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Can you change homeowners insurance at any time?

Yes. Any day.

You can change homeowners insurance at any time, not only at renewal, and a mortgage does not stop you. Unused days are refunded, less any fee your policy sets for leaving early.

See if I’m overpaying

Free. Simple. Quick. Only the insurance agents you pick get your request.

You may cancel this policy at any timeThe standard homeowners policy form (HO-3), under Cancellation.

Pick the day. See what comes back.

Drag the slider, or pick a day on the year.

Paid-for days after the day you switch are refunded. With JavaScript on, this part lets you pick the day and see the numbers.

Your policy
Renews on

Numbers only, like 2400.

Paid by

Example dates. Your renewal date is on the first page of your policy.

If you switch on

Pick a day from today to , your renewal date.

Add your yearly price to see that in dollars.

The check usually comes to you, not to your mortgage company.You paid it, so the refund comes to you.

Today
Used by thenComes back

Know your new price before you pick the day.

See if I’m overpaying

How to switch home insurance, in order

Your day: the day you pick. Change it

  1. Compare before you cancel

    Get quotes for the coverage you have now, so the prices line up.

  2. Start the new policy on the day you pick

    Buy it first. Cancel nothing until it is confirmed.

  3. Tell your mortgage company, if you have one

    Send the new policy’s first page with your loan number. Check that it names your lender correctly (the mortgagee clause).

    Words you can send

    I have changed my homeowners insurance. The new policy starts on the day you pick. My loan number is [loan number]. The first page of the new policy is attached. Please tell me how the new bill will be paid from my escrow account.

  4. Cancel the old policy for the same day

    Do it in writing, and ask for the refund amount in writing.

    Words you can send

    Please cancel my homeowners policy, number [policy number], effective the day you pick. Please confirm the cancellation date and the refund amount in writing.

  5. Pay the refund into escrow

    When the check comes, pay it into your escrow account so it does not come up short.

The one thing to get right: no day without coverage

End the old policy before the new one starts, and your mortgage company can buy its own and bill you. Federal rules give you time to fix it.

45

days of written notice before it can charge you.12 CFR 1024.37(c)

15

days to cancel that policy and refund any overlap, once you show you were covered.12 CFR 1024.37(g)

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Common questions

Is there a fee for cancelling homeowners insurance early?

It depends on your policy. The standard policy refunds every unused day. Some insurers keep part of it when you are the one who cancels, and your policy’s cancellation section says which.

How do I change homeowners insurance with escrow?

The same way, plus two things. Send your mortgage company the first page of the new policy, and pay the old policy’s refund into your escrow account.

Will my mortgage payment change?

It can. Once your mortgage company has the new policy, it reviews your escrow account and sets your monthly payment from the new price.

How often can you change homeowners insurance?

As often as you want. The standard policy lets you cancel at any time, in writing.

Do I have to tell my mortgage company?

Yes. It needs proof of the new policy, and the policy has to name your lender correctly.

Sources

More answers