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

Homeowners can make changes to their policy at any point during their policy period. If you want to compare home insurance quotes, add or remove coverages to see how your potential rates change. Homeowners pay $91/month, on average, for their home insurance. If you want lower home insurance rates, don't add or remove coverages. Instead, you should always see what discounts your insurance company has to offer you.

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Chris Tepedino is a feature writer that has written extensively about home, life, and car insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Flow Words, Healing Law, WIBW Kansas, and C...

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Dec 29, 2021

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The Rundown

  • Coverage limits can be changed at any time in your policy period
  • You should never reduce your insurance coverage simply to gain less expensive rates
  • You can compare home insurance quotes online to find the best coverage options for your needs.

The next time you go to update your homeowner’s insurance, you may be shocked at how truly customizable and accessible your policy really is. You can usually update your coverage limits any time, day or night, via your insurance company’s mobile app or website.

Some insurance companies even offer an all-hours service line that you can call in the event that you would like to remove or purchase additional coverage insurance.

Now, it’s vital to remember that when you add or remove coverages, affordable home insurance shouldn’t be the only target in your sights. You should always make sure that you have adequate coverage.

If you want to add or remove coverages, enter your ZIP code and compare free quotes from different companies at different coverage limits.

How often should you update your homeowner’s insurance policy?

It’s best to make changes to your homeowner’s insurance policy whenever you experience a major change. For example, if you build an extension onto your home, you may feel that your liability coverage is too low. So, you can look into updating your homeowner’s insurance coverages.

Of course, before you make any drastic changes to your insurance policy, you should review —and make sure you understand — all the coverages that your policy contains.

A common stumbling block for many property owners is the failure to recognize the difference between additional coverages vs. coverage extensions.

So what are additional coverages?

While additional coverage is coverage for indirect losses that wouldn’t have been covered by the original structure of your policy agreement, coverage extensions provide extra insurance for what is already covered in your policy.

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How much does homeowner’s insurance cost?

If you’re thinking of changing your coverage amounts, whether by removing additional coverage of property or buying extra coverage, then expect to see a change in your policy rates.

So how much does home insurance cost? While every homeowner will have to pay a different rate, this table can give you an idea of what you may be paying for different amounts of coverage:

Average Home Insurance Rates by Coverage Amount

Coverage Limit RangeAverage Monthly Home Insurance Rates
$49,999 and Under$54
$50,000 to $74,999$62
$75,000 to $99,000$69
$100,000 to $124,999$74
$125,000 to $149,999$78
$150,000 to $174,999$82
$175,000 to $199,999$85
$200,000 to $299,999$93
$300,000 to $399,000$106
$400,000 to $499,000$124
$500,000 and Above$179
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Just like car insurance, homeowner insurance rates are calculated by examining several factors. An insurance company will take your credit score, your home’s age, address, and more into account when determining how much you will have to pay per month.

Here’s a good tip for shopping online for homeowner’s insurance: Always play around with different coverage amounts in the quotes.

To see how home insurance rates fluctuate, add or remove coverages on multiple quotes to examine which companies can offer you the coverages you need at the best possible rate for your budget.

When can you get a new homeowners insurance policy?

As a homeowner, you have the right to change your home insurance company, add or remove coverages, or choose between paying monthly or annual rates. Essentially, your insurance policy is under your control.

Of course, if you have a mortgage on your home, there are some steps you’ll need to take when moving to a new insurance company. During the finalization of the quote, you will need to give your new insurance company some information:

  • Your loan number
  • The name of the mortgage company
  • The mailing address for the mortgage company

Providing this information means your new insurance company will send a notice to the mortgage company informing them of the switch on your behalf.

If you’re thinking of working with a new insurance company, you’ll want to make sure you’re giving your business to the best in the industry. Scroll through this table for the top insurance companies in the United States:

Top 10 Home Insurance Companies in the United States

RankCompaniesDirect Written PremiumsMarket Share
1stState Farm $19,717,03218%
2ndAllstate Corp.$9,773,4979%
3rdUSAA Insurance Group$7,362,7477%
4thLiberty Mutual$6,991,2836%
5thFarmers Insurance Group of Companies$6,043,8656%
6thTravelers Companies Inc.$4,866,3574%
7thAmerican Family Insurance Group$4,442,4674%
8thNationwide Mutual Group$3,344,1813%
9thChubb Ltd.$3,113,1493%
10thProgressive Corp.$1,897,2252%
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As you may have realized, pricing isn’t everything when it comes to your homeowner’s insurance. Trusting the integrity of your chosen insurance company is very important. And so is making sure you have the best coverage to protect you and your assets.

Of course, knowing how to save money on your home insurance policy wouldn’t hurt. Thankfully, there are many ways for you to do just that.

Are there discounts available for homeowners?

If you think you need to add or remove coverages to buy home insurance, think again. There are plenty of discounts you can use to lock in affordable home insurance rates.

The next time you sit down to review your home insurance policy, use this list of every money-saving opportunity available:

Common Home Insurance Discounts
New Roof
Electrical Upgrades
Fire Alarm
Home & Auto
Home & Life
Home & Umbrella
Sprinklers
Security System
Gated Community
Water Safety System
Paid in Full
Customer Loyalty
Claim Free
New Home
Fire Resistant Construction
Storm Shutters
Plumbing Upgrades
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With this tool in hand, you hopefully won’t have to remove essential coverage from your policy to save money on your rates. Reducing coverage that you need can have devastating results in the long run.

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Update Your Coverages: What You Need to Know

As a homeowner, you have more control over your homeowner’s insurance policy than you realize. Since you can make changes to your policy at any point during your policy period, you can add or remove coverages to meet your needs no matter what life brings your way.

Of course, you should avoid dropping coverages just to obtain cheaper rates. Your homeowner’s insurance policy is there to protect you and your assets. If you ever need to file a claim, you’ll want to be sure that you have all the coverage you need. Gouging your policy will only hurt you.

Instead, make use of the discounts your insurance company has available for you. Bundling your insurance with one company is a great way to reduce your insurance rates.

Don’t forget — when shopping for home insurance quotes, add or remove coverage to conduct accurate price comparisons. Enter your ZIP code below to add or remove coverages to free quotes and find the best policy for you.

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