Switching Homeowners Insurance Companies
If you are having problems with your home insurance company or simply want to look for lower rates, it is your right to do so. You can change insurance companies and policies any time you want, provided you follow the correct procedure. Start by comparing rates and policies, and follow these other steps to switch home insurance painlessly.
Shop online. By using our quote form that offers free insurance quotes online, you can compare the prices between leading insurance companies from one location. That means you are able find the best coverage at the lowest price in the least amount of time. The key is getting online quotes that compare rates, instead of simply getting a single standalone rate without any basis for comparison.
Once you have found a company or two with good rates, check them out each company's insurance ratings from companies such as A.M. Best or Fitch's. These companies look at the financial stability of insurance companies, both in the short and long terms. Since home insurance is a policy that you will probably have for many years, the long term financial outlook of a company should be an important concern. Simply put, getting good rates will not help if your insurance company is in dire financial straits and may go out of business.
Read insurance company reviews. User submitted reviews can help you determine how the company will treat you once you become a customer, how they will handle claims and if their rates are really the lowest.
Once you have chosen a stable insurance company, apply for coverage. This process will be similar but slightly different for each company. Make sure that you fill the application out completely and honestly. If you give the insurance company false information, they could cancel your policy or deny a claim when the misrepresentation comes to light. Insurance companies take fraud very seriously, and there could be severe legal and financial implications if you decide to fudge the facts.
Cancel your current coverage. Most insurance companies require notification of intent to cancel at least one billing cycle before the desire3d cancel date, but actually ending the coverage is simple. Once the insurance company has been notified, you will need to notify your mortgage company of the new policy. That's it, and you'll be safely covered under your new insurance.