Not all insurance carriers are created equal. When it comes to an emergency, you want to know that your insurance will be there for you. Choosing your carrier carefully will help protect you and your home in your time of need. We’ve got 5 tips to help when searching for the right fit for you.
- Consider getting at least three to four quotes from different home insurance companies. Be sure to assess coverages, limits, and deductibles. A simple search online will bring up opportunities for quotes and comparisons of companies.
Get the Coverage You Need
- It’s important to know what a policy covers or does not cover. There are many scenarios and possibilities, so you want to ask questions and do your research to make sure you have adequate insurance to cover any possible damages.
- Remember that most basic policies have limits, so you may need to add extra coverage to be adequately insured. You will also want to pay attention to things left out of coverage limits, or whether you will be reimbursed purchase price or depreciated value for your home and its contents.
- Know the value of the items in your home. Taking a home inventory can help you identify what kind of insurance you will need to cover valuables should they become lost or stolen. It will also help you decide if you need extra coverage for larger ticket items such as jewelry, art, or heirlooms.
- Some carriers may not provide the specific coverage you’re looking for, and you may need to go elsewhere to get the protection you need.
Check Reviews & Ratings
- Always check out customer reviews and ratings before committing to an insurance company.
- Do not make the mistake of sacrificing bare-minimum pricing for adequate protection or service. You want an insurer that will be quick to handle your claim and provide fair estimates for damages.
- Insurers with high ratings tend to have the best service in dealing with claims and payouts. Whether they are accessible 24/7 is also an important item to consider. Lower-rated insurers tend to have more disputes with damage estimates and lower satisfaction with claim turnaround times.
- To access reviews, comparables, and ratings, try visiting one of these links.
Review Your Policy & Make Changes
- A lower rate, discount, or improved coverage is a good reason to make an insurance switch. Receiving bad service may also be an indicator it’s time to make changes.
- Big life changes, such as purchasing a new home, are also a good time to shop and compare rates.
Look at How to Save
- Many insurers offer discounts for behavior that lowers your risk. These might include shutter installation, burglar alarms, deadbolt locks, smoke detectors, and waters safety systems.
- It’s cheaper for insurance companies to service customers with two policies. They will often offer discounts up to 20% when homeowners link their auto and home insurance.
- Insurers give better rates to those with good credit history. Work on boosting your credit score to increase your chances of a better rate.
- Discounts may also be available to first time home buyers or certain groups of people like those in the military, or senior citizens.
Having a reliable insurance carrier is an important part of being a homeowner and will add a lot of protection if there are damages to your property. Check your policy often to make sure you are properly covered, always discuss questions and concerns with your agent, and make changes to your carrier if you feel it is no longer a good fit.
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