- 1). Read your existing policy to determine whether your policy is fully earned. If so, and you have not paid the premium for the entire policy term upfront, you will owe the premium for the remainder of the policy term, whether you cancel it or not. This can help you decide whether you want to cancel now or wait until the policy expires.
- 2). Shop for quotes, online, through websites such as Answer Financial (link in "Resources" section), or call an independent insurance agent in your area to obtain quotes from their carriers.
- 3). Choose a new company that will best meet your coverage needs and homeowners insurance budget. Set an effective date for the next day, if you want to switch immediately, or set the new policy to begin on the day immediately following the expiration of the current policy.
- 4). Notify your current insurance company that you wish to cancel your policy, as soon as coverage is in place with your new insurer. Call your agent, and send official notice in writing to the agent and the insurance company. Request a refund of paid premium, if this applies to your policy, or ask that they notify you about any amount remaining due on the old policy.
- 5). Complete any paperwork and underwriting requirements requested by your new insurance company to ensure that your policy will be in force.
previous post
next post