Ideally changing your homeowners insurance from one carrier to another would be best on the anniversary date of the renewal of the policy. In other words, if the policy runs from 7/5/2014 - 7/5/2015, ideally changing your policy on 7/5/2015 would be best. However, there a number of factors involved. As a licensed independent agent, I recommend reviewing your current coverage once a year with your agent to be sure you have the proper coverage. At times, carriers go through rate changes and it may be favorable to change to another carrier. Understand however, that when you change your home insurance, you should strongly consider changing you auto along with it to the same company. Most carriers offer substantial discounts for the multipolicy discount of having both home and auto coverage with the same carrier. The second reason it is best to change on your anniversary is most times your home insurance is rolled into your monthly mortgage amount through an escrow account. Whenever you do change carriers, the new carrier will have to be billed, the old carrier has to refund the escrow amount, and the new check forwarded to the new carrier. It is easiest and least confusion, if that is done at the annual period.
With all that being said, if during the middle of the year you find it prudent to change your homeowner coverage to another carrier, it can be done, you just need to be aware and work with a knowledgeable agent to be sure the transition runs smoothly.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
You can change your Homeowners' Insurance at any time, but for the most part, the switch can be a bit less complicated at the policy's anniversary date rather than mid-term. That having been said, if you decide you have a need to change at any time, talk to your Insurance Professional who will be able to help make it as easy and beneficial to you as possible.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The date is usually not a critical issue. What is critical is to inform the losing company of the transfer. If you wait until the renewal date, they will proceed with non-renewal and that may involve covering you for a period that you did not anticipate. The company is able to collect premium for that period. It is best to inform the losing company, and provide evidence of new coverage immediately.
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With all that being said, if during the middle of the year you find it prudent to change your homeowner coverage to another carrier, it can be done, you just need to be aware and work with a knowledgeable agent to be sure the transition runs smoothly.