How to Change Homeowners Insurance: A Step-by-Step Guide
Changing homeowners insurance can seem to be a daunting process, yet it doesn’t have to be when you have the right information to better guide you on the process at hand. In this post, we’ll be going over the various ways you can change homeowners insurance and why it may be the best decision you’ve made in a while. You can change homeowners insurance due to wanting better customer service, lowering your premiums, or even better coverage. This brief, yet informative guide will help you make the right decisions when it comes to changing your homeowners insurance with ease.
Review Your Current Policy
Before you begin to start shopping around for a new homeowners insurance policy, you’ll want to fully understand what your current policy offers and where it may be lacking in coverage for your specific needs. Thoroughly reviewing your policy’s details, including coverage limits, deductibles, and any exclusions will help you make a better decision when it comes time to switch policies to a new insurer. This will also help to ensure you don’t lose out on valuable coverage during the switch to the new homeowners insurance.
Shop Around for New Quotes
Once you’re able to determine what is needed with your new homeowners insurance policy, you’ll be able to compare and contrast quotes you receive from different homeowners insurance providers. You’ll want to seek out companies with strong financial ratings and generally positive customer reviews. Using online comparison tools or working with an independent insurance agency can help you gather the quotes you need and have the best advice offered to you unbiasedly.
Consider Coverage Enhancements
When changing homeowner insurance policies, always consider if you need additional coverage in the form of flood insurance, earthquake insurance, or additional coverage for high-value items such as artwork or jewelry. This is the opportune time to adjust your coverage limits and deductibles based on any changes in your personal financial situation or your home’s overall value.
Apply for the New Policy
Once you’ve selected your new homeowner insurance provider and a policy which suits your needs best, it’s time to apply. The initial application process may include a questionnaire regarding your homes’ features and safety. In some rare cases, the homeowners insurance company may require a home inspection if they deem your application to be “high-risk” from an insurer’s perspective. Be sure to disclose all relevant information the new insurer will need to avoid any issues with future claims.
Cancel Your Old Policy
Do NOT cancel your old homeowners insurance policy until your new homeowners policy is in effect to avoid any lapses in coverage. Be sure to inform your current insurer, in writing, of your intention to cancel your current policy and specify the date the cancellation should take effect. Always ask for a confirmation of receipt in writing and ask for a prorated refund of any unused premium.
Notify Your Mortgage Lender
If you have a mortgage on your home, your mortgage lender will need to be informed of any homeowner insurance changes which have occurred, as the mortgage lender has a vested interest in your home’s coverage. Providing your lender with the complete details of your new homeowners insurance policy will allow them to update their records and will help to ensure any mortgage-related payments are directed to your new insurer.
Keep Your Documents Organized
Keeping your important documents organized is always a good idea, yet it’s especially important when it comes to homeowners insurance policies. Keep your old and new policies securely stored away, both digitally and physically. Being able to quickly pull up your homeowners insurance policy if there are any disputes during the transition period or if a claim needs to be made after switching will help to significantly reduce stress and miscommunication.
Choose Portsmouth Atlantic Insurance for All of Your Homeowners Insurance Needs
Changing homeowners insurance can be stressful, but it doesn’t have to be. It can be a very straightforward process if you choose to follow the above steps. Keeping copies of your old and new homeowner insurance policies securely stored away for when you need them will allow you to readily handle any issues which present themselves along the way. Through carefully assessing your needs, comparing homeowners insurance options, and communicating effectively and efficiently with all parties involved; you’ll find the right coverage for your home is right around the corner. Saving money when switching your homeowners insurance policy is great, but being able to have a stress-free experience while doing it is even better. Contact Portsmouth Atlantic Insurance for all of your homeowners insurance needs today.