My Home Insurance is Currently with my Mortgage Provider, am I Allowed to Switch?

When you purchase your home, usually you need a mortgage. As part of most mortgage agreements, the mortgage provider will require you to take out buildings insurance. The easiest way of doing this at the time of setting up the mortgage is to go through the mortgage provider, however, there is nothing that says that you have to stick with the same home insurance throughout the term of the mortgage. Usually as long as you have sufficient buildings insurance in place, then you are able to switch.

Before switching policies though, it is always a good idea to inform your mortgage company that you intend to switch and check that this is ok to do. This way you will get peace of mind knowing that you are doing the right thing. Another good thing that often comes out of this situation, is that your mortgage provider will try to match the quotation you have been given by the other company, meaning that everyone is a winner at the end of the day.

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