Why you should shop around for home insurance regularly
Are you a homeowner? Are you satisfied with your home insurance plan?
The good news about insurance is that you can always switch providers. You’re not stuck with the same company. You have options. Even if you’re happy with your home insurance company, it’s still wise to keep shopping around.
Here’s why you should shop around for home insurance on a regular basis:
You never know when a deal will become available
A competitor may be offering a deal to earn your business. If the savings are worth it, you can find yourself switching companies. Insurance companies are constantly competing with each other. You can take advantage of a new plan offered at your job or a provider looking to earn a stronger market share.
Your needs change
What you need from your home insurance policy can change. You don’t want to be stuck on an old policy that won’t help you when you need to make a claim. Your family situation could be altered (a new child or a divorce). When life changes, your insurance needs change.
You made changes to your home
Have you finally renovated that basement? Did you add a pool? Have you done work around the house? If you’ve made any modifications around your home, you need to make sure they’re covered under your insurance policy. This also gives you an opportunity to shop around for other offers to see what’s available out there.
You could be getting ripped off
Does it feel like you’re spending too much money on your insurance plan? You don’t want to find out that your cousin’s getting a better deal.
According to this article from The Wall Street Journal:
“Thirty-eight percent of insurance buyers have never done any research on insurance before purchasing a policy, and another 40% aren't confident or are only somewhat confident that they have the right coverage for their needs, suggesting they haven't done much, if any, research either.”
Sometimes we get so caught up with real life that we don’t put any effort into things like insurance when we move in. Now that everything’s slowly calming down, you might want to shop around to see what other insurance companies are offering. It’s never too late to get a better deal.
Even if you don’t immediately shop around, make sure you compare offers every time your policy is up for renewal. It’s tempting to just buy home insurance once and let it go at that, but you could miss out on discounts and deals if you aren’t shopping around for home insurance.
You can’t accept one company forever because your life constantly changes – and your insurance needs change right along with your life.