As life circumstances change and the housing market continues to evolve, reviewing your homeowners insurance policy is a proactive financial strategy that can potentially help you reduce your premiums and increase your coverage. By reassessing your coverage needs and exploring available options, you may be able to take advantage of potential discounts, updated pricing models, and new offerings from insurance carriers.
Factors including home value changes, renovations, security enhancements, and even improvements in your credit score can impact the cost of your home insurance. In this article, we’ll explore reasons you may want to re-shop for home insurance and how to increase your savings by bundling.
Reasons to Re-Shop Your Homeowners Insurance
You’ll want to review your home insurance policy at least once a year to make sure it’s still covering your needs and any new additions to your home. Here are some key reasons to consider re-shopping your homeowners insurance:
Cost Savings: Over time, insurance companies adjust their pricing models, and new insurers enter the market, potentially offering more competitive rates. Re-shopping your homeowners insurance allows you to take advantage of these changes, potentially reducing your premiums and saving you money.
Policy Enhancements: As your personal and professional circumstances evolve, your insurance needs may change. Re-shopping your homeowners insurance provides an opportunity to assess your coverage requirements and ensure that you have adequate protection. This could involve updating your policy to reflect home renovations, additions, or improvements in security measures.
Discount Opportunities: Insurance companies frequently introduce new discounts and incentives. Revisiting your homeowners insurance policy allows you to explore these offerings and take advantage of discounts that may not have been available when you initially purchased your policy.
Improved Coverage: Re-shopping your homeowners insurance gives you the chance to compare different policies and coverage options. By doing so, you can identify insurance products that offer additional coverage, better terms, and improved customer service.
Market Changes: Regulatory changes in the insurance market can impact carriers’ offerings and rates. Re-shopping for your home insurance allows you to stay informed about market developments and take advantage of new products and services that align more closely with your needs.
How to Shop for Homeowners Insurance
Before you begin the process of re-shopping for coverage, you’ll want to familiarize yourself with the basics of home insurance, taking the time to understand the different types of policies and get a general idea of how much of each you’d need. Our coverage quiz can also help give you an idea of how much homeowners insurance coverage you need.
One of the most important things you can do when looking for homeowners insurance is to shop around. While it may be tempting to purchase a policy from the carrier with the lowest premiums, you’ll want to make sure you aren’t sacrificing the coverage you need. At SelectQuote, we can do all of that for you in a fraction of the time it would take you to research and shop quotes from different carriers.
Save Even More Money by Bundling Your Homeowners Insurance
One of the easiest ways to save money on your homeowners insurance is by bundling insurance. Bundling—also known as a multi-policy discount—can often save you money by going through the same carrier for both home insurance and auto insurance. One of the primary benefits of bundling insurance is that insurance companies often offer significant discounts when you purchase multiple policies from them. These discounts can result in lower overall premiums compared to purchasing each policy separately from different providers.
Shop Your Homeowners Insurance with SelectQuote to See How Much You Can Save
If you’re interested in saving on your home insurance coverage, SelectQuote can help. Whether you’re a first-time homeowner or you’re re-shopping your homeowners insurance, our licensed insurance agents will make the process quick and easy. In just minutes, we’ll provide you with unbiased quotes from several of the most highly trusted carriers in the nation, so you can compare your options all in one place. We can answer your questions, explain the details of your policy coverage, help you find home insurance discounts, and more.
