How To Go About Changing Your Homeowners Insurance Cover
Whatever your reasons, it is well within your rights to change your homeowners insurance company. It's an excellent idea if the new insurer can give you better coverage and offer a policy for which you pay lower premiums.
If you have made up your mind to change homeowners insurance providers, here is a step-by-step guide on how best to go about it.
Time Your Search
In reality, you can change your homeowners insurance policy at any time. That being said, you want to ensure you have enough time to review all of your options. This way, you won't be forced to renew your current policy in order to avoid coverage gaps.
On the declarations page of your current homeowners insurance policy documents, find what's stated as the effective date. At least a few months before your current policy is up for renewal should be enough time for you to look around and find a new policy.
Reassess Your Insurance Needs
Before you can even get quotes from homeowners insurance providers, start with establishing exactly how much coverage you need. This amount is dependent on factors such as the type and value of your home. Get a handle on exactly how much this is with the help of a professional assessment. Also, figure out if you need special coverage or add-ons to your homeowners insurance.
The general idea is to ensure you aren't underinsured. For instance, if your home is in a flood-prone zone, then you wouldn't want to risk staying without special coverage.
Check Current Cover
Check all the fine details of your current homeowners insurance. Only then will you know what you will be comparing the new offers against. Among the details to pay close attention to are policy exclusions and deductible amounts. While you are at it, figure out just how much you are willing to pay as a deductible for any new policy.
The Cut-Off
Some diligent comparison shopping should find you a homeowners insurance company that is a better match than your current insurer. The new insurer can help with sending a cancellation request to your previous insurer. Should any challenges arise with the cancellation, your new homeowners insurance company can make the necessary follow-ups. Some insurers may even help with letting your mortgage lender know about the change in policy.
Find a homeowners insurance company that can meet your needs. Follow the right steps as highlighted, and you can smoothly change your insurance provider without creating gaps in coverage.
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