When it comes to home and auto insurance - with very few exceptions - did you know that you can change your insurance carrier at any time? It's true! Whether you just signed up for a policy to meet a deadline but want to keep shopping your options, or if you're only a few weeks out from your renewal, you have the right to change your insurance carrier anytime you'd like. (Citizens - the State-backed home insurer is one of the only exceptions to this. They will not allow a change to or from their coverage until your current policy's expiration).

So let's say you have a home insurance policy that seemed like a good fit, but after talking to your neighbors, you discover that they were able to secure comparable coverage for a lower price? This may be a good reason to shop out your options. Or… perhaps you just made a major upgrade to your home - like the installation of storm-rated impact windows or a brand new roof. Your credits for these improvements will vary from carrier to carrier. This is another reason to check out your options.

When you work with a brokerage like Wren, the good news is that we have easy ways to shop out dozens of private insurance carriers for you at any time, so we can easily help you determine if there is a more competitive option out there for you. Then, if you decide to make a change, we can help you process that as well.

However, regarding any type of insurance coverage, it is important to know a few things before you make a switch.

1. Does your current carrier have a cancellation fee for switching mid-term and if so, is that fee worth the money you will save by making the change?
2. Make sure your new insurance policy's start date is the same as your current policy's end date. (for example, if you have it start even one day after your current policy expires - you will show a "lapse in coverage," which will result in added fees to your new policy. Additionally, your lender will add "forced placed" insurance, which will increase your monthly premiums.)
3. Once you cancel your current policy, be sure to let your previous carrier - and your lender, if applicable - know of the switch asap.
4. After you've canceled your existing policy, you may receive a check in the mail for the balance of your pre-payment on that account. Make sure you re-deposit that check into your escrow account so it can go toward your newly-established policy! This will ensure you don't owe additional money at the end of your current term.
5. If you have any pending claims with your current carrier, you will likely not have the option to make a change until that claim is closed out.

 
And a final thought… as various insurance companies come and go in Florida, you may find yourself considering a newly-established carrier, which is fine, but please do your research first (through Demotech and AM Best ratings) to be sure you're making an educated choice.

As always, with this or any other insurance-related challenge you may have, please feel free to contact us anytime. We're always here to answer your questions and help you through the insurance selection process.