No matter if you are moving into a new home or are looking to switch policies in order to save some money, its possible to switch to a new policy at any time. Florida home insurance may be expensive but there’s always the option to switch to save some cash. Simply follow these steps below to begin your switch.
Take a look at your Florida home current policy
First, you will need to check out your current policy, if applicable. Always read the fine print of your current policy. The information you need to find is located in the terms/conditions section. By doing so, you will be aware of any penalties or even additional fees for terminating your policy before the expiration date.
If you want to wait until your current policy expires instead of switching midway through it, you need to make sure your lender knows at least 30-60 days in advance. That way your renewal payment
Consider your Fl home policy needs
Next, you will need to consider your coverage needs. This is essential when it comes time to shop and compare quotes. In fact, to make things a little easier you can collect the quotes for Florida home insurance here.
Once you have a great policy, you will need to “seal the deal”. However do not forget to cancel your old policy first! Once you are ready to cancel your policy remember these important steps.
- Always make sure the cancellation date is on or after your new policies start date.
- Make sure you receive a confirmation that your policy is completely canceled and that it will not be automatically renewed.
- Are you entitled to a refund? If you happened to pay your policy in advance and cancel before the term expires, you will be entitled to a refund.
Inform your Mortgage Lender
Whenever you take out a mortgage on your home, a lender will open and manage an escrow account for you. This holds cash for home-related expenses. This includes your property taxes and your Florida home insurance according to https://floridainsurancequotes.net/florida-homeowners-insurance/ . Every month when you make your mortgage payment your billed amount will cover these expenses.
Always let your mortgage company know if you changed your insurance so they can direct all your homeowners payments from your escrow amount to the right insurer. This will be able to prevent any late fees and a canceled policy.Read more