Homeowners Insurance: Getting the Most Bang for Your Buck

Shopping for homeowners insurance is an essential step when you’re buying a new home. But homeowners-to-be aren’t the only ones who should be seeking out insurance and comparing rates across different companies. It’s equally as important for existing homeowners who want to refinance their current home, reduce their premiums, and keep their coverage up to date.

Get reacquainted with your policy. Whether you bought and insured your house a decade ago, or even just a few years ago, you may now find that your home is underinsured. Why? Materials and labor for repairs will cost more now than when your policy was created. Additionally, your original policy may not account for recent home improvements. It’s also a good idea to revisit your liability coverage to make sure you’re adequately covered in the event you sustain an injury on your property.

Give yourself adequate time to shop. Whether you’re buying a new home or refinancing, be sure to start your shopping early on in the process. Allow ample time to obtain quotes from a few different carriers; then be sure to carefully compare them before making your choice. Taking the time to do your research in advance will prevent you from making a pressured decision that you’ll later regret.

Provide insurers with a complete picture. Insurance companies require certain information in order to provide you with a quote. So before you provide that information, evaluate your home and its contents to get a good idea of what you’re insuring. Remember: your quote will only be as accurate as the information you provide. Comparing quotes that are full of assumptions and guesswork could be a waste of time.

Be sure to ask about discounts. Talk to your insurer about various ways you can cut costs. For example, insurance companies often provide multi-policy discounts if you purchase more than one type of insurance from them. Disaster-proofing your home or adding specific security measures can also bring down your premium. A higher deductible can also lead to substantial savings.

If you rent, don’t rule out shopping for home insurance quotes. Renters insurance typically covers the loss or destruction of your belongings, and is relatively inexpensive.

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