Insurance Companies: Should I Wait Before I Renew?
Can You Change Insurance Companies Before Renewal?
Insurance rates are exploding… So do homeowners have to wait for their renewal to start saving money and change insurance companies? Sandra in Tucson asked: Do I have to wait for my renewal to change auto and home insurance companies?
The good news is homeowners do not have to wait for their renewal to change insurance companies, but there are some considerations. Let’s talk about them.
Switching Insurance Companies Anytime
First, you can switch your home and car insurance at any time, not only when your insurance policy is up for renewal. Depending on your current insurance company you may need to pay a small fee to cancel early, typically it’s no more than $2 to $25 if you are with an admitted insurance company. If you are with a non-admitted company, the fee could be more, so please call us to discuss non-admitted carriers and the process of canceling. And if you don’t know the difference between admitted and non-admitted carriers, check out my video linked below. Either way, if Trailstone is saving you hundreds if not thousands of dollars per year, it still makes sense to move early even if you’re paying a small fee, doesn’t it?
Ensuring Continuous Coverage
Second, don’t cancel your current policy until you have new insurance coverage confirmed. This is more important than ever before, because in 2024 underwriting rules have become more restrictive, so don’t cancel your old policy until your new policy is active. We will make sure you do not have a lapse from your old policy to your new policy.
Cancelling the Old Policy
Third, after your new policy is active you will need to contact your current insurance company to cancel your policy and request any refund owed to you. Here at Trailstone, we make this seamless by providing a form for you to notify your old insurance carrier and where to send the refund checks.
Handling Homeowner Insurance Refunds
Fourth, people ask what to do with their homeowner insurance refund. We usually recommend sending your home insurance refund to your mortgage escrow if you have one. This will rebalance the escrow account and lower your mortgage payment. We will help you with this as well, so no worries.
The Process of Switching to Trailstone
Fifth, what does the process look like to change to Trailstone?
- We need 15-25 minutes of your time to make sure we understand your family’s insurance needs.
- We will help with the selection of the right plan and pricing for your policies.
- All of the paperwork is done digitally, with no lengthy signing process.
- Each renewal going forward, we will make sure you have the best insurance plan available with our Trailstone Renewal Assurance Certification (TRAC for short). This is our proprietary 24-point certification process for your insurance renewal each year.
Why Switch Before Renewal?
Here at Trailstone, more than 40% of our clients have switched their insurance to us before their insurance renewal because we were able to help find them better coverage at a better price.
Client Testimonials
Have you looked at our Google reviews? We have more than 2,000 5-star reviews from all of our locations. Check out this real Google review from Andrew Martin:
“Trailstone did a great job finding a new insurance provider for me and my family, saving us over $2,000 annually. Definitely reach out to them to see if they can quote you on new policies. Very easy to work with.”
Conclusion
So, stop waiting and hoping State Farm, GEICO, or USAA will shop your policies with more than 40 insurance companies. They can’t because they only work with one brand of insurance. Here at Trailstone, we have more choices and this means we find you the best option available.
So go ahead and switch now, talk soon.
FAQs
Do I have to wait for my insurance renewal to change companies?
No, you can switch your insurance companies at any time. Waiting until renewal is not necessary, and switching early can often save you money.
Is there a fee for switching insurance companies before renewal?
There may be a small fee for canceling your policy early, typically between $2 and $25 with admitted insurance companies. For non-admitted companies, the fee might be higher.
What should I do before canceling my current insurance policy?
Ensure that your new insurance policy is active before canceling your current one to avoid a lapse in coverage. Confirm your new policy details with your new provider first.
How do I handle my homeowner insurance refund after switching?
We recommend sending your homeowner insurance refund to your mortgage escrow account if you have one. This will help rebalance the escrow and potentially lower your mortgage payment.
What is the process for switching to Trailstone Insurance Group?
The process involves a 15-25 minute consultation to understand your insurance needs, selecting the right plan and pricing, completing digital paperwork, and ongoing renewal assurance with our 24-point certification process.
Can Trailstone Insurance Group help me find better coverage at a better price?
Yes, Trailstone Insurance Group works with over 40 insurance companies to compare policies and find the best coverage and pricing for your needs. Our goal is to provide you with the best insurance options available.