You can easily switch home insurance at any time — whether you're at the beginning, middle, or end of your current policy period. Compare quotes & change home insurance with Policygenius in 5 steps.
By
Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.&Kara McGinleyKara McGinleySenior Editor & Licensed Home Insurance ExpertKara McGinley is a former senior editor and licensed home insurance expert at Policygenius, where she specialized in homeowners and renters insurance. As a journalist and as an insurance expert, her work and insights have been featured in Forbes Advisor, Kiplinger, Lifehacker, MSN, WRAL.com, and elsewhere.
Expert reviewedExpert reviewedThis article has been reviewed by a licensed Policygenius expert to ensure that sources, statistics, and claims meet our standard for accurate and unbiased advice.Learn more about oureditorial review process.
Homeowners insurance plays a major role in protecting your home and finances, so it's important to find the right policy for your needs. If you find that your current homeowners insurance is more expensive or offers inferior coverage compared to other policy options, then you're likely wondering if switching insurance providers is feasible.
The answer is a resounding yes. Not only can you change homeowners insurance companies, but you can actually make the switch at any time — whether you just started a new policy or you're nearing the end of one. Find out how to compare quotes and change home insurance with Policygenius in 5 easy steps.
Changing homeowners insurance can be relatively simple if you have all of the information you need to make the switch. Our licensed insurance experts can help you compare home insurance quotes from multiple companies, canceling your current policy, and notify your mortgage lender of the switch.
When shopping for homeowners insurance, you should have your current policy on hand to make sure you have all of the information necessary to make a proper policy comparison. In most cases, you'll be able to find everything you need on your home insurance declarations page, such as:
Annual premium
Coverages
Coverage limits
Endorsements, or optional coverages
Deductibles
The policy period (e.g. effective date and expiration date)
If you're not sure whether or not you've received your policy declarations, reach out to your insurance company for a copy. If you may also be able to retrieve your dec page by signing into your online account portal on the provider's website.
2. Consider how much home insurance you need
With home rebuilding costs constantly going up due to high inflation and frequent disasters, your house may be underinsured if it's been months or years since you last updated your policy. In other words, the amount of dwelling coverage you need to replace your home may be higher than the coverage limits in your current policy. Keep this in mind as you compare it against the quoted coverages and rates of other companies.
Not sure where to start? A licensed agent at Policygenius can help you calculate your home insurance needs and provide coverage recommendations based on your situation.
Reasons your coverage needs may have recently changed
Home renovations or upgrades
New storm-resistant roof with more expensive materials
Recently purchased jewelry or other pricey valuables that require additional coverage
Newly installed pool
Recently adopted dog
If your coverage needs haven’t changed, just use your current coverage amounts when shopping around for a new policy.
3. Compare home insurance quotes from multiple companies
If you're interested in changing home insurance, it could be because you have a particular company or policy in mind. But to ensure you aren't missing out on cheaper rates or better coverage, consider comparing home insurance quotes from at least 3 companies.
In particular, you'll want to consider how much coverage you're getting at each company's quoted rate. If a company offers marginally cheaper rates but significantly less coverage than other options, then it likely isn't the best value.
Here's how Policygenius can help you compare
How to compare home insurance quotes
Once you have the quotes in-hand, here’s what to look at to decide which company is right for you:
Rates and discounts you qualify for: Compare the monthly and annual rates of each company, paying note of any discounts you might qualify for down the road. This might include discounts for paying on time, going so many years without a claim, or being a loyal customer for so many years.
Coverage limits: Look at the types of coverage you’re getting with each insurer, including policy limits and exclusions, as well as additional perks the company offers, like wildfire mitigation services or cash-out settlements.
Deductibles: Compare the different types of deductibles the policy comes with (like separate wildfire, hurricane, or windstorm deductibles) and make sure they’re the same amount so you’re making a true apples-to-apples comparison.
Customer service ratings: Instead of looking at customer reviews — which often skew negative since customers rarely leave comments unless a problem has occurred — look at J.D. Power’s customer satisfaction and claims satisfaction studies to see how well each company fared.
Financial strength and stability scores: Look at A.M. Best scores for each company to make sure they have the means to pay out claims should disaster strike.
Check out our picks for the best home insurance and the cheapest home insurance companies of 2023, which include company ratings and detailed breakdowns of the best and cheapest home insurance for a variety of scenarios.
4. Buy your new policy & cancel your old one
Once you find a policy that checks all the boxes, it’s time to switch home insurance companies. A Policygenius agent can help you set up your new policy and can even cancel your current home insurance policy on your behalf.
It can take anywhere from a few hours to a few days for your new homeowners insurance policy to take effect after you make the purchase. Though keep in mind if you purchase the policy a certain number of days in advance, you may be eligible for an advanced quote discount.
To avoid a lapse in home insurance coverage that would leave your home unprotected, make sure your new policy’s effective date lines up with your current policy’s cancellation date.
Ask about a refund for any unused premiums
If you paid your homeowners insurance up front in full, you’ll likely be reimbursed for the unused premiums. Depending on the insurance company, there may be a cancellation fee or penalties. Be sure to read your policy terms and conditions so that you’re aware of any such fee.
5. Let your mortgage lender know you switched insurers
If you have a mortgage, your lender will likely want to review the new policy and ensure they're named as a loss payee for claims.
Your insurance agent will likely iron out these details with your lender on your behalf and ensure any home insurance escrow funds are routed to the new insurance company. But to be on the safe side, reach out to your insurance provider or lender and verify that all parties are aware you're changing home insurance companies.
How often can you switch home insurance companies?
There’s no rule for how often you can switch home insurance companies. You can cancel your policy and change insurers whenever you want — even in the middle of your term. However, if you're in the middle of filing a home insurance claim, you'll likely want to wait until after your claim is complete to change home insurance providers.
How to change homeowners insurance policies with an escrow account
Many homeowners with a mortgage pay their homeowners insurance through an escrow account. Escrow accounts are set up by your mortgage lender, and the money put into the account goes towards various expenses, including your home insurance premium.
If you want to switch homeowners insurance companies and you have an escrow account, the process of changing insurers won’t differ too much from the steps listed above. You’ll just want to make sure you notify your lender right away.
If you cancel your policy in the middle of your term, you should expect a refund check for any unused premiums. Be sure to double-check with your lender that future payments you make to the escrow account are being paid to your new insurance company.
Why you should shop around for home insurance every year
The home insurance industry is operating with tighter-than-ever margins due to record insurance payouts from wildfires, hurricanes, tornadoes, and other catastrophes fueled by climate change in recent years. And as a result, it’s likely your premiums will go up in the coming years as well.
From May 2021 to May 2022, 90% of homeowners saw their quoted annual premium increase compared to the previous year, according to the Policygenius Home Insurance Pricing Report. And homeowners in some states saw their premiums rise at more than double the rate of inflation. All of this proves that it pays to shop around for home insurance each year.
5 common reasons for changing home insurance companies
Here are a few of the most common reasons for switching home insurance companies:
Find cheaper rates With many homeowners seeing more than an 8% increase in rates, finding better rates is one of the biggest reasons to look for a new home insurance company.
Have different coverage needs If you adopted a dog and your current home insurance company doesn’t offer pet liability coverage, it’s time to switch to a dog-friendly home insurance company.
Want to bundle home and auto policies Not all insurers offer the option to bundle your home and auto insurance policies together. For a list of those that do, check out our best home and auto insurance bundles of 2022.
Had a bad claims experience The whole point of purchasing home insurance is to have their support when the unthinkable happens and your home is damaged or property is destroyed. When a bad claims experience happens instead, many homeowners will decide to make the switch.
Your insurer went bankrupt Having your insurance company go bankrupt or insolvent is another common reason for switching insurance companies — especially if you live in a state prone to natural disasters, like Florida, Louisiana, or California.
Why you should switch home insurance with Policygenius
Save time AND money
Policygenius customers saved an average of $1,250 per year by re-shopping their home and auto insurance.
Compare quotes from the best insurers
Compare rates from top insurance carriers including Nationwide, Allstate, and Progressive with no impact to your credit score.
We handle all the paperwork
From buying your new policy to canceling your old one to notifying your mortgage lender of the switch, we can take care of the tedious details on your behalf — all at no additional cost.
Frequently asked questions
Can I switch home insurance at any time?
Yes, you can switch home insurance companies whenever you want — you don’t need to wait for your policy to expire.
What do I need when changing homeowners insurance?
When changing home insurance companies, you’ll need a copy of your current policy’s declarations page, along with any changes you want to make to your coverages, coverage limits, or deductibles.
How often should I change my homeowners insurance?
It’s recommended that you shop around and compare homeowners insurance companies every year. A different insurer may offer you better rates for your coverage needs.
Is it bad to switch homeowners insurance?
No, in fact it’s a good idea to compare homeowners insurance quotes annually to make sure you aren’t missing out on a better deal elsewhere.
Does homeowners insurance go up every year?
It’s common for home insurance premiums to go up each year. Premium costs are based on a variety of factors, like your home’s age, location, and build. They’re also based on things outside of your control, like construction costs. For example, if you live in an area that suffered multiple natural disasters in a given year, you’ll likely see a rate increase due to the increased demand of construction costs. If you noticed your rates went up more than 10%, consider re-shopping your insurance to find a better deal.
Can I transfer my home insurance policy to a different person?
No, you can't transfer your home insurance policy to a different person, nor can you transfer the home insurance policy of a home you inherited to yourself. That's because homeowners insurance doesn’t automatically pass on to the new owner of the home after someone dies. Instead, you'll need to purchase a new policy. You can learn more with our guide to home insurance for an inherited home.
Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.
Kara McGinley is a former senior editor and licensed home insurance expert at Policygenius, where she specialized in homeowners and renters insurance. As a journalist and as an insurance expert, her work and insights have been featured in Forbes Advisor, Kiplinger, Lifehacker, MSN, WRAL.com, and elsewhere.
