Switch or Cancel your Condo Insurance

Sometimes, sticking with your condo insurance provider for many years can pay off in great loyalty discounts or big savings for bundling several insurance policies with the same provider. However, in other cases you could be over-paying and throwing money down the drain for the same coverage. 

Just before your policy is up for renewal is a great time to comparison shop and request quotes from different insurance providers to find a lower rate. This can help you make sure you are receiving the best price for the best coverage that fits your needs. The easiest time to shop for and change homeowners insurance policies is when your current policy term is coming to an end. However, you can shop anytime. 

Reasons to switch your condo insurance company 

1. Price – After getting several quotes you may find that another company can offer a lower rate for the same coverage. 
2. Discounts – Not all companies offer the same discount. For example Allstate offers some unusual discounts on condo insurance such as up to 25% off for people who are retired or up to 15% off for protective devices like smoke alarms or alarm systems.  The best insurance policy for you could depend on which company has the most discounts that apply to you. 
3. Service – Perhaps you filed a claim and were unhappy with the service you received. 
4. Coverage – You may need additional coverage that isn’t offered by your current provider or is more expensive. You could also be over insured and paying for coverage that you don’t need. A different company could offer more options to customize coverage for your needs. 

An agent can help you determine the right coverage level to protect your condo from the gaps in your HOA coverage and to protect your belongings. 

How to switch condo insurance companies 

Shop for a new carrier: Call us to speak with an agent who can help you determine which unique discounts can apply to you to get you the best deal. If we find you a great deal, we can help you apply quickly and easily over the phone. 

Once you know the start date of your new policy, you can call and cancel your existing insurance coverage. You can call them and tell them “I would like to cancel my policy as of [date].”

If you have a mortgage, you will want to notify your lender so they know that you have the required coverage or so that they can pay on your behalf if they forward payments for you. 

Even if you directly pay your homeowners insurance bill, you still need to inform your mortgage company of the switch. If your mortgage insurance company isn’t informed of your new coverage immediately, it may try to get its own coverage on your home. This is called forced insurance, and it’s expensive for you. So, keep your mortgage insurance company informed of any changes as soon as you make them. 

Click to see more about condo insurance with Cullen Insurance