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If you’re renting a new apartment or you just bought a new house, the need to switch your homeowner insurance arises.
There are many opinions about this on Collected.Reviews. Some believe that you can find better policies in your new environment. Some believe that you can retain your old insurance company to reduce the stress getting a new one could cause.
However, there are basic things that matter before making a decision. Some insurance companies don’t offer discount prices and special offers to their customers. Some even increase their fees after a customer uses them for a while. Yet, there are a few companies that engage in services across home insurance to be trusted. You can find the best coverage you need.
You can change your homeowner insurance company any time you like. It doesn’t matter that you bought the house or you rented it. Although, sometimes, the lender company that leased a house to you could have it as a policy that you use their insurance company. In cases where this is an exception, you can change your homeowner insurance before or when your present policy expires.
Normally, a homeowner insurance policy lasts for a year, but you can renew it. It all depends on your plan and the amount you can afford for the policy. However, if you want to get your new home insured, you can consider the following steps:
1. Read and Digest the Terms and Conditions of your Present Policy:
Since you’re under a coverage plan at the moment, you can read your insurance company’s terms and conditions on early termination. You can review your declaration to ascertain if you can even transfer your policy to a new home. If you like their terms and conditions, you can retain them as your insurance company.
2. What are Your Coverage Needs:
Before you buy an insurance policy you may want to think about your deductible and coverage limits. You can even evaluate your current needs and let your insurer know about the protections you want. You can get a premium insurance plan if it’s what you need.
3. Review Different Insurance Companies:
There are countless insurance companies. It is good if you review them individually just to get the best plan you want. You can also consider other factors like their customer service structure, or their level of availability. You can even research their reputation in the industry before making a decision.
4. Start a New Insurance Policy, Cancel the Old One:
The National Association of Insurance Commissioners (NAIC) notes that you must possess a new policy before canceling an old policy. This is to further protect your interest before you get a new policy for your property.
5. Inform your Lender about the Changes:
As earlier noted, you must let your lender know everything about your insurance policies. Some lenders won’t release money to you for a house if you don’t have insurance. This is why you must even pay property taxes and other expenses required to properly manage a home.
Through these steps, you can easily switch your insurance policy and insure your new home.