Can I Drop Some of my Coverage at Any Time?

Having homeowners insurance is important for a number of different reasons. Not only is this type of coverage going to protect you financially in the event of disaster to your rental property or to your home but it is also in place as a type of protection for your mortgage and for your lending company. Many lending companies require that you have coverage before they will agree to the loan. After all, if you owe them $200,000 on a house that burns down, then this is their problem as well as yours.

In this sense, no, you cannot' drop your coverage at any time. If you have a mortgage then you need homeowners insurance in almost all instances. If you have your house paid completely then it is not required by law that you have coverage but most residents will insure their homes, regardless of who owns want. After all, this is one of the biggest purchases you will ever make and should be protected with adequate coverage at all times.

Switching Policies, Not Dropping Coverage

Rather than dropping your coverage completely you may look into switching policies. This is a good idea if you are unhappy with the service being offered to you in any way. One of the biggest concerns is the price for your premium. If you notice a huge spike in your premiums and are unhappy about it, then you can switch to a different policy. There are several reasons why your insurance could have spiked, especially if your area has been recently hit with natural disaster. But even so, you may be able to find a cheaper policy by looking around and comparing policies before simply renewing your current insurance policy.

Another thing that you may not be happy with is the service provided to you. If you are tired of being on hold for several minutes or dealing with a rude agent every time you contact your company, then this is a good reason to switch as well. Your homeowners insurance representative should be willing to help you with any enquiry with a smiling face and friendly attitude. If you are not getting excellent customer service, then there are plenty of other insurance agencies out there that can give you a better experience.

There are several ways to make the switch to a different provider. One of the easiest options is to compare policies online. What you can do is get instant quotes from several different companies all at the same time. Read through the fine print, such as the coverage limits and the deductible, before accepting any policy. You might also want to compare reviews and testimonials of the different insurance providers to ensure you are happy with the level and quality of customer service.

Once you have narrowed down your new agent you can contact them directly to get a better idea of what products they offer and which are best for you. Or, you can apply directly online and get coverage almost immediately. When the time comes to renew your old insurance, one phone call is all it takes to cancel your policy. Just make sure you have a new one in place before canceling your coverage as you don't want to go even a day without insurance, just in case.

While you can drop your coverage at any time, it is not recommended you do so unless you have another carrier and another insurance policy in place. You never know what could happen. This is why we have homeowners insurance in the first place.

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What People Are Saying

"When a hail storm hit our town and destroyed all my windows, I was glad that I had found this site and was able to get a great rate on homeowners insurance. I've been able to make home improvements with the money I keep saving every month."

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