Congratulations! You have found a new insurance broker that gives you the best possible deal on homeowners insurance like AZ Insurance Team and it is time to switch home insurance policies. You might be wondering, when can I switch my home insurance policy? Short answer, anytime you want however the guide below is to help you switch correctly at the opportune time.
The first course of action is to find a better home insurance policy and to buy it. It is important to buy the new home insurance policy before cancelling your previous insurance policy as this prevents a lapse in coverage.
The second step is to see when your previous home insurance policy renews. This is important because if you cancel your home policy in the middle of a coverage period you may be required to pay a cancellation fee. If you cancel right before your policy is set to renew, then you avoid this fee altogether.
The third step involves if you have an escrow account. It is very important to let your lender know that you are changing home insurance policies beforehand as they will want to see if your new policy is to their coverage standards. This is also important so that the escrow payments go to the new insurance company.
Common Question: Even after filing a claim with a previous insurer, can you still change homeowners insurance? Yes you can! Keep in mind that the claim will stay with your previous insurer until it is settled or denied.
Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance…
Disclaimer: Coverage will vary on state, insurance company, and type of policy.
Information credit: https://www.progressive.com/answers/changing-homeowners-insurance/
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