What to Expect After Switching Homeowners Insurance Carriers
Published July 28, 2023
Last Updated 9 months ago
Switching homeowners insurance carriers can be a daunting task, but it can also save you money. Here’s what to expect after you make the switch:
You may need to provide updated information to your insurance company. If you’ve made any changes to your home since you last updated your policy, such as adding a new room or making major repairs, you’ll need to provide your insurance company with this information.
You’ll receive a new policy declaration page. This document will list all of the details of your new policy, including your coverage limits, deductibles, and premiums. Be sure to read it carefully and make sure you understand everything.
You’ll need to provide a copy of your new policy to your mortgage lender. If you have a mortgage, your lender will need to know that you have new homeowners insurance in place. They may also require you to provide a copy of your new declarations page.
You may have to pay a new policy fee. This fee is typically charged by the insurance company to cover the cost of processing your new policy. The amount of the fee will vary depending on the insurance company.
Your insurance premiums may change. Your new insurance premiums may be higher or lower than your old premiums. This will depend on a number of factors, including your home’s value, your deductible, and your claims history.
You may need to cancel your existing policy. It is always best to put your cancellation request in writing, emailing your agent directly, and cancel your existing policy after you have set up the new policy so there is never a risk of a lapse in insurance coverage.
You may be required to have a new property inspection completed. Within the first 30 days of setting up a new insurance policy most carriers issue a property inspection to be carried out. Each insurance company’s regulations are different and your agent will be able to tell you what to expect.
You may need to file a new homeowners insurance claim. If you have a claim after switching insurance carriers, you’ll need to file it with your new insurance company. Be sure to keep a copy of all of your claim paperwork for your records.
