Switching your homeowners insurance doesn’t have to be complicated. You shouldn’t settle if you’re unhappy with your current provider or if you’ve outgrown your policy, it’s important to partner with an insurer that can fit your needs.

Review Your Current Terms & Make a List

Find out when your current insurance expires and make a list of the coverage that’s important to you. Maybe you recently installed a security system and would like to take advantage of available discounts. Or perhaps you’re renovating your kitchen and need additional coverage. This is also a good time to create a home inventory—if you haven’t already done so.

Explore Your Options

Shop around, and get at least three quotes. Explore deductibles and rates of coverage. Look into bundling options that offer discounts.

Make a Decision

Once you’ve explored your options, pick a plan, and purchase. Set the effective date as the day before or the same day the old policy ends. A policy lapse can cost you expensive coverage penalties and/or leave you with a higher home insurance rate.

Notify Your Mortgage Lender

Call your mortgage lender and be prepared to provide them with your new policy’s declaration page. Follow up to make sure they receive all the necessary information and documentation if you must email or fax the lender with paperwork. If your lender requires the new insurer to provide documentation, follow up to confirm everything is received.

Cancel Your Old Policy

Call your former insurance company and cancel the policy. Get written confirmation that clearly states the cancellation date. Request a refund of any prepaid and unused premium. If you are owed a refund, ask the representative for the refund turnaround. Flag your calendar so you can follow up if necessary.

Generally, people dislike change but it’s important that you are insured by a policy that fits your needs and doesn’t cost an exuberant amount of money. You can change your homeowners insurance at any time even if you pay your policy through your escrow account.