Everything you need to know about switching insurance provider
Need some advice before you're ready to switch? Not sure what's to be gained by switching? Read on and we'll walk you through it.
Key takeaways
Your first step should always be to review your current home insurance policy to check the breadth of your coverage and any benefits you may lose by switching
It's critical to compare home insurance offers on MoneySuperMarket to see if you can find better rates or more comprehensive coverage
When you're ready to jump ship, contact the new provider to initiate the switch and ensure there is no lapse in coverage during the transition
How to change your home insurance provider
Review your current policy: Begin by understanding your the scope of your existing cover. You can then identify what you're covered for and any special benefits you might lose if you switch. Make a note of these for reference
Compare other home insurance offers: Source quotes with our home insurance comparison service, and be on the lookout for cheaper premiums or better coverage.
Contact your chosen new provider to initiate the switch: After selecting a quote that suits you, contact the insurer you'd like to join. They'll assist with the switching process and handle any necessary paperwork
Ensure there is no lapse in coverage during the transition. Align the termination date of your old policy with the commencement date of the new one. That way you won't be without cover at any time
Ready to jump ship? Here's how to cancel your home insurance cover with your existing provider.
When is the best time to switch insurance providers?
Studies show that the best time to switch and get cheaper cover is around a month before your current policy expires. The closer you get to the renewal date, the more likely you are to be quoted higher premiums by the insurer you're looking to join.
Making moves to sort our your cover a month ahead of the renewal date tells insurance providers that you're organised and responsible. And they interpret this as evidence that you're not someone who'd make a claim unless absolutely necessary.
Switching when your circumstances change
When your living circumstances change, for example you may move house or undertake major home renovations, it's a good idea to reassess your coverage needs.
These changes can affect the type and level of insurance required. And may necessitate taking out broader, more comprehensive cover that's only available by switching insurance provider.
How to avoid penalties for switching insurer
We recommend that you take action before your current policy renews. That way you'll avoid any penalties for cancelling a policy mid-term.
If you're exceptionally lucky and have found a policy that's much cheaper than your current one, it may be worth taking the hit and paying the fee to cancel. But for the most part, you're better off waiting until you can switch for free.
What are the benefits of switching home insurance providers?
Cost savings and better value for money: Comparing various home insurance providers might reveal policies with lower premiums than your current insurer but with the same coverage. Or you might even be able to get better coverage for the same price you're paying now
Better customer service and claims support: Switching your home insurance provider can enhance your customer service experience. Certain insurers are renowned for their responsive and supportive teams, which means smoother and less stressful claims processes
Coverage that suits your changing needs: As your living situation and needs evolve, switching providers allows you to adjust your home insurance to better suit your current circumstances
Should I switch home insurance?
That depends on your circumstances. But reasons you might want to switch include:
You feel like you're overpaying for your existing cover
The service you've received from your current provider is sub-par
You've already found a policy that's cheaper or better than your existing policy
