Keeping the same insurance as your previous homeowner may have its advantages but that does not mean that you cannot change it if you want to. Whatever your reasons, changing your home insurance should not be something that makes you anxious. Therefore, here are 4 easy steps that you can follow to change your home insurance.
1. Start Looking out for New Insurance
Make sure you are doing without canceling the previous homeowner’s insurance. Start weighing down the pros and cons of different insurances. Do not rush the process. Your home is one of your most valuable and safest asset and you want to do everything in your control to make sure that your home and everything in it is well protected. Take your time in doing your research and analysis and only decide when you have found the one that offers you a better deal than the current one and doesn’t compromise on any of your insurance demands and needs.
One of the websites that you can use for this step. The website has an average home insurance tool that assists you in comparing the average rates for as much as 75 coverage levels by using the ZIP codes. Other than this the website has also the number that you call to speak directly to licensed insurance agents.
2. Apply for the New Insurance
Once you have completed the research and analysis process and have finally found the one that satisfies all your requirements, it is time for the application process. Most of the carriers these days have an online application that needs to be filled out. Otherwise, you can also try the traditional method of applying with the agent over the call. They might ask for some basic information which usually includes the year your house was built, where it was built (location), and the size of it. In case there are some other valuable possessions of yours that you want to have separate insurance for then you can also list them in the application.
3. Cancel your Previous Homeowner’s Insurance
Once the process is completed, mark the date on which the new insurance will start getting effective and now you can finally cancel the current homeowner’s insurance. For this, you can either call them or email a written request. The written request will require the following details;
Your policy number
The address of the home that is insured
Your contact information
Make sure that you mention the date you want your policy canceled as well as the address so that in case there are any refunded money the company can send them to you.
In case you feel uncomfortable doing this step yourself then you can also ask your new carrier and they can do it for you.
4. Inform your Mortgage Company
In case you have the ownership of the house, then you can skip this step as it is not necessary. But if that is not the case then it is necessary to inform your mortgage company about you changing your insurance company.