Having amicable relationships with an insurance provider doesn’t always lead to long-term commitments. And though sticking with the same insurance provider can reap multiple benefits such as premium discounts and the like, there could be several more significant reasons that lead to you choosing another insurance provider over your current one.
Whether it’s long-term relationships turned sour or policies that are nearing their expiration date, it may be time for you to start considering another home insurance policy over your current one.
So, if you are among the many other residents looking to switch their insurance policy, there are certain things that you should be mindful of — if you’re already an experienced insurance shopper, you can find home insurance in Alberta on this site.
Can I switch home insurance at any time?
Yes, you can! You can switch a policy with your current insurance provider for a completely different policy or turn to an entirely different agency or company whenever you like.
But before you decide on anything, ensure that you have the ideal insurance coverage for yourself. It’s also advisable that you search around and compare to zero in on the best deals and value plans.
There are no constraints such as time limits for switching to another home insurance. But if you are a homeowner or you’re soon going to be one, you can consider changing to a company that offers the same or better deals at lower prices than your current provider.
Why should you switch home insurance?
Everyone seeks the most value-for-money deals at the best possible rates as far as their home insurance is concerned. Naturally, people look around for any ideal agencies, companies, or brokers when the renewal period arrives.
The main reasons that encourage homeowners to switch insurance policies or companies are:
Coverage: Having additional coverage or a less-constrained one is an ideal attraction for customers.
Better customer service: Good customer service is pertinent across all sectors, including insurance. A situation may arise where you filed a claim or complaint but didn’t receive satisfactory services, or the agency or company is just unresponsive in general. Such situations urge a homeowner to find shelter under another insurance provider.
Better price offers: You can be offered discounts or even lower prices for the coverage you opted for with a different carrier.
No loyalty benefits: Once again, all businesses tend to reward their long-time customers by showing their appreciation for them. Similarly, insurance companies will also try to provide long-term customers with discounts, offers, and other benefits.
However, if your carrier is not willing to do so, there’s no need to be particularly loyal to them.
Life changes: There are specific life events that can catalyze switching your insurance. The most significant reason would be a change in residence.
Also, if you own a home, you have to get your insurance policy changed once your owned property becomes vacant, whether it is because you sold it or the tenants moved out.
How do you change home insurance in Alberta?
The following steps are what you need to follow if you have levelled out all the options and are ready to sit down and change your home insurance but don’t know how:
Go through your existing policy
Some insurance policies have strict regulations when it comes to adjustments and changes. If you’re not careful, you may end up paying a fine or fee regardless of whether or not you remain with the same company.
Thus, before making any changes or drastic adjustments to your existing policy, it’d be wise to review the terms and conditions that apply to your policy.
Compare and apply for insurance
Check and compare insurance quotes and costs across different platforms and companies. Next, decide on a carrier or company that can offer you excellent deals and affordable prices.
You can also reach out to a representative or a consultant to help you make the comparisons and zero in on the best options.
Once you’ve decided on a policy, you can either apply for it online or talk directly to the particular company or carrier for your application. Note that you’ll need to provide basic information about your homes, such as its location and size.
Lastly, check that the new policy you are applying for aligns with your interests. Most importantly, it should have manageable premiums and deductibles as well.
Get the switch done
Now that you’ve sealed the deal with a new insurer and are aware of the date the new policy kicks in, you need to cancel your existing policy.
You can cancel any existing policies via call or a written request. You should ask your representative for a statement letter that states your current policy is being cancelled. If you feel uncomfortable, you can also request your new carrier or representative to do the cancellation for you.
Pro Tip: Once your policy is in effect, start updating your account with all the necessary and relevant information, such as the new address or your contact details.
Cost of changing home insurance
Several factors determine the costs of changing or cancelling your home insurance policy. If the insurance policy is at its end or has already ended and you simply choose not to renew it, you don’t have to shell out any cost or cancellation fee.
However, a cancellation charge may apply if you decide to cancel your policy prior to the expiration date. Also, any payments that have been made up until the date of cancellation will be considered, and you may end up either owing some money to your current agency or vice versa.
Endnote
We hope you now have the answer to, “can I switch home insurance at any time?”. Switching your home insurance policy can bring forth a lot of benefits — you may get better deals that demand lesser premiums and provide impeccable customer service. Furthermore, if your current insurance provider fails to enhance coverage or provide other associated benefits, it’s better to switch to another insurer right away.
