When Can You Switch Homeowners Insurance?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Most insurers will allow you to cancel coverage and replace coverage at any time.  The company whose policy is being cancelled may charge either a minimum earned premium or a "short rate" cancellation but they will refund the balance of the paid premium.  Mortgage companies work with this routinely.  In summary you should determine the price on the new policy and then determine the cost, if any, of canceling the existing policy before making a decision.
    Answered on February 18, 2014
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