If My Policy Just Renewed, Can I Still Switch My Homeowners Insurance?
Yes, you absolutely can!
Homeowners always have the right to switch their homeowners insurance policies, even if their existing policies have just auto-renewed. There are, however, a few crucial things to remember.
Check your policy language for early cancellation fees or penalties
If you are subject to a fee, the savings could still outweigh the costs of changing. You just want to know what you’re in for. (If you have trouble decoding your policy language, Covered’s crazy-smart insurance advisors are happy to consult, totally free of charge or obligation.)
Don’t cancel your old policy before buying a new one
You don’t want a lapse in homeowners insurance coverage, period. Also, a lapse gives insurance carriers a reason to decline coverage.
Notify your insurance and lender
Make sure you properly notify everyone who needs to know. This includes your mortgage lender and your old insurance carrier. Here’s how.
Deposit your refund
Promptly deposit any refunds received into your escrow account. This helps you avoid escrow shortages or delayed homeowners insurance payments.
When is the best time to shop for insurance?
The ideal time to shop around for a new homeowners insurance policy is in advance of annual renewal. But if you’ve missed this time window, you can still make a change. Just make sure to do your homework and shop around before switching. Take the time to understand any fees and compare coverages, premiums, and perks. After all, the end goal is to ensure you’re getting the right coverage for the best price!