You can switch homeowners insurance at any point in the policy period, and the old carrier refunds the unused portion of the premium you already paid. No waiting for the renewal date. You cancel the old policy mid-term, collect the prorated refund, and start paying the new company. If your taxes and insurance run through an escrow account, tell your mortgage servicer about the change so they update the account, pay the new policy from escrow, and credit you for any refund. One caution worth taking seriously: bind the new policy so it takes effect before you cancel the old one. Never be without coverage, even for a single day. A lapse creates problems with your lender, who requires continuous coverage, and it leaves you exposed if something happens in the gap. Beyond that, the mechanics are simple, which is exactly why it pays to reshop your coverage periodically rather than assuming you are locked in until renewal. If a better rate shows up mid-year, take it, as long as the handoff has no coverage gap.