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Switching home insurance: A comprehensive guide

Mark Bristow avatar
Mark Bristow
- 3 min read
Switching home insurance: A comprehensive guide

There are many reasons why you might choose to switch home insurance. You might be looking to save money with a new provider, seeking more comprehensive cover, or looking for a better customer service experience. 

Here are some tips to potentially help smooth the switching process:

Can you switch home insurance at any time?

As a homeowner, you’re free to switch to a new home insurance provider at any time, even after an auto-renewal. But before you switch, remember that your current provider may charge a fee for cancelling before the end of your policy’s term. 

When switching, it’s important to avoid lapses in coverage, in case your home is damaged in the period when you’re not covered, which could prove costly. You may wish to time your switch so your coverage with the new provider starts at the same time your old policy wraps up. 

Tips for switching home insurance

Switching home insurance providers doesn't have to be complicated. These tips can help ensure the change goes smoothly:

Assess your needs

Review your current coverage to determine if it still meets your needs, or if adjustments may be necessary. Consider changes in your home's value, significant contents purchases, or renovations that might affect your insurance requirements.

Shop around

Compare policies from multiple insurance providers to find the best coverage options and premiums. Comparison websites can help you obtain quotes based on the same coverage levels for more accurate comparisons.

Research your new provider

Before committing to a new insurance provider, read some online reviews and do some research to determine if they have a good reputation for customer service and claim handling. 

Understand the policy

Carefully review the new policy’s terms, coverage limits, exclusions, and excesses. Make sure it aligns with your needs and expectations.

Notify your current insurer

Once you've chosen a new provider, inform your current insurer of your decision to cancel. It's best to do this in writing, specifying the effective date of cancellation.

Avoid lapses in coverage

Coordinate the start date of your new policy to coincide with the cancellation of your old policy. This ensures continuous protection without any gaps.

Document the switch

Keep records of all communications regarding cancelling your old policy and starting your new one, in case of any disputes or misunderstandings.

Do you get a refund if you cancel your home insurance policy?

When you cancel a home insurance policy before it expires, you may be entitled to a refund of the unused portion of the premium. The amount refunded will depend on the policy's terms and any applicable cancellation fees. 

If you pay your premiums annually, most insurers calculate refunds on a pro-rata basis, meaning you'll get back the premium for the remaining period of coverage, minus any charges. But if you’re making monthly insurance payments, you may not receive a refund, as the policy will likely be cancelled at the end of your most recently paid-up month. 

It's important to inquire about potential cancellation fees and how the refund process works with your current insurer before making a switch.

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Product database updated 16 Jun, 2024

This article was reviewed by CEO Paul Marshall before it was published as part of RateCity's Fact Check process.