Yes, you can. Most people assume they can only switch at renewal, but this isn't so. If you choose to switch, it's not hard. When you find new coverage, go ahead and pay for it. Then you can cancel your current policy. They will refund the premium they haven't used. For instance, if you paid for the entire year and you cancel six months into the term, they'll refund half the premium. Now some things to be aware of:
Don't cancel your current coverage until you have new coverage in place.
If you have a mortgage, be sure to notify your mortgage company about the new coverage. They may send you a notice that they have no coverage and you need to address this or they will force coverage at an extremely high rate that only protects them, not you. Get this notice to your agent so they can get the mortgage company what they need.
If you pay your insurance through your mortgage payment, it's a little more complicated. When you closed on your mortgage, you paid the first year of insurance up front. Then, the mortgage company puts part of your payment into escrow for the insurance. When it renews, they've collected enough to pay the full year again, and the process continues that way. If you cancel during the year, the refund will come directly to you, not the mortgage company, and your escrow may be short. So, you'll have to pay the premium for the first year to give the mortgage company time to catch up.
It's your insurance and you can cancel any time you'd like. Just be aware of some of the pitfalls that may exist. Find a good agent you can trust and they can take care of the whole process for you.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
Of course. The only key to keep in mind is how your Homeowners' Insurance is paid. If for example you pay it directly say on a monthly billing account, then the transfer can be very simple and easily handled by your insurance professional right in the office. If however, your Homeowners' Insurance is paid by your Mortgage Company by an escrow account, it can still be done, but is a bit more complicated. Either way, talk to our Insurance Professional about your particular situation. There is a solution.
Owner, Mosaic Insurance Alliance LLC, 2122 164th St SW Ste 301, Lynnwood WA 98087
You bet. Home insurance isn't a two-way street. There are certain things an insurance company is unable to do, such as cancel your policy if you are paying your premiums. On the other hand, as the policy holder, you have the right to cancel your policy at any time. Their are a couple key items to consider before making a change.
1. What coverage changes exist from my current company to the new company? Is my coverage improving?
2. What discounts will fall off by making this change?
3. How is the billing handled? There are a couple more steps to take if your insurance if paid by your mortgage company.
The bottom-line answer is yes. Work with an experience professional to help get the change done properly. It happens every day!
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Don't cancel your current coverage until you have new coverage in place.
If you have a mortgage, be sure to notify your mortgage company about the new coverage. They may send you a notice that they have no coverage and you need to address this or they will force coverage at an extremely high rate that only protects them, not you. Get this notice to your agent so they can get the mortgage company what they need.
If you pay your insurance through your mortgage payment, it's a little more complicated. When you closed on your mortgage, you paid the first year of insurance up front. Then, the mortgage company puts part of your payment into escrow for the insurance. When it renews, they've collected enough to pay the full year again, and the process continues that way. If you cancel during the year, the refund will come directly to you, not the mortgage company, and your escrow may be short. So, you'll have to pay the premium for the first year to give the mortgage company time to catch up.
It's your insurance and you can cancel any time you'd like. Just be aware of some of the pitfalls that may exist. Find a good agent you can trust and they can take care of the whole process for you.
1. What coverage changes exist from my current company to the new company? Is my coverage improving?
2. What discounts will fall off by making this change?
3. How is the billing handled? There are a couple more steps to take if your insurance if paid by your mortgage company.
The bottom-line answer is yes. Work with an experience professional to help get the change done properly. It happens every day!