Switching isn't about nerve, it's about sequence: line up a new policy that's also better in substance first, and only then cancel the old one – with continuity tying the two together at the end. This checklist makes that sequence tickable, whether you're timing the switch for the March window or for your renewal.
- The right order: compare → sign the new policy → cancel the old one correctly → check – the full process, explained: step by step.
- In March, home insurance can be cancelled and switched independently of the renewal date, under the rules in force at the time: the detail.
- It's worth switching when the substance is better too, not just when the premium is smaller – price vs substance.
1–2. Preparation: know what you have
Most switching mistakes don't happen with the new policy – they happen here, at the start: if you don't know exactly what you have, you can only compare premiums, not substance. Two steps, ten minutes:
- Find your current policy and its wording: policy number, renewal date, how the premium is paid and whether it's up to date. That last point isn't a formality: switching options typically apply to open-ended policies with no premium arrears.
- Write out the substance of your current policy: buildings and contents sums insured, riders, deductible, the main limits – without this, there's nothing to compare the new policy against. The home inventory is a good basis for refreshing the sums insured.
3–4. Quotes: numbers and substance
Between two quotes, the premium is rarely the real difference – a limit, a deductible or an event definition more often is. That's why these middle two steps are the slowest, and that's exactly how it should be:
- Request quotes with fresh, real figures: the online calculator (in Hungarian) gives you a starting point in minutes, with competing quotes from several insurers.
- Compare substance, not just premium: event definitions, limits, deductibles and exclusions side by side – the article on comparing offers and the criteria table give you a framework for this. If your current policy is better in substance, the honest answer is: stay with it.
5–6. Signing and cancelling correctly
This is the most sensitive point in the sequence: sign the new policy first, cancel afterwards. Done the other way round, you can end up with days with no cover at all – and a loss doesn't check the calendar:
- Sign the new policy so that its start of cover lines up with the end of the old one – with no gap and no unnecessary overlap.
- Cancel the old one correctly, in writing, in a way you can prove. In the March window, notice is typically given in March, the old policy typically ends on 30 April and the new cover typically starts on 1 May – but the exact timetable always comes from that year's rules and the insurers' own notices: the March-window timeline. For a switch at renewal, keeping to the wording's notice period is the key point: switching at renewal.
7–9. Follow-up: bank, policy, continuity
The last three ticks are the ones people tend to skip, yet this is where the value of switching is finally decided:
- If you have a mortgage, notify the bank, and make sure the mortgagee clause appears on the new policy – for the detail, the loan agreement and the bank's own guidance govern: switching with a mortgage.
- Check the new policy: names, address, sums insured, riders, deductible – a mistake here is a short email now, but a dispute at a claim later.
- Check continuity: the old policy's end date and the new start of cover should join up with no gap – when cover starts.
A question about your own home? Run the numbers in minutes with the online calculator (in Hungarian), or book a free 20-minute consultation →
