As you searched for your current home or auto insurance policy, you probably did the "right thing" and compared prices before you settled on the policies which you bought. Now, you're mid-term with your policy and you've found that another company is offering cheaper policies. Being the money-savvy consumer that you are, it might make sense to switch policies mid-term, but is this possible? In many cases, it's probably acceptable, but it's often not the best decision. You may incur fines, the process will require a fair bit of time involvement, and you might be anxiously waiting weeks or months for your refund check to arrive in order to pay for the new policy.
Recent reports reveal that in the United Kingdom, over 85 percent of all homeowners are happy with researching online insurance quotes and purchasing their home insurance policies either from an insurance company’s website or from a comparison website. U.S. consumers seem to be following the same trend—and to their advantage. By cutting out the middleman, consumers no longer rely on insurance agents or brokers to explain their policies to them, but instead are forced to go right to the source. This means that nowadays, consumers spend more time reading their homeowners quote in order to fully understand the terms and conditions, coverage and limits.
When you purchase insurance, regardless of whether you buy a home, auto or health insurance policy, you do so with the expectation that if and when you have to file a claim for a repair, the company will process the claim quickly and that will be the end of it. Unfortunately, things don't work that way in the world of insurance.