Should you change home insurance?
It makes good sense to periodically review your home insurance coverage, especially if you’ve had recent changes in lifestyle such as a home renovation. Maintaining a relationship with your current insurer can have its pluses such as loyalty discounts and discounts for “bundling” different types of insurance, but there are a number of good reasons for changing home insurance companies.
By comparison shopping, you may get the same or better coverage at lower rates than you’re currently paying. This is especially true if you’re buying a new home. Maybe it’s time to change home insurance if you have issues with the service that you’ve received from your current company when you’ve made a claim in the past.
When comparison shopping for homeowners insurance rates, make sure that you’re get quotes for matching coverages, limits, and deductibles. You don’t want to be comparing apples to oranges and then ending up with coverage that doesn’t suit your needs or is more than you were paying with your former insurer.
Analyzing your existing policy
If you’re thinking about switching your homeowners insurance, the first step is to checkout the existing terms and conditions of your current policy. You don’t want to have to pay any penalties or fees for terminating your policy before its expiration date.
The next step is to evaluate your current coverage needs. Has there been an increase in home value? What improvements to your home have you made since your first purchased it? Have you used upgraded materials for any of your improvements or renovations? If so, you’re going to need to increase your coverage to cover any repair costs that may be necessary in the future.
The last step is to find a company that offers “policy personalization”; in other words, look for a company that offers a variety of coverage options to protect your home, your belongings, and valuables at competitive rates.
Making the call
When making the switch from one insurance company to another, it’s important to let your lender know because your homeowners insurance is most likely paid out of an escrow account that was opened and managed by your mortgage company. If you change home insurance, your lender needs to be able to send your insurance bill to the new company so that you can avoid paying any penalty fees or risking the chance of having your policy cancelled.
If this process sounds complicated and time-consuming, let an independent broker for home insurance save you the hassle and time of comparison shopping. Los Angeles based broker, Dan Fraisse, has been providing clients with excellent service for over 30 years. During that time, Dan has formed working relationships with all of the major insurance carriers, but he’s working for you.
He’ll take all factors into consideration when assessing your coverage needs, and will then find the best possible deal to fit your particular situation as well as your budget. Call our office today to get your free insurance quotes.