How to Change Your Homeowners Insurance
You can change your home insurance company at any time, but make sure your new policy starts before canceling the old one to avoid a coverage lapse.
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Written bySarah Archambault
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Sarah ArchambaultInsurance Writer, Editor
Experienced personal finance writer
Background working with banks and insurance companies
Sarah enjoys helping people find smarter ways to spend their money. She covers auto financing, banking, credit cards, credit health, insurance, and personal loans.
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Edited byBecky Helzer
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Becky HelzerEditor
Becky Helzer is an editor at Insurify. She loves helping writers express their ideas clearly and authentically. With a diverse background in editing everything from curriculum and books to magazine articles and blog posts, she’s worked on topics ranging from home finance, insurance, and cloud computing to the best tools for home improvement.
A proud graduate of Colorado State University with a degree in technical journalism, Becky lives in Fort Collins, CO, with her husband and their two spoiled rescue dogs.
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Table of contents
Table of contents
You can change your homeowners insurance at any time. But people typically switch insurers to help save money. Comparison shopping periodically is a good idea to see if you may be able to save.
Home insurance premiums are rising thanks to climate catastrophes, natural disasters, and inflation, with homeowners paying a national average of $215 per month for a policy with $300,000 in dwelling coverage and a $1,000 deductible.
Before switching, you’ll need to consider what type of coverage you’ll need and inform your lender of the change. Here’s what you need to know about how to change homeowners insurance companies.
Quick Facts
Your monthly mortgage payment may change when you switch to a new homeowners insurance policy if your lender pays your premium from an escrow account.
A cancellation fee may apply if you switch insurers midterm, but you may be able to avoid it by starting your new policy just before your current one renews.
Wait to cancel your old policy until you’re sure the new policy has gone into effect.
How to change your homeowners insurance
You can switch homeowners insurance companies whenever you want, and it’s not difficult to do. Here’s how to go about it.[1]
Assess your current policy
It’s a good idea to assess your current policy before you start shopping for a new insurance company. It’s especially important if you want to change insurers before your current insurance term ends because some insurance companies charge early termination fees. If yours does, your policy will say so.
Next, make note of the different insurance coverages you have and any limits on their reimbursement. Also, pay attention to how much you’re paying for each. If you’d like to increase or add coverage, make note of that, too, to help you shop for a new policy by doing an apples-to-apples comparison.
If you have any questions about your homeowners insurance policy, your insurance agent can answer them for you.
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Decide if it makes sense to change homeowners insurance companies
Whether it makes sense to switch insurers is a highly subjective decision, even in an economic climate where prices are steadily increasing. Shopping around to compare home insurance quotes from multiple insurers will help you make the right decision.
If switching could achieve any of the following, it might be the right time to change home insurance companies:
You can get the same, or even better, coverage for the price you’re paying now — or less.
Your current homeowners insurance policy’s limits or exclusions are less than your home value or the value of your belongings.
You acquire a dog your current insurer excludes from liability coverage.
Gather the information you’ll need
You’ll need to gather the following details before you start shopping for homeowners insurance quotes:[2]
Personal information: You’ll need to provide your name, birth date, home address, and coverage start date.
Property details: Have available your home’s total square footage, finished square footage, construction type, year built, number of stories, roof age, and whether it’s a primary or secondary home.
Insurance history: Insurers want to know whether you’ve filed any insurance claims in the past five years and your current insurance company.
Safety features: Make a list of items such as deadbolts, smoke detectors, carbon monoxide detectors, fire extinguishers, sprinkler systems, leak detectors, and home security systems.
Fire protection: Insurers want to know your proximity to a fire hydrant and the nearest fire station.
Compare homeowners insurance quotes
Comparing quotes is the best way to confirm that you’re getting the best deal on the coverage you need — or that another insurance agency doesn’t offer you more for less.
As you start shopping for quotes, focus on the following key factors:
Compare quotes from multiple insurers. Get quotes from at least three companies side by side to make sure you’re getting the best deal on your current coverage.
Read third-party reviews. Check Trustpilot, the Better Business Bureau, and Google Reviews for recent policyholder reviews.
Review policy limits and exclusions. Be sure you’re getting quotes for the same policy limits to make a fair comparison, and review any exclusions.
Compare deductibles. Make sure each quote has the same deductible.
Examine coverage types. Check that coverage types match across quotes. A typical homeowners policy includes dwelling, personal property, personal liability, other structures, loss of use, and medical payments coverage.
Ask about endorsements. Do you need more coverage for your electronics, a collection of tools, or expensive sports equipment? Be sure to ask each insurer about additional coverage options you need and how much they cost.
Verify prices. After confirming coverage details match, compare each insurer’s annual premium.
The following table shows the companies with the cheapest home insurance premiums.
The below national rates are estimated rates current as of: Monday, March 9 at 12:00 PM PDT.
Insurance Company | Average Annual Premium: $300,000 in Dwelling Coverage |
|---|---|
| Grange | $1,356 |
| Westfield | $1,428 |
| Amica | $1,452 |
| CSAA | $1,488 |
| USAA | $1,752 |
| AIG | $1,836 |
| AFI | $1,884 |
| American Family | $1,932 |
| National General | $1,944 |
| Travelers | $2,040 |
| Farmers | $2,232 |
| Allstate | $2,292 |
| Mercury | $2,292 |
| ASI | $2,364 |
| Auto-Owners | $2,448 |
| Foremost | $2,460 |
| Nationwide | $2,736 |
| State Farm | $2,736 |
| Encompass | $2,952 |
| COUNTRY Financial | $3,156 |
| Erie | $3,192 |
| Allied | $3,444 |
| Chubb | $3,600 |
| Shelter | $3,768 |
| Metropolitan | $4,452 |
Verify your policy’s effective date and check with your lender
Before you buy a new policy, check with your lender or mortgage servicer about what’s required. The homeowners policy must meet the lender’s requirements. Otherwise, it could violate the terms of your mortgage loan.
Once you have your mortgage lender’s OK and have confirmed your new insurance policy’s effective date, you can proceed with purchasing the policy. Read it one final time to make sure you understand the coverages, limits, and exclusions — or contact the company to speak with an insurance agent who can answer your questions.
Ensure your new policy is active before canceling your old one to prevent a coverage gap.
Purchase your new policy and cancel your old one
Pay for your new policy. After confirming that your payment has been accepted and the new policy is active as of the effective date, go to your account on your old insurer’s website or call the insurance agency directly to cancel the policy. The company will refund unused premiums you’ve paid if you’re canceling before the end of the policy term.
Your new insurer will typically notify your mortgage lender so future payments are sent to the correct insurance company, but it’s smart to call your lender to confirm the change.
How to switch home insurance when you have an escrow account
Most homeowners pay for their homeowners insurance and their real estate taxes through an escrow account that their mortgage company manages. The lender then breaks the annual insurance and tax bills into monthly payments and adds the amount to the homeowner’s mortgage payment. The lender pays the bills from the escrow account as they come due.
If you have an escrow account and want to switch home insurance companies, follow these steps once you’ve compared quotes and picked a new insurer:
Verify your lender’s mortgagee clause. The mortgagee clause should be part of your loan closing documents. It spells out how your mortgage lender should appear on insurance documents.
Purchase your new policy. Buy the new policy from the home insurance company you’ve selected.
Cancel your previous policy. Confirm the effective date of your new policy, then contact your previous insurer to cancel. Have your previous policy end on the same day your new policy starts.
Contact your mortgage lender. Let your lender know that you’ve switched home insurance companies, and provide the start date of your new policy. Your new insurance company should handle details such as sending your new declarations page to your lender.
Deposit your premium refund into your escrow account. If you switched insurers before your previous policy expired, your former insurance company should send you a prorated refund check. Your mortgage company can walk you through the process of depositing the refund into your escrow account.
Important Information
Even though the lender pays the bills on your behalf, you’re responsible for the payment. It’s important to log into your mortgage account regularly to keep track of your premiums and verify that they’ve been paid.
When it makes sense to change homeowners insurance
When to Change | When Not to Change |
|---|---|
| You’ll save money if you can find the same coverage for less | You could lose loyalty or bundle discounts you currently receive |
| Another company offers better coverage or customer service | You could have a gap in coverage if you don’t time the transition correctly |
| Switching your homeowners insurance could earn you a bundle discount if you have policies with the same insurer | You don’t have the time to spend shopping for a new policy, especially if you’re visiting each insurer’s website to request quotes |
Can you change your home insurance at any time?
You can switch home insurance companies at any time, but it’s usually easiest to do so when your policy is up for renewal. Your current insurer may charge a fee for canceling early, and changing insurers midterm may require coordinating with your mortgage lender to update your insurance information.
Before canceling your existing policy, make sure your new policy meets your lender’s coverage requirements. You should also confirm the start date of your new policy to avoid a coverage gap.
Don’t make a switch based solely on price. Changing to what looks like the cheapest home insurance could mean losing loyalty or bundling discounts, so it’s worth checking with your current insurer first to prevent losing discounts you may not know you have.
Even if you’re happy with your current company, it’s still a good idea to compare quotes every year or two to make sure you’re not overpaying for property insurance.
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Can you change homeowners insurance with an open claim?
You can change homeowners insurance at any time — even if you have an open claim. This may be a good option if you’re unhappy with your coverage, want to find a cheaper rate, need a lower deductible for future claims, or you’re not having a good experience with how your current insurer is handling the claims process.
If you switch companies, your old insurer will continue to handle your claim under your previous policy until it’s settled or denied. Switching companies won’t cause your claim to go away. But if you’re unhappy with your settlement, switching to a new insurer won’t change your compensation. And your new insurer may consider your claim history when quoting.
Changing homeowners insurance FAQs
Your homeowners insurance can have a major effect on your financial security, so it’s vital that you understand the implications before you switch. The additional information below can help you understand more about switching home insurance companies.
Can you change homeowners insurance at any time?
Yes. You can cancel your homeowners insurance at any time.
Is there a penalty for switching homeowners insurance?
No. There’s no penalty for switching homeowners insurance, but even some of the best home insurance companies charge a fee if you cancel your coverage midterm.
How do you change homeowners insurance with an escrow account?
If your lender pays your insurance from an escrow account, you’ll need to provide your loan servicer with the new policy information.
How often can you switch home insurance companies?
You can switch insurers as often as you choose. Generally, it’s a good idea to compare insurance rates periodically to see if you qualify for a better deal. Or ask your existing insurer about ways to lower your premium.
Is there a downside to changing insurance companies?
Switching insurance companies may help you get a lower rate. But if you cancel before your policy‘s expiration date, you could face a cancellation fee. It’s also important to check with your mortgage lender before switching to a new company to ensure your new homeowners coverage limits meet its minimum requirements.
Will your mortgage payment change if you switch insurers?
It depends. Switching insurers won’t affect the portions of your mortgage payment that include principal, interest, and property taxes. But if your premium changes when you switch homeowners insurance companies, you’ll see a proportionate change in your mortgage payment.
Methodology
Insurify data scientists analyzed rates from more than 180 home insurance companies sourced directly from Insurify’s partner companies and Quadrant Information Services. Rates span all 50 states and Washington, D.C., and quote averages represent the mean price for a given coverage level and geographic area. To ensure data reliability, only insurers meeting minimum quote thresholds were included in the analysis.
Unless otherwise specified, quoted rates reflect the average cost for homeowners with no prior claims and good credit with a home construction year of 1980. The default coverage assumptions include:
Default Coverage Assumptions
- Dwelling coverage: $300,000
- Deductible: $1,000
- Personal property limit: $25,000
- Liability limit: $300,000
Additional data points beyond these default values are sourced from Insurify’s proprietary database. Rates are updated monthly.
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Sources
- National Association of Insurance Commissioners. "A Consumer's Guide to Home Insurance."
- National Association of Insurance Commissioners. "A Shopping Tool for Homeowners Insurance."
)
Sarah ArchambaultInsurance Writer, Editor
Experienced personal finance writer
Background working with banks and insurance companies
Sarah enjoys helping people find smarter ways to spend their money. She covers auto financing, banking, credit cards, credit health, insurance, and personal loans.
Featured in
Sarah enjoys helping people find smarter ways to spend their money. She covers auto financing, banking, credit cards, credit health, insurance, and personal loans.
Becky HelzerEditor
Becky Helzer is an editor at Insurify. She loves helping writers express their ideas clearly and authentically. With a diverse background in editing everything from curriculum and books to magazine articles and blog posts, she’s worked on topics ranging from home finance, insurance, and cloud computing to the best tools for home improvement.
A proud graduate of Colorado State University with a degree in technical journalism, Becky lives in Fort Collins, CO, with her husband and their two spoiled rescue dogs.