Changing House Insurance

4 minute read Published on Jun 24, 2022 | Last updated Jul 8, 2022 by BrokerLink Communications

Switching Homeowners Insurance Policy

Are you thinking about changing your home insurance policy? You’re in the right place! Whether you’ve had the same policy for years or your current plan is about to expire, it might be time to make a change. Luckily, BrokerLink is here to help you make that decision.

Below, we explain all there is to know about changing home insurance policies in Canada.

Can I change my home insurance policy?

Yes, policyholders can change their home insurance policies at any time. However, it must be noted that if you choose to change your policy before it expires, you may have to pay a penalty.

Typically, when a policy is cancelled before its expiration date, you will be charged a “short rate” penalty. Penalties vary by provider so contact your insurance company directly for more details.

Claims experience letter

If you are switching home insurance policies because you recently moved to a new province or moved to Canada from another country, a letter of experience may be required. A letter of experience, or claims experience letter, is an up-to-date record of your insurance history, provided by your past or current insurance provider.

It acts as a reference and can provide your new insurance with greater clarification on your claims history. Your new insurer can then use the information in this letter to assess your risk and possibly give you a discount on your insurance premium.

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. Alternatively, you can also work with an insurance brokerage like BrokerLink who will shop around on your behalf.

Here at BrokerLink, we are experts at finding our clients the most comprehensive home insurance coverage at the lowest price.

A few of the top reasons to switch homeowners insurance companies are as follows:

  • Better customer service: Some policyholders might not be satisfied with the level of customer care provided by their insurance company, as evidenced when they had to file or claim or simply get in touch to ask a question. As a customer, you should always feel valued, heard, and cared for. If your current insurer isn’t providing that, it might be time to find a company that puts its customers first.
  • Better price: One of the top reasons homeowners switch providers is to find a better deal on their home insurance policy. Another company may offer better discounts or a lower premium for the same level of coverage you are receiving with your current provider.
  • Better coverage: One final reason people might consider switching home insurance providers is if their current provider doesn’t offer the coverage they need or their coverage is too restrictive. Coverage varies by provider, so another company may offer coverage that is more suited to your needs, especially if you require any type of specialty coverage.

The best time to switch home insurance companies

There are certain times when it just makes sense to shop around for a new policy. For example, if you are buying a new home, be sure to work with a broker who can obtain quotes on your behalf, ensuring you find the best coverage at the best price. The provider you bought your last home insurance policy from might not be the right choice.

As you probably know, home insurance rates vary since insurers consider a number of factors when calculating premiums.

Therefore, even if you are buying a home of a comparable size or price, your insurance rate could change, depending on the age of the home, the neighbourhood, or even the age of the roof or existing HVAC system.

On the flip side, your insurance rate could be lower if the home is located in a safer neighbourhood, is equipped with a home alarm system, or is near a fire or police station.

Ultimately, there is no one time that’s best to switch home insurance companies. However, if you are buying a new home or your current policy is up for renewal, we recommend doing some research or enlisting the help of a broker to decide if continuing with your current insurance provider is the right decision.

The importance of working with a broker when changing house insurance

If you are ready to switch home insurance policies, the best decision you can make is to work with an insurance brokerage. Brokerages like BrokerLink can save you time and money. A few of the main benefits of purchasing home insurance through a broker are as follows.

  • Insurance brokers work independently of insurance companies in Canada. This means that we always put our clients’ needs first. We offer objective, unbiased advice when it comes to the best home insurance policy for you and your family.
  • Brokers do all the heavy lifting. From the moment you contact BrokerLink, you will be assigned a dedicated insurance advisor who will obtain and compare quotes from Canada’s top insurance companies and unlock discounts on your behalf.
  • Brokers are home insurance experts. BrokerLink’s insurance advisors have the resources and expertise to find the most comprehensive home insurance coverage at the most affordable price. BrokerLink has been in business since 1991 and has helped thousands of Canadians find quality home insurance policies that don’t break the bank.

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 or to request a free quote. BrokerLink is pleased to provide free home insurance quotes to all Canadians. Our quotes are accurate, competitive, and 100% obligation-free.

Contact us by phone, email, online, or in-person to get started today.

What are you waiting for? Start your home insurance journey today.

Get a home insurance quote [phone]