Around. While this is time consuming, it's usually well worth the
consumer's time to make some calls and inquiries. The public is usually
not aware of individual insurance companies "growth strategy".
Company A might be raising rates to lower exposure in a market, while
Company "B" may be looking to grow in a certain market.
2. Give the
agent full disclosure of your circumstances. If your home is equipped
with a monitored security alarm, tell the agent. You may have a hail
or fire resistant roof, be sure to disclose this. Remember, this is
your home, you know it well, the agent does not. If you have prior claims
(customarily in the past three years), now is the time to disclose them
to the agent. Better to get a true and accurate quote than a "suprise"
premium when the policy is issued.
3. Ask the
agent coverage questions. A good example of this is "What Insurance
Form is this policy written on?" Be prepared for the agent to give
you a minature education on insurance. Usually, each state uses an approved
form, promulgated (defined) by that states Department of insurance.
For example, Homeowner Form "A" may be an "Actual Cash
Value" policy, while Form "B" may be a "Replacement
Cost" policy. No home owner wants to find out during a claim "What
is covered and what is NOT covered".
similar coverages and policies when comparing rates. Don't fall
into the trap of getting $150,000 dwelling quote from Company "X"
and a $175,000 quote from Company "Z". The public often refers
to this type of shopping as "comparing apples to apples".
It's a good approach, most insurance shopper should use it.
about Multi-Policy Discounts. Most insurance companies are likely
to give you a better rate if you bring your auto insurance or life insurance
business over to them. Compare the "Whole Package price" to
see if moving all of your insurance to one carrier is financially justified.
Take a higher deductible. Sharing the burden of a potential claim
is normally a great way to lower home insurance costs. Considering a
1% deductible over a $500 deductible might make fiscal sense. Insurance
companies are stressing the use of insurance more for true catasthophes
versus minor "upkeep" on homes. Insurance was always meant
to be for major losses. If you are a habitual claimaint, you may find
yourself being "non-renewed" by your insurance company and
in this event, it will be more difficult to acquire new home insurance.
7. Keep your
credit history clean. Many insurance companies are now using credit
algorithms to determine the "likelihood and severity" of possible
claim. While maintaining a good credit history is often times out of
the home owner's control (due to mitigating circumstances), know that
credit reports and loss history are usually major factors in getting
the best rate on home insurance.