Why you benefit from multiple home insurance quotes
When you buy a house or a car, you don’t just buy the first one you see on the market. You probably spend hours figuring out pros and cons, and deciding what the best fit would be for you. There’s no reason choosing your home insurance in Canada deserves any less attention.
Depending on the value of your home you may find yourself spending about $1,000 a year to protect it. Over the lifetime of a typical home that actually adds up to a pretty hefty purchase for most people. It’s in your best interest to get the lowest possible price for your home insurance policy. Here are a few ways you can benefit by getting quotes from multiple insurers when shopping for home insurance.
Get a lower rate without switching providers
If you already have a homeowner’s policy with a provider that you like, you may still want to compare rates online. If you find someone offering you a lower rate that can help provide you with a starting point when it comes to asking for a lower rate come renewal time. When you talk to your agent, you can be prepared with multiple home insurance quotes, and negotiate a better rate.
Save money by switching providers
Home insurance rates are always changing. The provider you’ve had for years may not be giving you the lowest rate. Getting multiple quotes allows you to keep an eye on rates with no obligation to switch providers immediately – or even at all. Comparison shopping can save you hundreds of dollars a year. Sometimes the savings will even outweigh the early cancellation penalty that most policies come with. Carefully weigh the cost of an early cancellation against your savings. If it’s not worth it to cancel early, periodically get home insurance quotes so that you are prepared at renewal time.
Other providers may offer a better customer experience
Just because a company is offering the cheapest home insurance rate doesn’t mean you should go with it. Getting multiple quotes online just simplifies the first step in shopping for insurance.
Once you have your options for the lowest rates you should dig deeper into the companies listed and try to figure out which one has a reputation for the simplest claims process. Which ones offer a pleasant and stress free customer service experience? How many claims do they deny
every year?
Don’t just buy home insurance in Canada on autopilot. Get informed and make good financial decisions for yourself. Your wallet will thank you.