You may be one of the many Canadians who are looking to switch their home insurance provider. But before you make any adjustments, there are some things that you should know about switching Canada’s top insurers. This blog post is going to outline everything you need to know in order to find out if it is possible for you to switch at any time in Canada.
Can I Switch Home Insurance at Any Time in Canada?
At any time, yes! You can change home insurance policies with your existing insurer for an entirely new policy or to one of their competitors. Just double-check that you have the correct insurance coverage and find the best value plan before making a decision on switching companies. It’s always better to be safe than sorry when it comes to protecting your home, but you will want to make sure that the coverage is in line with your current needs. If you are looking for top quality home insurance, you can check out the quotes offered by Surex.
How To Change Homeowners Insurance?
It’s wise to review your homeowner’s insurance policy at least once per year or anytime there is a new life-changing event. Some common events that might warrant a change to your policy include getting married, having children, or buying a home. Following are the steps to change homeowners insurance:
1. Check The Terms And Conditions Of The Current Policy
Before canceling or switching your current policy, it’s important to review the terms and conditions. Sometimes policies have strict rules for cancellation, which could lead you to pay a fee whether you decide to stay with that company or not. It is also best practice to make sure there are no ‘non-compete’ clauses in your contract because they could prevent you from finding a new insurance provider within a specific geographical location.
2. Check The Costs
After understanding the terms and conditions, it is time to check your costs with other companies. There are loads of sources for this information online; additionally an insurance representative can assist you in making comparisons between policies from different providers. Sometimes homeowners will take advantage of bundling their insurance together with other services, which can provide a discount.
3. Make The Switch
After you have compared policies and made your decision to switch, ask the representative for a letter stating that your current policy is being canceled in order to avoid any issues down the road when trying to open a new account elsewhere. This step is very important because it will verify that you are no longer insured with the previous provider.
Once your new policy is in effect, make sure to update any relevant account information, including your home address and contact details, so there are no delays or lost mail if using a different mailing address for billing purposes. If you have a cat, dog or other pets, be sure to let your new provider know so they can include coverage for any accidents involving your furry family members.
What Are The Reasons To Consider Switching Home Insurance?
Following are the reasons to consider switching home insurance:
Annual Review
Many companies offer an annual review of your home insurance policy. You can use this opportunity to see if there are any better deals that you could get on the market by switching over.
This means that for a year, your new provider will cover all the risks and liabilities in case anything goes wrong with your property or belongings while they are still responsible for giving you the best deal on home insurance.
This is a good time to review your current policy and check for any discounts that can be applied in order to get an even more affordable plan than before. If the existing company does not offer such an option, then just contact them and ask if they could provide it next year when the annual review is due.
High Premiums
Insurance companies base premiums on a variety of factors, including your driving record and credit score. If you miss payments or make claims against your policy, it may cost you more each month to buy insurance in the future.
Inadequate Customer Service
Inadequate customer service can lead to a negative impression of an insurance company and cause you to switch. If your insurer is not responsive enough, it might be time for a change.
Financial Instability
A person’s financial state is constantly changing. If a homeowner experiences something like unemployment, they might need to switch their home insurance until they are able to get back on their feet financially. Doing so can be relatively simple if you know what steps to follow, but it does involve some moving parts that could prove frustrating if you don’t.
Life Changes
If you move to a new address, then there is no option but to change your insurance policy. If you are moving to a fresh property within your current city or province, however, it may be possible that your insurer will allow you to continue with them at your new location until they can adjust rates in line with their competitors without losing too much of an edge.
If you own a home, then there is no option but to change your insurance policy when it becomes vacant (whether this is for sale or rented). If, however, the property remains occupied and insured by someone related to you, such as a family member or tenant, then many insurers will allow for continued coverage without imposing any surcharges while the property remains insured.
No Discounts for Loyalty
Respectable home insurance companies will generally reward you for being a long-time customer. If they aren’t likely to offer discounts because of the length of your relationship with them, and there’s no need to be loyal if they don’t return anything in kind. Getting better rates on auto insurance doesn’t require switching companies all the time, but it might be in your best interest to shop around for home insurance policies.
Conclusion
Switching home insurance companies can put money back in your pocket. You might even end up with better coverage that costs less, or you may be able to get all of the same benefits for a lower price.