your other insurance policies to this company too, but it may result in saving a lot of money on the coverages you need.
Purchase a new policy before canceling your other policy
One thing you should always make sure you do is to purchase the new policy before you cancel the other one you have. If you follow this tip, you will avoid a lapse in coverage, which is always important with insurance.
Make sure you inform your lender
Finally, when buying new homeowners insurance, you should give the insurance company the name and address of your lender along with your mortgage loan account number. Your lender will need to know that you have insurance and who it is through, and you should also consider calling the lender after making the switch just to make sure they know about the change. This is extremely important if you plan to use an escrow account with your loan to pay your homeowners insurance bills.
Following these tips will help you successfully switch your homeowners coverage to a new policy. If you would like to do this, contact a company for a free quote.
Share25 July 2019
I still remember the first time I had to chose an insurance policy; I was 17 years old and had just saved up enough money to afford my very first car. I was so excited to begin driving, but overwhelmed with all of the different auto insurance options. My father helped me chose a full-coverage policy that would cover the cost of my car if it were to become damaged in an accident. When I inevitably caused a small fender-bender as a new driver, my insurance company paid for my car repairs, so it sure was the best policy for me! Now that I am older and have learned a lot about home insurance and other types of insurance, I thought I would make a blog to help others who need insurance advice, like what my dad gave me. I hope I can help you make wise insurance decisions!