Should You Renew Your Home Insurance or Shop Around?

Many homeowners simply renew the same home insurance policy year after year. But while this is an easy option, it may cause you to miss out on savings opportunities. Plus, your assets and risks may have changed from one year to the next. As a result, the policy you continue to renew with the same insurer may no longer truly meet your needs. A better option is to shop around for a better policy, with the assistance of an independent insurance agent.

Are You Getting the Best Price?

One of the main reasons to ask your agent for home insurance quotes is for the cost savings. Many homeowners can reduce their home insurance premium by making a few adjustments to their policy or even more importantly, customizing their plan to meet their current needs. Your agent can provide quotes from multiple carriers so you can compare options carefully. Specifically, you should look for:

• Discounts for added amenities in your home such as a home security system or home alert monitoring. If you've upgraded to a smart home, that could reduce your costs too.
  
  
• Ask about discounts for not having previous claims. You may be rewarded for presenting a low risk.
  
  
• Talk about bundling your other policies with home insurance. You may want to bundle car and life insurance, for example, with it to save overall.

Before you renew your policy, ensure you are getting the best possible premium for the coverage you need. It's a simple way to reduce what you are paying for equal coverage from one carrier to the next.

Examine What You’re Paying For

Another reason ask your agent to shop around on your behalf is simply to find a policy that offers more coverage for your specific areas of risk. Every homeowner needs to ensure the policy they have is one that covers the home's actual replacement value, the right amount of contents coverage and ample liability protection. You may be able to find a policy that meets your needs better from another carrier.

Don't assume all insurance carriers are the same. Ultimately, you need to choose a carrier and home insurance policy that keeps your home protected from risks it faces. At the same time, you need affordability.