If you have a home, homeowner’s insurance is just a fact of life. In fact, it can be easy to just put it in place and forget about it – but there are several reasons that you should review your home insurance policy on a regular basis. When it is time to renew, be proactive and ask for a homeowner’s insurance quote from other providers – as well as from your current insurance provider. Things may have changed which will affect your quote and make it more robust – or less costly.
Here are some of the key times you should be calling for a new homeowner’s insurance quote.
The First Homeowner’s Insurance Quote
The first quote you ever call for on your home will typically be just before your closing – and truth be told, you won’t have much of a choice in making that call. If you are obtaining your home by using a federally backed mortgage, proof of insurance will be required before you can take possession of the home.
The best time to call for a home insurance quote is when you go to contract on the home. Your mortgage lender will be required to factor the annual cost of insurance into the calculations for your loan approval. You do not want to wait until just before closing to fins out that your insurance premium will threaten your loan approval. You may need to submit information from your inspections to the insurance company to get a valid quote, so be sure to contact an insurance agent as soon as possible to begin the process.
When You’ve Made Upgrades
Not all home renovations are equal in the eyes of your insurance provider. So while it may not benefit you to inform your agent about new floors or updated vanities in your bathrooms, you definitely want to tell them about the new roof which was installed on your home. In fact, you should call for a new homeowner’s insurance quote every time you make changes to your home which will make it more safe, secure, or fortified. Examples of home renovations which may affect your policy in a positive way include a new roof, new windows, a new garage door, or installing a new alarm system for the home. If you have any questions, just call your local insurance representative. They can give you further information as to the types of upgrades and renovations which are likely to allow you to adjust your premium downward.
You also may wish to alter your policy if you have added significantly to the valuables in your home, or if you have replaced your contents with more expensive items.
At Time of Renewal
Like every company, your insurance company is constantly evolving. Since the last time you obtained insurance, there may be new policy options or discounts which apply to your situation. A good rule of thumb is to review your policy at least once a year, at renewal.
This is when working with an insurance broker like Anderson & Associates Insurance Group, can be most valuable. Rather than representing the products of one insurance provider, we represent many different providers – and can let you know if another company or provider has introduced coverage which is now better for your needs, or will be more affordable. You will be comparing many providers and choosing the best one for you – simply by speaking with one agent.
At Anderson & Associates Insurance Group, we work to get you the best coverage, even if that means switching companies. You won’t get that honesty from an insurance company – call us today to get started on your quote.
