What’s the Best Time to Shop for Home Insurance?
It’s hard to know when to shop around for your home insurance, as there are no set guidelines in place unless you’re moving or getting married. Because of this mysteriousness surrounding home insurance, here we have ascertained some guidelines to help you decide that it’s time to look into your home insurance.
Buying a house
This is, of course, the most obvious one, as it’s critical to insure your new investment. You should take out a home insurance policy before you close on the home, although bear in mind that you may not know everything you need to know about the property if you don’t live there yet.
When your home’s value changes
The most obvious time that your home’s value changes is when you have extension work or restoration work done. Whether you’re building a large storage shed or you’re remodeling your bathroom, any major changes which affect your home’s value need to be accounted for in your home insurance policy or you’ll risk being underinsured.
After you buy expensive items
Your personal property is covered by your home insurance, so you should consider adjusting your policy or shopping around if you decide to bring home a 50-inch 4K TV or a priceless set of golf clubs one day. Sometimes your current insurer may raise your premiums substantially if you buy a bunch of high-value items and put them in your home, so it may be a good idea to shop around at this point if necessary.
When your premium goes up for no apparent reason
Home insurance premiums are inevitably affected by factors outside of your control such as burglaries and floods in your local area. Most homeowners will realize these changes when it comes time to renew their policies, and this may be a good time to shop around. It may turn out that your premium is low when compared to other insurers who have also adjusted their rates according to new data, or you may find that your insurer is taking advantage of you. Whatever happens, there’s no harm in heading to your laptop and finding out whether other insurers would also charge you similar premiums for forces out of your control.
When switching auto insurance
Many companies offer combined bundles for home and auto insurance, meaning that you could be entitled to generous discounts if switching your policies in one fell swoop. However, entangling your insurance policies in this way can make things complicated if you want to switch or amend things in the future. For example, if you get a new car or move, you might find that your rates are adversely affected.
When you’re not satisfied with your current insurer
We’ve all heard horror stories of insurers not paying out when the time comes, and this is an obvious alarm bell if you’ve had a bad customer experience with an insurance company. In an ideal world, your insurer should be customer-oriented, knowledgeable, and they should fill you with confidence. There are many polls and surveys available which detail the best companies for customer service and satisfaction – insurance providers are no exception and you should look to switch if you’re unhappy with how you’re being treated.
If you are dropped as a customer
Insurers are indeed able to drop you as a customer, although it obviously depends on the circumstances and their reasons for doing so. If your insurer does drop you, try to find out the exact reason(s) why and take note, as this information could help you to negotiate a deal which covers you when looking for alternative insurance providers down the line. Take note of the dates and amounts paid, as this information is important, and be sure to maintain a record of your claims and any relevant details. You could also order a CLUE report in order to help you with your insurance shopping process.
Home insurance ultimately protects what is usually your largest asset – your home. As a result, it is important to speak to a team which is knowledgeable and up-to-date on the latest developments in home insurance policies and premiums. If you need help, contact us today and see how we can assist you in your personal situation.