Signs it may be time to switch
- Your premium jumped at renewal without a clear reason
- A claim was slow, confusing or unfair
- Your carrier non-renewed or reduced your coverage
- Your needs changed and your carrier can't keep up
- You haven't compared quotes in a few years
Good times to switch
- About a month before renewal
- After buying a home or a car
- After a large rate increase
- After a big life change, like marriage, a new driver or a renovation
- When you want to bundle home and auto with one carrier
Before you switch, compare carefully
A lower price is only a win if the coverage matches. Compare dwelling and liability limits, deductibles and endorsements side by side. Check how each carrier settles claims, including whether roofs and belongings are paid at replacement cost or actual cash value.
Look at the carrier, too. A slightly higher price from a company with strong claim service and a local agent you can call may be worth more than a small savings. Ask friends and neighbors how their claims went.
How to switch without a gap
- Choose your new policy and set a start date
- Get proof of coverage from the new carrier
- Send it to your mortgage servicer if you escrow
- Cancel the old policy in writing, effective the same day the new one starts
- Watch for a refund of any unused premium
If you have a mortgage
Lenders require homes they finance to be insured, so coverage can't lapse, even for a day. If your insurance is paid from escrow, send your servicer the new declarations page and make sure the lender is listed as the mortgagee. Otherwise escrow may keep paying the old carrier, or the servicer may buy coverage on your behalf, which usually costs more.
Mid-term cancellation
You can usually cancel mid-term. Many carriers refund unused premium, though some keep a small fee or use a less generous refund method. Ask before you cancel so there are no surprises. If you pay monthly, stop the old payments only after the cancellation is confirmed, and keep the written confirmation with your records.
Let us do the comparing
CapCenter's licensed insurance agents compare quotes from multiple carriers for home, condo, renters and auto. We review your policy each renewal to make sure you are not paying too much for your insurance. You don't need a CapCenter mortgage.
