Switching Home Insurance Providers
Updated September 1, 2019 . AmFam Team
Whether you have it because it’s required by your lender or because you know it’s a smart way to protect one of your most important assets, having homeowners insurance is a proactive way to prepare for the unexpected.
While it’s great to be prepared, it’s easy to let your coverage renew year after year without taking a close look at your policy. Does this sound like you? If so, you’re not alone. Many people don’t realize how important it is to evaluate their home insurance. Not only could you be underinsured, you could be missing out on great discounts! And you might even be able to get a better deal with a different insurance provider.
Let’s take a look at the benefits of changing insurance providers and the steps you’ll take if you decide to make the switch.
Benefits of Switching Insurance Providers
Whether you’ve been with your home insurance provider for many years or are new to them, there’s nothing wrong with shopping around to find the best fit for your needs. After all, you deserve the best protection, price and customer service. Take a look at some of the benefits of switching insurance providers.
Get Better Coverage for Your Home and Valuables
While price is a large factor when choosing your home insurance company, most importantly, you want to make sure you have the coverage you need. Shopping around gives you the opportunity to reexamine your home’s specific needs, since, apart from what a basic homeowners policy offers, you might want additional coverage for a broader range of protection. Take a look at our homeowners insurance coverage page to find out what coverages you might need that you may not have thought of.
Here are some instances you may want to check in with your agent to make sure you have the proper coverage:
- Renovations or additions, like a newly finished basement
- Outdoor additions
- New valuables, like jewelry or expensive electronics
- Smart home safety updates
- New pet
Learn more about when you should review your homeowners insurance.
Customer Service Improvement
Hopefully you never have to file a claim, but if you do, wouldn’t you rather have someone on the other end of the line who will help make your experience as reassuring and convenient as possible? For example, when you choose to purchase home insurance with American Family, we consider you part of our family — which means we’re dedicated to doing whatever we can to help answer your questions, advise you on the coverage you need and get your life back on track after a claim. And our agents, customer representatives and partners are all experts at what they do, so you’re sure to get the support you need when you need it. If you decide to switch home insurance providers, make sure you find one with customer service you can depend on. Because when the going gets tough, that’s who you’ll rely on to pick you back up.
Insurance Policy Bundling Options
Do you insure your home and car with two separate insurance companies? Now’s the time to say see ya later and bundle your policies! What does it mean to bundle? Apart from saving on your insurance, bundling means buying multiple types of insurance policies from one insurance provider, where you’ll enjoy convenience and a streamlined insurance process. Many companies offer a multi-product discount that you can benefit from, so make sure you’re being rewarded for savvy choices like bundling.
For example, with American Family, you can join our customers who save time and money by bundling their home and auto insurance. In fact, when you bundle your auto and home insurance with us, you could save up to 23% on your auto and homeowners coverage combined.* Not a bad deal for simply making a savvy choice!
Discounts on Everyday Products
At American Family, we offer a great selection of discounts — from having smart home devices to going paperless you may be eligible for savings. So don’t forget, when comparing companies, make sure to check out the discounts and talk with an agent to see what savings you might qualify for.
Homeowners Policy Price Drops
Finding a better price is the reason most people shop around for insurance. To find a price that works for you, get multiple quotes online or by calling up a few providers. And make sure you’re quoting the same types of coverage so you have accurate estimates to compare. Keep in mind, while price is important, you have insurance to properly protect you from the unexpected, so keep coverage top of mind.Our advice? Have your current homeowners insurance policy on hand or email your policy to the agent who is reviewing your policy. This way the agent can evaluate your current coverage and assess whether or not there are any gaps. They’ll better determine your coverage needs and ensure that you’re getting an accurate comparison.
Want to learn more about the benefits of choosing American Family Insurance as your home insurance provider? Connect with one of our agents (Opens in a new tab).
How to Change Homeowners Insurance After a Claim
Now that you know the benefits of switching, let’s dive in and learn how you can change your homeowners insurance.
1. Shop for a New Homeowners Insurance Policy
First and foremost, before making any commitments, do your research. Take the time to explore a number of insurance websites. Compare insurance quotes, check out their discounts page and be mindful of how easy or difficult it is to navigate their site. Can you switch mid year? Can you make a claim online? Can you pay your bill online? Do they have an app, like MyAmFam (Opens in a new tab), where you can easily access your insurance cards and view your coverage? All of these are significant details to consider when deciding who you want as your insurance provider. Insurance is more than just paying your premium on time — it’s about having a positive experience that will give you confidence you’ll be taken care of if you face the unexpected.
At American Family Insurance, our agents are experts — they’ll guide you through the switching process to make things as smooth as possible for you. In the meantime, our home insurance checklist highlights everything you need to know, step by step, about key questions to ask your agent, information to gather and important coverage to consider.
2. Choose a New Provider and Sign the Paperwork
Has a provider won you over? Great! But don’t go canceling your old policy just yet — make sure your new policy is in place before saying goodbye to your existing one. Our advice is to directly call an agent and walk through the process with them. This is where that home buying checklist will really come in handy to help make the process quicker.
3. Cancel Your Old Homeowners Policy
Once you’re sure you’ll be able to get insurance from the new company, you’ve signed the paperwork and have set a date to make the new policy effective, you can simply call up your homeowners insurance company and let them know you want to cancel your policy. Make sure to ask about any refund for an advanced payment you may have paid.
In many cases, you can choose to write a cancellation letter or email if you want documented proof of your cancellation request. In the letter, include your full name, policy number, address of the insured home and your contact information. Other than that, you can simply say that you’d like to cancel your policy and include the date you want the cancellation to be effective.
4. Notify Your Lender
If you have a mortgage, your lender most likely requires you to have homeowners insurance. If you have an escrow account set up with your lender, your monthly mortgage payments typically include money that’s used for your home insurance premium and your lender forwards it along to the insurance carrier when it’s due. When you change insurers, your mortgage company will need to know so it can send the check to the correct company and your insurance provider will need to add your mortgage company to your policy.
If you directly pay your home insurance bill, you’ll still want to let your lender know of the switch so they have proof you’re insured.
Ready for a Homeowners Insurance Quote?
When was the last time you sat down and reviewed your home insurance policy? How about the last time you met or called your agent about your coverage? Don’t let your policy be a mystery to you — get in the know about homeowners insurance so you gain confidence and peace of mind that you have the coverage in place to protect what matters most.
*Customers who bundle auto and home insurance policies may save up to 23% on both policies together (as of October 2021). Discounts may vary by state, property, policy form and company underwriting the auto and/or home policy. Discounts may not apply to all coverages on an auto or property policy.
This article is for informational purposes only and includes information widely available through different sources.
Related Articles
- Why Bundle Your Insurance?
Having insurance is an easy decision — after all, it protects the things you work so hard for in life. Another easy decision? Bundling your insurance. From your car, home and even your family's financial well-being, you have a lot to protect. Make things simple and take control what you pay for by making the smart choice to bundle.
How Much Do You Save By Bundling Insurance?
At American Family Insurance, there are many ways you can save by bundling insurance, including:
Home and auto insurance bundle
Our most common insurance bundle, combining your home and auto coverage can save you up to 23% on both policies together.*
Auto and renters insurance bundle
Protecting your valuables and your car can lead to big savings. When bundling, you can save up to 5% on your auto and renters policy.**
Car and motorcycle insurance bundle
You can score steep discounts when you bundle insurance for your different vehicles. Learn more by checking out our auto insurance and motorcycle insurance pages.
Take a look at what it means to bundle and all the benefits you’ll enjoy when you bundle your insurance with American Family Insurance.
- What Is Umbrella Insurance?
Umbrella coverage offers additional financial protection over and above the personal liability limits of other currently active insurance policies you have. Think of umbrella insurance as a powerful financial shield that can help protect your savings and future earnings under certain situations.
Whether you’re found at fault for a multi-vehicle crash on the interstate, or a guest slips and falls down the icy steps outside your home — the added coverage in an umbrella policy can kick in and help cover any remaining costs should the liability limits on your underlying car or homeowners max out.
And umbrella insurance coverage doesn’t stop there. Liability lawsuits can come in many forms and the hefty financial judgements that frequently accompany them can also drain your savings. Today, let’s take a closer look at umbrella insurance to help you understand how this coverage can help protect your financial dreams and everything you’ve worked so hard for.
- Tax Identity Theft
You’ve probably heard the saying, “the early bird gets the worm.” But what does that mean for Americans who file their tax returns early?
To most of us, it usually means quicker refunds. But early filing could also mean significantly reducing your chances of falling victim to a growing trend in identity theft. It’s called tax return identity theft and it’s affecting Americans at an alarming rate. In fact, per the Taxpayer Advocate Service (TAS), an independent organization within the IRS, 5.2 million tax returns were tagged as fraudulent in 2020. Not to fret! We’ll help you understand tax related identity theft, the signs to look out for, and what to do if it happens to you.
What Is Tax Identity Theft?
Tax return identity theft is the act of filing a return using a stolen identity and taking the victim’s refund.
Equipped with three simple ingredients — a name, birthdate and Social Security number — the thief can commit tax fraud resulting in delayed or stolen refunds. And while a swiped refund may seem like a worst-case scenario, thieves may also use your stolen identity to obtain employment, an act with even greater impact.
When an identity thief uses your SSN for employment, all the income they earn under your identity must be reported. Meaning that when you go to file your taxes and the earned income numbers don’t match, the IRS will flag your return as suspicious. This can have significant financial impacts if taxes on the unclaimed earnings are imposed and can lead to prolonged stress with a request to audit your taxes.
The victims of fraudulent tax return identity theft can face stressful obstacles on their path to recovering from a stolen tax return and identity theft. One of the most significant steps in protecting your financial future from being compromised is education and understanding how this type of theft occurs, and what to do if you find yourself in this situation.
- Dog Liability Insurance for Homeowners
Whether you raised him from a pup or adopted her later in life, you don’t just view your dog as a pet: you consider them a member of your family. According to a survey by the American Pet Products Association, almost 90 million dogs are owned as pets in the United States — and while your dog offers a whole lot of love and laughter, they can also be a potential liability. Luckily, we offer dog-friendly homeowners insurance.
At American Family Insurance, we love pets and understand that they’re part of your household. That’s why we want to make sure you understand exactly how your dog affects your homeowners insurance and ensure that you have the proper protection in place not only for your home, but for your dog, too.
Is My Dog Covered by My Homeowners Insurance?
Whether or not your dog is covered by your homeowners insurance depends on who you have as an insurance provider. With American Family, your home, renters, manufactured home or condo policy will provide dog liability coverage — a form of financial protection against liability claims, including lawsuits for accidental bodily injury or damage to someone’s property. This includes paying for medical expenses if your dog injures someone or helping cover costs if your dog destroys someone else’s property.
It's important to note that your homeowners insurance won’t cover damage done by your pets to your own home, such as if your dog chews a hole in your sofa or scratches your doors or woodwork. And, keep in mind, your homeowners policy doesn’t cover injuries to you and the residents of your household. It only pays for injuries to others.
Need insurance for your dog? Consider pet insurance from an American Family Insurance agent to help you care for your pet through all stages of its life.
We also offer a special add-on pet coverage that provides up to $1,000 for veterinarian services, final expenses (like burial or disposal fees) or the cost to replace your dog if death occurs. This coverage is applicable after a covered property loss.
Does Homeowners Insurance Cover Dog Bites?
Whether you’re walking your dog through the park or at home playing in the yard, the liability portion of your homeowners insurance policy will help cover you if your dog bites someone or if they bite another dog.
Remember, a dog can bite out of fear, to protect their territory, to correct another dog’s behavior or for several other reasons. Because dog bites occur for a variety of reasons, keep these tips in mind to prevent your favorite family pet from biting:
- Keep your dog on a leash.
- Don’t leave your dog unattended with strangers or children.
- Make sure people respect your dog’s space.
- Spay or neuter your dog — this helps reduce their desire to roam and fight with other dogs. According to the National Canine Research Foundation, neutered dogs are three times less likely to bite.
- Socialize your dog. Introduce your dog to many people and situations so it isn’t nervous or frightened under normal social circumstances.
- Enroll your pooch in a dog training class. Not only does it help your pet learn better behaviors, but it teaches you to be a good pet owner, too.
And it’s not just bites that cause liability incidents — if your overly excited pup jumps on someone, knocks them over and breaks their wrist, you’ll be able to cover their medical expenses with the help of your liability coverage.
How Much Coverage Do I Need for My Dog?
Your homeowners policy has a liability “limit” that, in the event of a loss, will cover up to a certain dollar amount. Your liability limit is the amount available to cover anything from a dog bite to your neighbor slipping and falling on your icy steps. To understand your potential pet liability cost and the amount of coverage you need, think about the amount it may cost for medical expenses and if someone were to sue you. Sometimes this number is well into the six figures! For instance, if your liability amount is $300,000 but your dog bit someone and medical expenses and legal fees came to $500,000, you’ll be responsible to pay the remaining $200,000.
If you want to ensure you have adequate coverage in place, an umbrella policy is an added layer of protection which provides a much higher level of coverage to financially protect you from unexpected incidents with your dog.
Homeowners Insurance Dog Breed Restrictions
Unfortunately, not all dogs will meet the criteria to be included under a policy. While most dog breeds won’t impact your eligibility for homeowners coverage, there are some breeds that require additional considerations, such as whether your yard is fully and securely fenced. You must also provide certain documentation to be considered eligible, like evidence of up-to-date annual vaccines and proof that your dog has been spayed or neutered.
It’s also important to note that, depending on your dog’s prior history (e.g. history of biting, if they were trained or used as an attack or guard dog), they might be subject to a dangerous dog liability limit that reduces their liability coverage for losses to $25,000.
Your American Family Insurance agent can help you determine the specific requirements for insurability based on the breed of your dog.
At American Family, we want to help protect all the things that matter most to you. Connect with your agent and gain peace of mind that you have the right coverage in place for your four-legged friend.
This article is for informational purposes only and includes information widely available through different sources.
