Your homeowners insurance policy is just like anything else you purchase. Prices will change over time, and there will always be another insurance company out there that would love to try and earn your business. Taking the time to review your homeowners insurance regularly will not only save you money. Still, it will also give you leverage so that you can get the best possible coverage for your property.
Insurance Companies Compete for Your Business
Insurance companies always compete with one another for your business. If you have had the same homeowners policy for several years, take the time to review it. The odds are your insurance company will go over your approach and try to match another company’s quote so that they can keep your business. When it’s time for a review, check with at least three companies so that you have a good idea of what options are available.
Various Life Changes
Life changes like a new job, a child’s birth, a marriage, or a child going to college can significantly alter your homeowners insurance. When you experience a significant life event, you should immediately call your insurance agent and request a review of your policy. They can go over your existing coverage and find out how your new lifestyle change affects your policy. Home remodels aren’t necessarily considered a lifestyle change. However, they have a dramatic impact on your home’s overall value and warrant a call to your insurance provider to review the possible effects on your homeowners insurance.
Changes in the Economy
Changes in the economy and transitions in your insurance company’s financial standing may also play a role in calculating premiums. Reviewing your homeowners insurance policy once every year or so will allow you to monitor changes in your insurance company’s financial stability. Comparing their quote with quotes from other companies may provide you with valuable insight into how your insurance agency operates. It might just be the perfect opportunity to transfer your policy to a more financially sound company.
No Claims
One thing that many homeowners tend to overlook is the fact that they haven’t filed a claim in a very long time. Others may not have filed a claim at all. While this may not lower your rate, it may prevent them from rising. Reviewing your policy regularly is one way to determine where you stand with your insurance company. The fact is, another company may be able to provide you a much better rate simply because you have no claims on your record.
If saving money is your goal, one of the first places to look is your homeowners insurance policy. Reviewing your policy every year or so allows you to get the best possible rates available. Go bargain shopping. Ask for quotes from multiple agencies so you know what premiums are being offered. Contact ISU-Wissink today and talk to an agent. They will be able to provide you with a quote and offer you sound advice on how to lower your monthly homeowners insurance premiums.