How Do I Switch Home Insurance Companies?

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   When you switch coverages on a homeowner’s policy it must be done carefully.  Ideally you would apply for coverage with the new insurance company.  When the policy is issued the date of that policy becomes the controlling date.  Send the policy to your lender and a copy to your previous insurer.  In the letter to your previous insurance company ask that the existing policy be cancelled at the same time as the new one assumes coverage.  Companies will often supply a notification form.  Since many of the homeowner’s policies are paid by the lender it is important that this be carefully coordinated.

   Answered on May 14, 2014

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