Wondering about how to switch your home insurance? Switching home insurance companies doesn’t have to be complicated, but there are a few important things you’ll need to know. We’re here to walk you through it, and answer some of the most common questions around the process.

Why should I switch home insurance companies?

There are many reasons why you may want to switch home insurance companies. Many people change their home insurance policy when moving houses and the current insurer doesn’t offer the right coverage for the new place. Others switch when they’re looking for a lower rate, or they’re not satisfied with the service they’re getting. Perhaps you’re looking for better customer service or a smoother user experience. Maybe you’d like to manage your homeowner’s policy online. Regardless of how you like to interact with your insurer or how often, you should feel supported every step of the way.

How to switch my home insurance

Before switching home insurance companies, there are a few things to keep in mind. You might find that switching is easier than you think.

1. Compare home insurance quotes and check for discounts. Don’t just go with the first quote you see that looks decent pricewise. Take the time to compare coverage, limits, deductibles, and customer service. You’ll also want to see if you qualify for any discounts offered such as Canadian university or college alumni or a group discount. To get a quote, you can call the company directly, contact a broker, or get a quote online. After all, you’re most likely interested in switching home insurance companies because you want to find coverage that meets your needs and at a competitive rate.
2. Do your research on different companies. We hope your home never faces disaster. But if you do have to file a home insurance claim or have a billing issue, you deserve the best customer service to get you through these situations – stress-free. The company you choose should have a good reputation for both coverage and customer service. If you have to make a claim, you’ll want to know you’re fully protected and that the claims team is efficient, responsive, and easy to deal with.
3. Ensure your quote is accurate before you buy. To make sure you’ve got the right price for your home coverage, you must provide detailed, accurate, up-to-date information about yourself and your house. This could include square footage, how many bathrooms you have and how your home is heated. With certain online insurers (like Sonnet), you’ll get an accurate quote instantly. Some online providers only offer an estimate, so you may have to call to confirm the price.
4. Inform your home insurance company that you’re switching providers. When you’re ready to switch, you’re responsible for cancelling your current policy. Otherwise, you’ll continue to be billed if you don’t cancel. And, if the insurance company doesn’t receive your payments, it could go into collections and hurt your credit score. Some insurance companies might ask you to send in your cancellation request in writing. So, give yourself a little extra time for any paperwork they might require.
5. Tell your mortgage company. Your mortgage company has a financial stake in your property – so they need to know if your insurance has changed, too. Be proactive and send them proof of your new home insurance policy as soon as you can. If you’re moving, you’ll need to secure new insurance and provide it to your lender before the move-in date. With Sonnet, you don’t have to wait for us to mail your documents – they’re available online the instant you purchase your policy.

Can I switch my home insurance at any time?

Yes, you can switch your home insurance mid-policy – but be warned, there could be a cancellation fee. Even if that’s the case, it still might be cheaper to switch before your policy renewal. We’ll get into more detail about this below.

When switching home insurance companies, you’ll want to be mindful that you don’t have a lapse in coverage. So, you need to make sure the coverage start date for your new policy and cancellation for the old one happens on the same day. A coverage gap could leave you without financial protection for your home and could even increase your home insurance premium.

Can I switch my home insurance with an open claim?

Yes, but your claim won’t switch along with you. The insurer that handled your claim when the event occurred will continue to do so until it’s resolved, even if you’re switching home insurance companies.

Will I get a refund if I cancel my home insurance mid-policy?

Maybe. If you’ve overpaid your home insurance premium at the time of cancellation, you might be eligible for a refund, especially if you paid in full.

If you pay monthly, you could see a modest refund if you overpaid your most recent payment. But, there could also be a balance owing if you’re in your next payment period. Be sure to ask your provider for full clarification.

An insurer will handle a refund one of two ways:

• Short-rate cancellation charge. If your provider uses this method, there will likely be a cancellation fee. Depending on how far you are into your policy term, they’ll keep a percentage of the unpaid premium and refund the rest. The amount charged will vary from company to company.
• Pro rata. You’ll receive a refund for the full amount of the premium you’ve paid that hasn’t been used.

How can I begin my home insurance provider switch?

The first step towards changing your home insurance provider is doing your research to find a new policy that’ll provide the right coverage at the right price. It’s also a good idea to read customer reviews from trusted sources like Trustpilot or Google reviews to learn other’s first-hand experiences with the company. Lastly, you’ll need to check when your renewal is and decide if it makes sense to switch now or later.

Tip: Your insurer’s customer service may be able to offer some insight on how much it could cost you to cancel your insurance. Or you could try our handy cancellation calculator – it's easy to use.

When it comes to changing your home insurance, the most important thing is to make sure you’re fully protected. To help guide your decision making, be sure to ask questions so you fully understand what you’re covered for and what you’re not. It’s nice to know what options are available so you can get the most value for your money.