Home Insurance Guide: Why and How to Re-shop?

We all know that Homeowner Insurance is essential as a homeowner, especially when you are buying a new house. However, most of us eventually forget it as the premium is sometimes included in monthly mortgage payments. Yet, did you know that checking and re-shopping Home Insurance is a better option than renewing?
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The reason behind this is that premiums often increase by more than 10% in renewals. It’s common for insurance companies to review their rates annually and make changes to the policies’ charges. It results from a growing record of wildfires and climate-change disasters that the companies need to increase premium rates. 

Ways to Changing Home Insurance
You may think that it is a hassle changing Home Insurance companies, but it is not! It’s not as stressful as moving to a new house or changing your Home Insurance policies. Here are some ways of changing your homeowner insurance:

1. Reviewing your current insurance’s terms and conditions. Check the terms and conditions of your existing insurance about early termination. You can also review the Homeowners Insurance declaration page if you’re uncertain about your policy’s effectivity date. 

2. “What is your coverage?” It’s better to re-evaluate your insurance coverage needs than just transferring your existing coverages, limits, and deductibles. You might also get discounts on your insurance premium in case you need to upgrade. 

3. Check out other insurance companies. Compare the insurance rates of various companies to evaluate if it is better than your current insurance. But still, don’t overlook other important factors in choosing your insurance company, such as its reputation and customer-service availability. 

4. Start your new Insurance, then cancel the existing one. It is crucial to start your new insurance policy before canceling your current policy to prevent lapses in coverage. Below are things to consider when informing your insurer about not renewing your insurance:
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• Ensure that your current insurance’s date of cancellation is on or after you start your new policy. 
• Confirm your policy’s cancellation. 
• Ask if you could get a refund if you paid in advance and canceled your insurance before its expiration date. 

Conclusion
So it’s best to consider changing your home insurance in case it has jumped over 10%. This way, you might save more money while improving your coverages. But keep in mind that while looking out for companies with lower rates, still consider important factors in choosing the right company and insurance for you. 

At Mauser & Tobin Co., Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 747-0171. Get your free quote today by CLICKING HERE.