Can I Change Home Insurance Companies Anytime – Changing your home insurance is not as difficult as it may seem. First, you should buy your new policy before canceling your current policy. You can then request that your previous policy be canceled on or after the effective date of your new policy. This prevents any loss of coverage. If you have a blocked account, you must also inform your lender that you are changing home insurance.
You can change your homeowner’s insurance whenever you want, although you may have to pay an early termination fee if your old policy hasn’t expired when you switch. Therefore, it is typically easier to switch your home insurance closer to your policy’s renewal date, so you can avoid any fees for canceling your policy. Check with your current insurance company to see if they charge an early cancellation fee.
Can I Change Home Insurance Companies Anytime
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What Isn’t Covered By My Homeowners Insurance?
Yes, you can change your home insurance company after reporting a claim to your current insurance company. But after you switch, your old insurance company will still handle the claim, not your new one. Your claim will remain with your old insurance company until it is settled or denied.
If you have an escrow account, just let your lender know you’re changing your homeowner’s insurance and give them the details of your new policy. They will check that your new policy meets their coverage requirements, as well as explain how the process works on their end. Once you have a start date for your new policy, tell your lender so they can make sure your blocked payments go to the right company.
You can receive a refund check from your former homeowner’s insurance company if you cancel your policy before it expires, reimbursing you for the coverage you’ve already paid for. You may also receive a refund if your lender makes a payment to your old insurance company. This can happen if you forget to notify your lender that you have changed home insurance companies, or if you forget to cancel the old policy. If you fail to cancel your old policy, your previous insurer may only refund part of your payment.
Important note: If you receive a refund check from your previous insurance company, you must forward it to your mortgage lender so they can deposit the funds into your escrow account. This is important to do because your escrow account may not have enough funds when it comes time to make other payments out of it. Contact your lender for information on where to send your refund. “Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board consists of a panel of financial experts whose aim is to ensure that our content is always objective and balanced.
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Written by Cate Deventer Written by Cate DeventerArrow Right Former writer and editor, Insurance Cate Deventer is a writer, editor and insurance professional with over ten years of experience in the insurance industry as a licensed insurance agent. Connect with Cate Deventer on Twitter Twitter Connect with Cate Deventer on LinkedIn Linkedin Cate Deventer
Edited by Lisa McArdle Edited by Lisa McArdleArrow Right Editor, Insurance Lisa McArdle is an insurance editor who joined the team in 2023. She has more than 15 years of experience writing, editing and managing content in a variety of industries including insurance, automotive news and pop culture. Connect with Lisa McArdle on LinkedIn Linkedin Lisa McArdle
Reviewed by Mark Friedlander Reviewed by Mark FriedlanderArrow Right Director of Corporate Communications, Insurance Information Institute Mark Friedlander is Director of Corporate Communications at III, a nonprofit organization focused on helping consumers better understand insurance. Connect with Mark Friedlander on Twitter Twitter Connect with Mark Friedlander on LinkedIn Linkedin About Our Review Board Mark Friedlander
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There are many reasons why homeowners want to switch insurance providers. Some are looking for a more affordable insurance premium, while others may need additional benefits or better customer service. If you pay your home insurance premium through an escrow account, don’t let the thought of a little extra paperwork stop you from getting the homeowner’s insurance you’re most comfortable with. ‘s insurance editorial team has put together six simple steps to switch home insurance with an escrow account.
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