Should you change home insurance companies?

Home insurance is something that every home owner needs to have before they move into their new home, condo or apartment. However not every home owner knows where to begin shopping for home insurance.

The key to shopping for good home owners insurance is to trust your insurance company and make sure you are getting the best deal for the coverage that you need.  Just as many people shop around for the best rates and services for a credit card they should also shop around to find the best price and the best service offered for their home owners insurance.

Compare apples to apples

If you are unhappy with your current insurance company you definitely have the option to change insurance providers, however there are a few things that you need to know before making the change.  If you are unhappy with the service provided by your insurance company then you should definitely shop around to find another insurance provider.

When you shop around for home insurance quotes every insurance company is going to ask you if you have ever been declined for home insurance and if you have had any recent claims.  If you answer yes to either of these questions your insurance premiums will be more expensive and in some cases you may even be declined (again) for home owners insurance.

If price is the main reason why you are unhappy with your home owners insurance provider keep in mind that cheaper is not always better.  The insurance company with the cheapest insurance premiums may not be the most trustworthy or sustainable insurance company and therefore you have to be careful when shopping around for home owners, tenants or condo insurance.

Always compare apples to apples when shopping for home insurance.  Make sure that you are getting insurance premium quotes for the same amount of insurance, the same type of additional insurance as well as the same deductible. This is how you know you are getting the best deal possible – when you are getting the exact same service at a low price.

Changing insurance companies

If you decide to change your home insurance provider you should make sure that your payments will not be interrupted, otherwise you may find yourself without insurance.  When you cancel your home owner’s insurance policy you may owe your insurance company money or you may receive a refund depending on when you are cancelling your insurance as well as your method of payment.

When shopping around for a new home owner’s insurance company ask for additional insurance discounts based on your age, other insurance products that you have with the same company, your profession and your credit score.  You never know what type of discounts you can receive until you ask, so be sure to inquire when you are shopping around.

A good place to start shopping for a new home owner’s insurance company is with your financial institution. Most financial institutions have an insurance division or they have an affiliation with an insurance company, this can also help you get discounts on your home owners, condo or renters insurance.

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