Changing home insurance: what you need to know before you switch

Are you thinking about switching your home insurance coverage? There are plenty of reasons why switching home insurance companies might make sense. Maybe another company offers a coverage option that your current insurer does not.Or perhaps you’ve found a better rate for the same level of protection. Whatever your reason, it’s important to know a few key things before making the switch.

Can I change my home insurance policy?

Yes, absolutely. Most insurance policy terms are set up for a one-year period, after which your policy will be up for renewal. When your policy is up for renewal, you should receive a letter from your current insurance provider in advance to let you know.

During that renewal period, you are free to shop around and compare quotes from different insurance companies to find the best one that works for your needs. You can also work with an insurance broker like BrokerLink to help you shop around.

If another company is offering you a better deal and you decide to switch insurance companies, just let your current insurance provider know that you do not wish to renew your policy and make sure your new policy begins before your old one expires so that there isn't a lapse in your coverage.

Can I change my home insurance policy before the renewal date?

Yes, you can actually switch home insurance anytime, but there are some possible downsides to changing early. For starters, some insurers charge a cancellation fee, known as a short rate fee, if you end your policy early. Plus, if there’s even a short lapse in coverage, you could face higher rates down the road and leave your home unprotected. That’s why it’s a good idea to have a new policy lined up before cancelling the old one.

If you’re switching mainly for a lower insurance premium, it might be worth checking in with your current insurer first. They may be able to match or beat the price. And while you can switch anytime, waiting until your policy renewal date could help you avoid fees.

When is the best time to shop for a new policy

There’s no single “best” time to switch insurance companies, but there are certain times when it just makes sense to shop around for a new home insurance policy. For starters, when your policy is up for renewal, this is a great time to shop around. If you switch companies during your renewal period, you won't have to worry about paying any early cancellation fees.

Also, major milestones—like buying a home or moving in with someone —are great opportunities to reassess your home insurance policy and compare your options. Working with a broker like our experts at BrokerLink can make the process easier—we can gather quotes for you and help find the best coverage at the best price. Just because your last insurer was the right fit doesn’t mean they’ll be the best choice this time around.

As you probably know, home insurance premiums aren’t one-size-fits-all. Even if you’re buying a home that’s similar in size or price to your current one, your premium could be different. Factors like the home’s age, the neighbourhood, and even the condition of the roof or HVAC system can all play a role. Plus, if the new home is in a safer area, has a security system, or is close to a fire or police station, these can affect your rate as well. A home insurance broker can walk you through all of this and help you find the best quote for your insurance needs.

How to switch home insurance companies

If you're thinking about switching insurance companies, here are the steps you'll likely need to take:

1. Review your current policy terms

If you're changing homeowners insurance companies before your renewal date, check your current policy’s terms to see if there are any fees or rules about cancelling early. If you're not sure when your policy is up, take a look at your homeowner's insurance declarations page—it’ll have all the key details, including your coverage dates.

2. Decide what coverage you need

Even if you’re planning to stick with the same coverages, limits, and deductibles when switching insurers, it’s worth taking a fresh look at your coverage needs. Things may have changed since you last signed up, and adjusting your policy could better protect your home. For example, if you’ve made any upgrades to your home, you need to let your insurer know. You may even decide to switch from broad to comprehensive home insurance coverage.

3. Compare quotes

Getting a quote is easy—you can reach out to the insurance company directly, work with a broker, or use an online quote tool.

When comparing homeowners insurance quotes, make sure you're looking at apples-to-apples coverage—meaning the same coverages, limits, and deductibles. Your policy declarations page is a handy place to check your current details.

Also, don’t just look at the price—take the time to compare everything a policy offers, from coverage and limits to deductibles, customer service, and available discounts. Even if the first quote you get seems like a great deal, it’s worth checking out multiple options to make sure you’re getting the best fit.

4. Research insurance companies

Nobody gets insurance expecting to file a claim, but if something happens, you want to be fully protected. That means more than just having the right coverage—it’s also about how well the insurer handles claims. You should feel confident that their claims team is responsive, efficient, and easy to work with when you need them most.

Before choosing a provider, check customer reviews and ask around to see what others have experienced. A great price won’t mean much if getting a claim processed is a hassle.

5. Review your quote carefully

The last thing you want is to file a home insurance claim and realize too late that something you thought was covered actually isn’t. That’s why it’s important to read your policy carefully, ask questions, and make sure you’ve provided accurate information to your insurer.

When getting a quote, be as detailed as possible—things like your home’s size and age, number of floors, and heating systems all play a role in pricing. Some insurers provide instant, accurate quotes, while others only offer estimates, meaning you may need to call to confirm the final price. Once you have a quote you approve of, let the new insurance company know you've decided to go with their quote.

6. Cancel your old policy

Once you have your new policy lined up, don’t forget to cancel your old one—otherwise, you might end up paying for both. But before cancelling your current home insurance, make sure your new policy is active—this prevents any gaps in coverage.

Some insurers require a written cancellation request, so double-check what’s needed to avoid any last-minute hassles. When you call your old insurer to cancel or let them know you’re not renewing, keep these things in mind:

• Make sure your current policy will be cancelled on or after your new policy’s start date.
• Ask for proof that your policy is officially cancelled or won’t renew automatically.

Also, if you prepaid for your full policy instead of paying month to month and are cancelling mid-term, you might be entitled to a partial refund, so don't forget to ask your insurer about it.

7. Let your mortgage company know

For those who have a mortgage, if you switch home insurance, your mortgage company needs to know, since they have a financial stake in your home. To stay ahead of the game, send them your updated insurance documents as soon as possible.

And if you’re moving, you’ll need to secure a new policy and provide it to your lender before your move-in date. Taking care of this early can help avoid any last-minute headaches.

Work with an insurance broker to switch home insurance companies easily

Switching insurance companies is a simple process, especially with the help of a brokerage like BrokerLink. Our brokers will compare multiple quotes from Canada’s top home insurance companies to your current policy, helping you weigh the pros and cons, like potential savings, coverage differences, and cancellation fees, and even unlock discounts on home insurance that you qualify for, like bundling home and auto policies.

If you decide to make the switch, your BrokerLink broker will take care of the paperwork, set up your new policy, and notify your old insurer about the cancellation. All you’ll need to do is sign a new application for your new provider and a cancellation form for your previous one. Plus, this can all be done either over the phone, by email, or in person—whatever works best for you.

Reasons to switch house insurance companies

It’s normal to want the best home insurance coverage at the best rate. If you feel like you are not getting that with your current policy, you may want to shop around when your existing policy is up for renewal. A few of the top reasons to switch homeowners insurance companies are as follows:

Better customer service

If you’ve ever struggled to file a claim or even just get a question answered, you know how frustrating poor service can be. You should feel valued and supported by your insurer. If that’s not the case, it might be time to find a company that truly prioritizes its customers.

Better price

Saving money is one of the top reasons people switch. Another provider might offer better discounts or a lower premium for the same coverage you have now, making the switch worth it.

Better coverage

Not all policies are the same. If your current insurer doesn’t offer the coverage you need or has restrictions that don’t work for you, another company might have a policy that’s a better fit, especially if you need specialty coverage.

What information do you need before shopping for homeowners insurance quotes?

When getting a home insurance quote, having the right details ready can make the process easier and more accurate. Here’s what you’ll need:

Personal information

You'll need your name, any other property owner's name, property address, birth date, and the date you want coverage to start.

House information

You'll need to know the year your home was built, the total finished square footage, the number of floors, and whether you have a wood stove or other solid fuel appliance. The year that your plumbing, electrical, heating and roof were updated (if applicable). Also, mention any detached structures, like a shed, garage, or special features, like a pool.

Also, make a note of how many people live there full-time and whether it’s your primary residence. If it’s a vacation or seasonal home, note how many weeks per year it’s occupied. A home inventory can also be helpful.

Security features

Write down information on deadbolt locks, fire extinguishers, door cameras, and any fire or burglary alarms installed. Better security features often lead to a lower premium.

Extra coverage needs

If you have valuables like expensive jewellery, artwork, musical instruments or high-end electronics that may require additional protection, be sure to note them, as standard home insurance policies have coverage limits that may not be enough for these items. Working with a broker can help you determine what types of extra coverage you may want to consider adding to your policy, like high-value item coverage or sewer backup coverage.

Insurance history

You'll need to know of any claims you’ve made in the past five years, details about your most recent home insurance provider, and the dates of your previous policy.

Contact BrokerLink for a free house insurance quote

Still have questions about changing house insurance policies? BrokerLink brokers are home insurance experts and can walk you through the pros and cons of switching home insurance policies. If you choose to purchase a new policy, we can also help you find one that suits your unique needs.

Get in touch today to learn more about changing house insurance policies, how you can save money, or to request a free quote. You can reach us by phone at 1-855-451-8748, by email, or in person at any one of our locations throughout Canada. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.

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