A home insurance policy protects you from incurring financial losses in case of damage to your residence. If this is the first time you’ve purchased a home insurance cover or if you were in a hurry to purchase your insurance policy, you may have made the mistake of signing the insurance papers too quickly, without really comparing your options or checking the terms and conditions of the policy. 

This may have left you underinsured, overinsured, or stuck with an insurance provider that does not offer great service. The good news is that your policy doesn’t last forever. If you are unhappy with your policy, you can choose to switch to a different provider. So, how do you know whether it is time to change your home insurance provider? Read on to find out. 

1. Insufficient coverage: After purchasing your home insurance cover, you may find that your policy does not offer you the full extent of coverage you require. For instance, your policy may not cover theft or damage to any jewelry or artwork in the house. If your current home insurance policy isn’t giving you the coverage that you require, make sure to shift to another insurance provider that offers better coverage.
2. High premiums: If you compare premium rates quoted by different insurance providers for home insurance policies that offer similar coverage as the one you currently have and find out that you are overpaying for your policy, you should consider switching your insurance provider. Before you buy your new policy, make sure to evaluate the coverage offered by different policies and check whether other insurance providers are offering better deals.
3. Major changes in your life: You may want to purchase a new home insurance cover if any major changes in your life have recently taken place. For instance, if you’ve recently moved to a new city, you may want to consider getting a new policy since the location you reside in can affect the premium you are charged. Similarly, if you’ve purchased a larger house, you want to get a policy with increased coverage.
4. Shoddy customer service: If you find that it is extremely difficult to get a hold of your insurance provider or if the claims settlement seems delayed without reason, it is best that you buy a home insurance policy from a different insurer.
5. Insurer being financially unstable: Before you purchase a policy, it is important to research the provider’s background and ensure there is no trace of financial instability. During the policy term, if you feel like your insurer may not be able to fulfill their financial obligation if you were to raise a claim, it is best to switch to a better-rated insurer.

If you are looking at switching your home insurance provider, make sure to play it safe and buy a new policy before you cancel your current insurance cover. It could prove to be an expensive mistake if something uneventful happens to your home or your possessions while there is a lapse in coverage.