No one wants to think about searching for and picking out a new home insurance company. However, there are several signs that you should consider exploring cheaper options, whether you’re in Florida or elsewhere in the United States. We’ve picked out the five biggest signs that you should consider a cheaper insurance option so you can see how many relate to your life. If they match up, we can help you find a great option in Florida.
1. They Offer Inefficient Coverage
As the years go on, your home insurance coverage needs will change. Maybe you decided to add on an extension to your home, or you upgraded your kitchen appliances. You could have also added or removed something from the outside of your home or added in more expensive valuables. Whatever the reason, your insurance company should be able to cover it. If it can’t, it may be time to start searching for a new opportunity.
Your insurance company coverage should be able to easily accommodate routine upgrades, extensions, and things you want to do to your property. There are riders or additional coverage options with most insurance entities. You should revise your policy on an annual or bi-annual date to ensure your coverage is up-to-date. If you find that you’re struggling to get coverage to accommodate anything new without breaking the bank, it’s time to consider looking for new opportunities.
2. Your Rates Keep Rising
While it’s normal for your home insurance rates to rise a small amount every year or every few years, you shouldn’t see steep increases unless you change something in your coverage. If your rates keep going up for no obvious reason, this could be a sign that it’s time to switch to a cheaper option. You could look into changing your deductible to try and lower your costs, but this is only a temporary solution because the rates will continue to go up.
Make sure you pay close attention to the reasons why the insurance company continues to make your rates increase. Look at the different tiers for your insurance and see if they’re all going up or if it’s a specific one. If you see inconsistencies or the rising rates fall into a grey area, start shopping with other companies. You can ask the agents about rate increases and get a good idea of what to expect if you decide to switch to them.
3. You’re Having Trouble Paying Your Premiums
You should be able to get the coverage you need without breaking your bank. This is true with any type of insurance you have, including home insurance. Ideally, you’ll be able to get coverage for anything you need, and you should have room to expand your coverage without hurting your finances. When you start running into problems paying your premiums, it’s a sign that it’s a good idea to start shopping for more affordable options without sacrificing the coverage you need.
You can start by taking a good lock at your insurance policy and seeing if it’s possible for you to add or reduce coverage in certain areas. Another option is to increase your deductible. This will free up some money right away, but it also boosts the amount you’ll have to pay out of your own pocket if you file a claim before insurance will kick in and pay the rest. Set a budget and start shopping around if you know you’re not going to be able to keep up with your premiums.
4. The Company Doesn’t Have Coverage Tiers
Coverage tiers give you more options when it comes to tailoring your home insurance coverage to suit your wants and needs. Many insurance companies divide these tiers into a basic package and a more comprehensive package. This gives you a little more flexibility on the cost aspect for your coverage, and it’s a good way to help you save money while ensuring you don’t get more coverage than you necessarily need.
However, not all insurance companies offer coverage tiers. Many cheaper entities do because they want to be able to give their customers more options when it comes to their coverage. If you’re stuck with a single coverage option, start shopping around. Make sure that the different tiers offer coverage for everything you need. Make a list of the essential coverage aspects you need and compare the different tiers from other companies. This will help you narrow down your choices and decide whether or not you should stick with your original company
5. You Aren’t Happy with Your Coverage
The biggest red flag that it’s time to look for a cheaper home insurance company is that you’re not happy with your current coverage or company. Maybe you found out that the customer service team is very difficult to contact, or you filed a claim, and it’s a very long and drawn-out process with little communication. Perhaps the coverage doesn’t offer things like flood insurance or coverage for natural disasters that are unique to your area like hurricanes.
If you’re not happy with your coverage, it’s time to start shopping around. Consider everything you’d like out of an insurance company before you start shopping. This will help you highlight the important features you want to consider when you start looking at different companies. Double-check their ratings, customer service reviews, and don’t be afraid to ask the agent you speak with how their claims process works and their coverage options. The more you dig down, the better your chances are of being happy with your new company.
Let Nsure Help You Find a New Home Insurance Company
If you’re searching for a new insurance company, check out Nsure. Once you put your details in and answer a few easy questions, we’ll generate offers from over 40 top-rated home insurance companies in Florida. You can start the process by creating your free account. If you choose a policy through Nsure, you’ll gain access to an app that allows you to monitor it and make changes. Get started today.