Do you still have the same homeowners insurance when you purchased your home? You don’t have to keep the same insurance forever! It may be time to start shopping around for new insurance. Don’t know where to even begin? Well, luckily, you have me!
First things first, read my disclaimer here.
To start shopping around for homeowners insurance, you first should know what coverage you currently have. Locate your declarations page first so you can review your current coverage information. Once you consider the data, you need to decide if you are happy with the amount of coverage, the deductible, and the quality of service you receive from the insurance company. If you are satisfied with everything but are not happy with the premium, then shopping around for some insurance may be right for you. Rather, if you are unhappy with any or all the above, then let’s get started shopping around!
Here are the resources to use with this blog post:
- Homeowners Insurance Quote Questionnaire
- Homeowners Insurance Premium Comparison Worksheet
- Bonus: Auto Insurance Premium Comparison Worksheet
- PDFs and Excel Forms are located under the resource tab.
Are you looking to purely save money? You will want to compare the insurance companies of your choice against the same information to see who has the lowest premium for the same coverage.
There are a few ways to go about getting homeowners insurance quotes.
- If you went through an insurance broker that deals with multiple insurance companies, you can ask them for quotes on other insurance companies. They should have access to all the information they need to get additional quotes for you.
- Or you can find an insurance broker to help you. They can pull quotes for smaller companies.
- You can go online and enter in the information to have a quote emailed to you.
- Email local insurance agents for all the big wig insurance companies like your State Farms, Allstate, Nationwide, Farmers, and so on.
- You should have all the information filled out on your homeowners insurance quote questionnaire before you get started. It will make the process a lot easier for you!
In the first column, go ahead and type out all your current insurance coverage information and the premium at the very bottom in yellow.
Start by looking up other insurance companies. I would do some background checks on these insurance companies and make sure there are no red flags. Check out the company by searching on Am Best.
Next, write down at least 5 insurance companies you want to compare.
Once you have the chart filled out with your current insurance information and about 5 insurance companies to compare, consider the following information:
- Compare the same information! Some insurance companies include coverages that are no additional costs. Consider when making your final decision.
- The higher the deductible, the lower the insurance rate. Is it worth it to you? Can you afford a higher deductible in the event of a loss?
- The cost of purchasing your home is not the same as rebuilding costs. You need insurance to cover the costs of rebuilding your home!
- Don’t skimp on the replacement cost coverage.
- Ask about all discounts that could be applied. If you are not eligible for a discount, ask what you can do to become eligible. Having a home security system can save you money.
- By combining home and auto insurance, you may be able to save on your premium. I have included a bonus download to help you compare auto insurance rates as well! Download now. Set it up the same way you did for the homeowners quote.
- Confirm if your credit score is helping your premium.
- Cheap insurance is not always good insurance! Be wary of super cheap insurance.
- Make sure you are not paying too much for personal property. Create your home inventory and get a good idea of how much coverage you need.
- Be sure to ask the insurance agent what isn’t covered under the insurance policy they are quoting because you will want to be fully aware of coverage before an insurance claim. Check out my article on homeowners insurance to help you understand the types of policies commonly available.
Insider info: Newer, smaller insurance companies will offer lower rates to gather new business. They may use independent adjusters versus staff adjusters too.
Okay, so you have the chart filled out for your homeowners insurance and possibly your auto insurance as well. You have performed research on these companies, filled out the questionnaire, and considered the above. Therefore, you are entirely ready to start shopping for insurance quotes! Take note of who you speak with and any relevant information.
That’s it! Take time to review all the information you have learned while you were gathering quotes. Sleep on it and decide tomorrow what the best option for you and your family is.
The Curious Confidential: What route did you end up taking? What insurance company gave you the best rate? I’d love to know!