Questions to Ask When You’re Looking for the Best Rate on Your Home Insurance

Thursday, July 23, 2020, 6:00 AM | Leave Comment

Every homeowner should carry a full-coverage insurance policy on their property.

A typical homeowner’s policy includes coverage for damage to the property through natural causes, like a windstorm, as well as injuries that occur to people on your property, like your dog biting the neighbor.

Most policies are issued for a year at a time with the premium, or payment, due at the time of issuance.

When the twelve-month period approaches the expiration date, you have the opportunity to review the coverage and make any needed changes.

Here are some questions to ask when applying for a new policy or renewing an existing one.

Questions to Ask When You’re Looking for the Best Rate on Your Home Insurance

  • What Deductible levels Do I Need?

    A deductible is the amount you will pay before the insurance policy covers the balance of a claim. Lower deductibles, typically up to $500, may result in a pricier premium. Higher deductible amounts, like $1,000 or more, may reduce the annual policy premium. You should choose a deductible that you can afford to pay if a claim needs to be filed at some point.

  • What Home Updates Might Lower My Homeowner Insurance Premium?

    A homeowner’s insurance quote will often take into account protective features in your home, like a security system that directly links to the fire department or police station. A newer HVAC system, a recent roof repair, or an upgraded electric box may also help to reduce your policy premiums. Ask the insurance agent about the kind of updates that could impact your premium cost.

  • What Are Things to Avoid to Keep My Premiums Low?

    There are several things that will raise your premiums. For example, not doing regular maintenance to keep your home in good condition could be problematic. Some insurance policies are higher when you have a pool on your property. Previous property claims could raise your premiums. Being located far from a fire hydrant or fire department may cause your premium to be more than it otherwise would be. The type of basement you have as well as the number of fireplaces and exterior siding quality might play a role in pricing your premium.

    Be aware of the risks your home has and how they affect your insurance rates. Knowing what insurance companies look at may also affect the home you choose when you’re buying.

  • Do You Offer Bundling Discounts?

    Most insurers will give you a better premium rate when you take out other policies with their agency as well. For example, many people keep their homeowner’s policy, auto insurance policy, and other coverages for boats, motorcycles, and similar things at the same insurance company. This usually results in a lower premium for several or all of the policies.

Be frank about asking questions to get the best homeowner’s insurance rate. The agent wants to provide helpful information so you can make an informed decision about policies that affect you as well as your family members.

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