You may change homeowners insurance at any time, you are not required to wait until it ends.  If you change homeowners insurance policies in the middle of your term, the old insurance company will prorate the unused portion and send you a refund.  If you have an escrow account through your mortgage company, make sure to return the prorated refund back to your mortgage company with instructions to apply it back to your escrow account.  This will keep your monthly mortgage payment balanced.