Getting home insurance quotes is the first step in buying home insurance. You shop around, talk to friends, and educate yourself to get the best product. Home insurance rates can vary greatly from company to company, house to house and location to location. Most people, like us, are interested in getting the best policy for the lowest price. While you may shop for the best deals around online, there are also advantages galore if you meet insurance agents face to face.
Here are a few things you can do to ensure that you are getting the best possible deal on your homeowners insurance:
Factor in insurance costs when buying your home: When an insurance company is deciding your premium they are going to look at its age, the materials used to build it and the location.
Find out what your insurance may cost you before you buy the house you have been eyeing. It may turn out that that classic house isn't such a great deal after all.
Take the Time to Shop Around: Get as many quotes as possible if you want some big savings on your insurance. It may not be exciting but is worth it. The best way to get multiple insurance quotes is through an online referral services. By providing your information into the referral system you will be able to get multiple insurance quotes from insurance agents in your area. Shopping around for insurance is the best way to find out if you are getting the best deal available.
Do Your Homework: You may be offered the lowest homeowners insurance premium in the world but it stands to your disadvantage if the company goes out of business when you make a claim. Read up as much as possible on the the insurer and the policy you are keen on.
The resources for doing this are plenty. Your state department of insurance should have information on the licensing status of a company as well as any actions taken against an insurance company by the state. Check for information on consumer complaints and the financial status of the company.
Fidelity is the key – If you have been with an insurance company for a long time then you may be up for a discount. If you are able to find a homeowners insurance policy with a solid company you will be able to stick with that company over the years.
Know Your Deductible: Your homeowners deductible can substantially change your monthly premium. Do you want a home insurance policy that will cover damages large and small or are you just interested in having a policy that will cover you for major damages to your property?
A comprehensive homeowners insurance policy will be a low deductible plan. If you are more interested in saving money, it may be best to go for the higher deductible and take the risk for smaller claims.
Insure the home not the land: There is a big difference between the cost of your house and the cost to rebuild or replace your house. Remember that damages happen but the value of the land on which the structure is built remains the same. It is unnecessary to insure the land under your home. When insuring your home you can save money if you just insure the value of the home and not the land.
Ensure adequate coverage: Take an annual inventory of the items in your home and try to assess the value of your possessions routinely. Many a times, you will find that your have over insured your home and its contents. At other times you may find that the coverage is not suitable for the items purchased over the previous year.