Did you know that you can change your insurance company at any time? Switching home insurance companies mid-policy with a mortgage can sound complicated, but it is definitely possible. And if you're working with a great insurance agent (like Blue Marsh!) they will help to make sure the process is as painless as possible.
Timing is crucial though when switching providers, as you might miss out on better deals or discount programs, have a coverage gap or pay for two policies simultaneously.
There are a multitude of reasons why you may be switching your home insurance before your policy comes up for renewal. Perhaps you are not happy with your current insurance agency or are making the smart decision to have all of all of your insurance policies with one agency.
First thing is first: it's important to carefully review your current policy and make sure that you are not violating any contractual agreements by making the switch. Keep in mind that there may be some fees or penalties associated with canceling your current policy early, so be sure to factor that into your decision-making process.
If you have a mortgage and your mortgage company has already paid your annual premium, don't worry! An easy way to solve this is when you receive the refund from your old carrier, you'll want to add this amount to the "escrow" line of your next mortgage payment. An escrow account is a third-party that holds funds for specific purposes. This way you are not shorted at the end of the year.
Here are some steps you can take to change your homeowners insurance with an escrow account:
- Review your current policy
- Determine your policy needs
- Research different providers and get quotes
- Verify the mortgagee clause for your lender
- Purchase your new policy
- Cancel your existing policy
- Contact your lender
- Send your premium refunds to the new escrow account
Ultimately, switching insurance companies mid-policy with a mortgage can be a smart financial move if it results in better coverage and savings in the long run.
If you'd like to switch your home insurance to Blue Marsh Insurance, we are here to help. Give us a call at 610-590-0152.
A little more about Blue Marsh Insurance...
When he founded Blue Marsh, Tom Davenport wanted to create a different kind of insurance company. One that’s built on personal relationships and a local presence. One where you, the customer, feel more like a friend.
As an independent insurance agency, Blue Marsh Insurance represents a carefully selected group of financially strong, reputable insurance companies. Therefore, we are able to offer you the best coverage at the most competitive price.
If you’re interested in starting a quote online or having us take a look at your current policies, click here!