Top Tips on How to Find the Best Home Insurance

Like many things you spend your money on, homeowners insurance rates are rising. In fact, in 2017, rates had a 1.6% rate increase. Then again, in 2018, rates rose another 3.1%.

Like most homeowners, you might be looking for ways to trim some of your homeowner insurance costs. With home insurance rates inching upward, you might wonder where to get the best rate on home insurance. 

Read on for tips to ensure you have the best home insurance to cover you and your home.

Get Quotes 

You have to shop around if you want the best home insurance rates. The good news is that many major insurance companies now allow you to get basic quotes online. 

Visit insurance websites and enter your information for a rate quote. If you compare rates,  you want to make sure you have identical coverage between the rates being compared. 

Make sure the amount of coverage and deductibles match before comparing; otherwise, it’s not an accurate rate comparison.

Evaluate Your Coverage 

As you compare rates, it’s essential to take the time to know exactly what your rate covers. 

Most insurance companies will cover damage to a roof or a fire. Yet, they may not cover certain types of storms like hurricanes or mold. 

If you live in an area with a propensity for higher-risk claims, you need to make sure you can add on the coverage you’ll want and need. 

Check Ratings of the Insurance Company

Not all insurance companies are created equal. Take the time to go online and compare ratings between insurers. 

Companies like AM Best or Demotech will offer an objective rating and evaluation of the insurance company.

One important consideration is their financial standing. Will the insurance be able to meet claim obligations if there is a widespread disaster in one area they cover

Evaluate Your Deductibles

As you shop around for rates, one thing to consider is the amount you’ll pay in a deductible should you need to make a claim. 

The higher your deductible amount, the lower your insurance rates. Ideally, you want the highest deductible you can afford if you need to make a claim.

You can save on the rates and use the money to budget for a higher deductible. Then you only opt to make a claim if it’s large enough to substantiate paying that higher deductible. 

Consider Options for Additional Coverage 

You also want to consider if there is any additional coverage you might need. For example, do you have an art or jewelry collection or live in a region prone to hurricanes or fires? 

Some insurance companies allow you add-on policies for things not part of the standard coverage. This is the reason it’s so important to know what coverage you have in place. 

Look for Hidden Discounts

Insurance companies have no trouble charging you or even raising your rates. Don’t be afraid to ask for discounts to get the best deal on home insurance.

Some insurers will provide automatic discounts for certain features on the home, like extra security or water mitigation. They also offer special discounts for membership for specific organizations or professions. 

Tips to the Find the Best Homeowners Insurance

Nobody likes the idea of paying homeowners insurance until an event happens where you need coverage. Don’t be afraid to follow these tips to secure the best insurance possible for your home. 

For other insurance tips that could save you money, be sure to visit our insurance page for more resources and articles.

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