There are several reasons one might switch their home insurance provider. From a lifestyle change to the service being provided, and of course, cheaper rates, homeowners may find themselves looking to make a switch under the right conditions. But knowing where to start and how to proceed can take homeowners into uncharted territory. How do you switch without a lapse in coverage? How do you know which company will really lower your rate? There are different factors to consider but with the right insurance agency, this process can be seamless and beneficial to you and your home. Learn more with these easy to follow steps below.
Audit Your Coverage Needs and Your Current Policy
The first step may seem obvious but it is an important one. You need to gauge what kind of coverages your home needs before switching. This is critical for multiple reasons but two of the main reasons include knowing what it is you should be looking for in a new carrier and understanding the costs associated with them. For example, if you are looking for coverage that can help protect your home against flooding, you will need to find a separate provider that can provide you with flood insurance.
It is also important to understand your current policy to avoid paying hefty penalties and avoiding lapses in coverage. Your home insurance policy should notify you of any potential penalties that you could be faced with for canceling it early and by understanding the period in which you can cancel, you’ll be capable of knowing when to start your new policy so that there are no lapses in coverage for your home.
Comparison Shop Different Home Insurance Carriers
Learning about the different policies and costs of different home insurance providers will help you find the right fit for your home’s needs. Can it be intimidating? Of course, but working with a trusted agent at an independent insurance agency as opposed to a company with a singular provider can help in this endeavor. Insurance agencies have expansive networks and can partner with a variety of top-rated insurance companies which means not only do they shop the best rates and bundles but can consolidate your quotes to save the time and hassle of comparing many companies in the search for the best price and policy coverage.
Start Your New Coverage Before Canceling
It is critical that you begin your new home insurance policy before canceling your current one. You always want to start your new home insurance policy before because this will prevent any lapses in coverage and keeps you protected without facing any penalties. If you opt to work with an insurance agency like TGS Insurance, most will do all the heavy lifting and cancel all of your existing policies and handle all the nitty gritty details.
Tell Your Current Home Insurance Company
Once you have established a new policy, you’ll want to notify your previous home insurance provider of your intent to cancel. This can be done over the phone or an email but each company will have a different, preferred method that you will likely need to follow to effectively cancel. Speak with the company and read your policy to define how you are required to cancel your home insurance policy, then, proceed with the appropriate method.
Inform Your Mortgage Lender
The final step is notifying your mortgage lender. This is important for many homeowners as your home’s escrow will need to ensure that your monthly insurance payments are sent to the correct company. To avoid any disruptions or penalties, informing your mortgage lender that you have switched home insurance company is a final, yet important step all homeowners should take.
Why Working With an Agency is a Smart Move
Shopping for home insurance can be tedious and there are so many steps involved that could lead to costly penalties if not handled correctly or on time. This is why working with an insurance agency such as TGS Insurance is a great idea. Insurance agencies can handle everything from start to finish, including shopping for different lines of insurance, current policies cancellations, all the paperwork needed to put your policy in place and working with your mortgage lender to ensure a smooth and seamless process.
TGS Insurance Makes Switching Your Home Insurance Policy Easy
If you’re looking to make a switch on your home insurance policy then TGS Insurance can help. We work with many home insurance companies and save the average homeowner $870 a year. Our insurance carriers offer plenty of bundling options and other savings through our relationships with these providers to find you the coverage you need while saving you each month.