Can I add or remove coverages in the middle of my policy?

If you need affordable home insurance, don't add or remove coverages for a lower rate. Your home needs to be properly protected so you can keep yourself and your loved ones safe if something were ever to happen to your home; however, you can lower your rates with discounts and shop online for a better insurance company. When you shop for home insurance quotes online, add or remove coverages to see which insurance companies can get you the best coverage for the lowest rates.

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jan 20, 2022

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Overview

  • Homeowners can adjust their policies as needed
  • Discounts can keep your insurance rates
  • Homeowners can shop online to find the best insurance company for their needs

One of the most amazing things about being human is that you will not be the same person that you were last year. Humans are constantly adapting and evolving so it makes sense that your homeowners insurance would do the same to match your needs wherever you find yourself in life.

Insurance companies understand that a lot can happen outside of their business hours which is why most companies offer 24-hour access to your policy via a customer service line or through a mobile app so you can remove or purchase additional coverage insurance at any time of day.

Of course, if your main goal is to buy affordable home insurance, don’t add or remove coverages simply for a lower monthly rate. Your home needs to have proper protection so you can keep yourself and your loved ones safe if something disastrous were ever to happen to your home. But there’s no need to be disheartened because there are ways to get the coverage you need at the rates you want.

For example, if you shop for home insurance quotes online, get a few quotes at once. This way, you can be sure you’re comparing like products with similar coverage rather than being thrown off by seemingly lower rates when one company cuts key coverages. Easy online calculators that ask you basic questions like your address, the amount of personal property coverage you want, etc. make the process much simpler in many ways. A licensed insurance agent can also run quotes for you while making sure you’re not missing out on important coverages that will protect your home and family.

Enter your ZIP code for free insurance quotes so you can add or remove coverages to find the best policy for you.

When should homeowners update their insurance policies?

When you experience a major life event, you should update your insurance policy. A major life event may not always feel drastic, but if you’re about to experience any of the events listed below, you should review and update your insurance policy:

  • Getting married
  • Buying a new home
  • Having a friend move in with you
  • Starting a home business
  • Adding an extension to your home

All of these events should be considered major as the previous coverage limits you had may not be enough to protect your home in its current state. Of course, with such events, typically you’ll need to increase the coverage limits on your policy rather than reduce it. In the event of even a moderately sized claim, though, it could save you hundreds of thousands of dollars out of pocket or in straight losses.

Now, all homeowners should be sure that they are educated on what coverages are actually contained within their policies, like additional coverages vs. coverage extensions, and should be knowledgeable of what those coverages offer them before making any drastic changes to their policies.

So what are additional coverages?

When you have additional coverage on your policy, there is coverage for indirect losses that wouldn’t have been covered in the original write-up of your policy. Coverage extensions, on the other hand, offer additional coverage to items that are already protected by your policy.

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How much do homeowners pay for insurance?

What you need to know about homeowner insurance policies is that no two policies will cost the same. For example, if you and your neighbor both have the same style of cape cod home, but then you have some additional coverage of property removed because you have given away some heirloom furniture that you no longer need coverage for, your rates would not match your neighbor’s. Anything from square footage and age of your roof to the distance between your home and the nearest fire hydrant can affect your rates.

This begs the question: How much does home insurance typically cost? If you’re interested in purchasing a home and want to have some sort of idea of what you may be paying for your insurance policy, you can use this chart as a reference to find the average rate of home insurance in the state where you live.

StateAverage Monthly Home Insurance Rates
Alabama$117
Alaska$82
Arizona$70
Arkansas$118
California$89
Colorado$135
Connecticut$125
Delaware$73
District of Columbia$105
Florida$163
Georgia$109
Hawaii$95
Idaho$64
Illinois$92
Indiana$86
Iowa$82
Kansas$135
Kentucky$96
Louisiana$166
Maine$75
Maryland$89
Massachusetts$129
Michigan$82
Minnesota$117
Mississippi$132
Missouri$115
Montana$103
Nebraska$131
Nevada$65
New Hampshire$82
New Jersey$101
New Mexico$90
New York$110
North Carolina$92
North Dakota$108
Ohio$73
Oklahoma$162
Oregon$59
Pennsylvania$79
Rhode Island$136
South Carolina$107
South Dakota$107
Tennessee$103
Texas$163
Utah$61
Vermont$78
Virginia$86
Washington$73
West Virginia$81
Wisconsin$68
Wyoming$99
National Average$101
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As you can see, location plays a large factor in your insurance rates, but your address isn’t the only piece of information that insurance companies require to calculate an accurate insurance rate for you. Let’s take a closer look at how insurance companies determine your rates so you can be better prepared when shopping for insurance online.

How Insurance Companies Calculate Homeowner Insurance Rates

Insurance companies need applicants to go through an underwriting process that involves a complicated formula that uses your personal information to determine how much you will pay for your insurance. So when you apply for an insurance quote, you must be prepared to share your:

  • Full Name
  • Marital status
  • Gender
  • Age
  • Building’s construction style
  • Claims history
  • Credit score
  • Preferred coverage limits
  • Personal items that need to be covered

When you’re shopping online for insurance, make sure that you are thorough when comparing quotes from different companies. In order to see how drastically home insurance rates vary, add or remove coverages on your quotes so you can find the company that best suits your needs.

When can homeowners switch to a new insurance company?

As a homeowner, you can switch to a different home insurance company, add or remove coverages, or even cancel your policy whenever you want to, although it is not advisable to cancel a policy unless you no longer need it. For example, if you wanted to downsize from your own home to a rental apartment then you would cancel your home insurance after you completed the sale of the original property. If you still own the home and are renting it to another party, you would need to have a dwelling policy that accounts for renters if you have a mortgage.

Now, if you are still paying a mortgage on your home, you must keep your mortgage company in the loop whenever you switch to a new insurance company. Generally, insurance costs are billed to and paid to your mortgage company. They’re also a beneficiary in a way should something serious happen leading to a need to rebuild and restore your home.

Thankfully, doing so is a rather simple task. When you purchase a new policy, request the company’s loss payee clause and add your loan number at the bottom. With this information in hand, the new insurance company will be able to notify your mortgage company on your behalf.

Prior to switching insurance companies, you should make sure that you aren’t being led astray by flashy deals. When you are interested in a new insurance company, take your time and conduct research to verify that the company is reputable, financially strong, can provide the coverages you need, and also offers great opportunities for you to save.

Do insurance companies offer discounts for homeowners?

When you buy home insurance, add or remove coverages as you need to do so; you avoid removing coverages due to budget constraints by making use of the discounts that your company has to offer you. The next time you review your insurance policy, you may be surprised to learn just how many discounts could be applied to your policy. If you’re not sure what discounts you may be eligible for, feel free to use this chart as a guide:

Common Home Insurance Discounts
New Roof
Electrical Upgrades
Fire Alarm
Home and Auto
Home and Life
Home and Umbrella
Sprinklers
Security System
Gated Community
Water Safety System
Paid in Full
Customer Loyalty
Claim Free
New Home
Fire Resistant Construction
Storm Shutter
Paperless Billing
Plumbing Upgrades
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Now that you know that you can employ other methods to afford the coverage you need to properly protect your home, gouging your coverage limits should never be your first course of action when trying to save money. While cutting costs is not a bad idea to stay on budget, you should look first at policy and make sure that you aren’t missing out on any opportunities to save.

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Updating Your Coverages Explained

Your home insurance policy is just that — yours, and so, you have the ability to update it and change it when needed. As your life continues to change and evolve, your policy should too. Your coverage limits will need to match where you are in your life so review your policy at every renewal period to make sure that you have the protection you need.

Of course, if you are unhappy with your current insurance company, you can always shop online to find a company that is better suited to your needs. Now, make sure that you don’t cancel your policy before purchasing a new one as doing so could leave you unprotected if something were to happen in the period when you didn’t have insurance.

Add or remove coverages on free insurance quotes when you enter your ZIP code today and find the best policy for your needs.

Free Insurance Quote Comparison

Enter your ZIP code below to compare cheap insurance rates.

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