Your homeowners insurance is one of the most important purchases you’ll make outside of the actual purchase of your home. This is what stands between your family and potential financial disasters if someone becomes injured while on your property or if your home is damaged or destroyed by covered events.
While you absolutely want to get the best deal possible, you also want to make sure you’re getting the full coverage and protection you need. That’s why it is so important to compare home insurance costs and coverages to make sure you’re getting the best homeowners insurance that’s available.
These are a few things you can do to compare home insurance more effectively.
1) Work with an Independent Insurance Agent
Independent agents work with more than one insurance company so they can compare packages and rates to find the perfect combination of cost and coverage to meet your needs. Agents that are tied to one company only have one set of products to work with and that may leave you with high rates and fewer coverage options.
2) Seek Quotes from Three Companies at a Minimum
The Insurance Information Institute recommends seeking at least three insurance quotes whenever you’re in the market. This will help you compare costs and coverages and may give you a tool for negotiating lower rates with your current insurance company if you’re already insured. This will allow you to find the cheapest home insurance.
3) Ask about Available Discounts from all Companies
You will be surprised by all the discounts that are available – if you ask for them. Don’t forget to ask about things you can do to get further discounts. For instance, you can often install a security system in your home, update the wiring, or even put a new roof on your home to qualify for homeowner’s insurance discounts. Car owners might be able to net huge discounts by installing GPS tracking on your vehicles, improving your credit score, or not filing any claims for a designated period of time.
4) Bundle Policies
Purchase two or more insurance policies from the same insurance provider for huge discounts on your premiums. The more policies you consolidate under one insurance brand, the more you stand to save. However, make sure to include the multiple policy discounts when comparing to make sure that it’s actually the cheapest home insurance for you.
5) Increase Your Deductible
Insurance is a business of risk. Whenever they sell insurance products, they are taking a risk that they will have to pay out in the event that you have an accident. One way they hedge their risks is with deductibles. The higher your deductible happens to be, the lower their risk becomes. They will reward you for this reduction in risk with lower insurance premiums.
You don’t have to search high and low to find great ways to save on your insurance. These five tips for comparison shopping for your insurance will help you save money without sacrificing essential coverage. Put them to work today and see how much you stand to save.
Here at BOLT Insurance Agency, we are an independent insurance agency. That means we work with multiple insurance carriers to get you the best homeowners insurance policy at the best price. Call us today at 1-800-216-4171 or complete our free homeowners insurance quotes form.
