How to change home insurance companies? The proverb “Don’t change horses in midstream” perfectly fits the topic we’ll discuss when to switch home insurers. Regardless of there being no legal restrictions to seek a new insurer, it’s advisable, before doing so, to take certain precautions, equivalent to “finishing crossing the river.”
Whatever motivates you to change insurance companies, whether it’s a rate hike, dissatisfaction with customer service, or knowing another that provides better service, you should approach the change methodically.
Before canceling your current policy, please talk with your insurance agent to ensure you fully understand the new policy and agree with all its coverages, exceptions, and deductibles. Pay close attention to the contract’s fine print and consider the new company’s reputation. This way, you avoid jumping from the frying pan into the fire.
It’s also advisable to express your intention to leave to your current insurer; often, they try to retain you by improving the rate. Although, under the current conditions in Florida, this is unlikely to happen.
Once everything about the new policy suits you, proceed with the acquisition. Remember, Univista Insurance can assist you throughout this process.
An essential aspect is to avoid any lapse in coverage. The mortgaged property cannot be without insurance for even a single day. If that happens, the mortgage bank will impose mandatory insurance far exceeding conventional market rates.
Therefore, canceling the current insurance should coincide with the new policy’s start date.
Remember that if you’ve paid the homeowner’s insurance in advance, you’ll receive a refund check for the corresponding money. We advise depositing that money into the escrow account to prevent spikes in the monthly escrow payment.
Another crucial step is informing your mortgage company about the change in insurers.
By following all these steps, you ensure the change is efficient and avoid any lapse in coverage. After all, you won’t change the horse in the middle of the river. How to change home insurance companies?
Give us a call today for a full assessment! (305) 267-7138. You can also get a free quote here.
