Switching homeowner’s insurance providers is not difficult in the least. Contrary to popular belief, the process is not fraught with hassles, complications, and inconvenience. In fact, it can take less than 24 hours to complete. Most people switch homeowner’s insurance companies simply to save money. Those who refuse might think the process is too complicated. Others may think their mortgage lender won’t allow it, but that’s hardly ever the case. Almost all homeowners can choose new insurance providers, avoid hassles, and save a great deal of money in the long run.
Homeowner’s Insurance Quotes
You can get homeowner’s insurance quotes online or over the phone, so research at least three companies you think would suit your needs. Compare prices and policies, but also do your research on the company itself. Many providers offer discounts to customers who combine their auto and homeowner’s insurance. A low homeowner’s insurance quote could lead to huge savings, but it could also be a curse in disguise. Make absolutely sure that the new policy offers ample coverage before changing your insurance provider. Coverage you might want to consider includes smoke damage; electrical damage; fire and lightning windstorms; hail, ice, and snow; freezing damage; falling objects; theft and vandalism; damage by vehicle; and plumbing floods.
Changing Homeowner’s Insurance
Homeowners often have their lenders pay homeowner’s insurance, the cost of which is simply added to the mortgage. Check your mortgage agreement to see if you can switch policies. Most will say that while your home must be covered for a certain amount, the lender cannot control who you choose as your homeowner’s insurance provider. Begin by ordering your new policy after you choose the best homeowner’s insurance quote. Then ask them to notify your lender. One the change has been verified, cancel your old policy. Keep track of every single piece of paperwork along the way; make copies if you need to, in case anything gets lost by the lender. Proof that your new policy is in effect will be especially important, so store it in a safe place.
Lowering the Premium
Certain changes to any new policy could make it even lower. Homeowners could start saving by raising the deductible. Homes with pools and trampolines are considered dangerous, and even pet dog breeds make a difference in premiums. Avoid these costly additions whenever possible. You could also upgrade your home for safety. Installing a burglar alarm; fire alarm; sprinkler system; fire extinguishers; deadbolt locks on exterior doors; new electrical wiring; and an updated heating system may help lower your premium. Simply ask your provider what else you can do to save. Some companies offer discounts to anyone over 55 years old, though you don’t have to be a senior to get lower homeowner’s insurance. You just have to do your homework.