Many people know it’s easier to just renew their home insurance policy every year rather than shop around and find a new provider. However, this could be a costly mistake. You should be getting quotes at least once a year from various insurance companies, if not every six months. Many insurance companies change their rates frequently, and this can lead to savings with a little bit of research.
While this all sounds nice, what are the signs that it’s time to switch your insurance company? There are dozens of reasons, but we picked out the top 10 and listed them for you below. If any of them throw up a red flag, maybe it’s time you take a second look at your own policy. Top rated home insurance companies can be found with Nsure.com
If your insurance company seems impossible to get in touch with and you dread trying, they don’t deserve to have you as a loyal customer. These companies have so many different ways to contact you, including email, text, phone calls, and traditional mail. If you have to wait for more than 24 or 48 hours for them to return your call or text message, it could be time to switch. Your insurance company should be able and willing to get in touch with you and address your concerns or answer your questions. Poor or slow customer service is not an attribute of top rated home insurance companies.
One of the biggest red flags you can get that tells you it’s time to switch insurers is a sudden rate increase. Your insurance company may have recalculated their risk profiles and put you in a higher tier. If this is the case, start shopping around. You can see a smaller rate increases from year to year due to inflation, but you shouldn’t see a significant jump of 10% or more. Move on if you do.
Make a point to keep a close eye on your insurer’s ratings for their financial strength. You can do so by looking at various industry reports throughout the year. Companies like Fitch, Moody’s, Best, or Standard and Poor’s are a good place to start. Look and see where your company’s rating is. Ideally, it’ll be in the A range. The range goes to D, and D is the worst you can get. If you notice a downward trend or the rating is low, get out. Top rated home insurance companies do not have low financial stability ratings.
As the internet keeps growing, companies have more and more avenues they can use to smooth out the customer experience. If your company doesn’t have online claims options, an app, or if they ask you to fax documents, these are good indicators that they’re not keeping up with technology. One study showed that many insurance companies are behind on engaging their customers on a digital front, but some excel. Look for a tech-friendly company.
Your home insurance company promises that they’ll be there whenever you need them, and it’s time to shop around if your current company isn’t living up to this promise. You’re paying them to perform a service for you, and if they can’t explain to you why they denied a claim under your policy, it’s time to find a new insurer. If you don’t, you could end up spending thousands out of your own pocket that your insurance company should rightfully cover. Top rated home insurance companies will not have unfair claim denials.
Even if your policy is very basic and straightforward; it’s the company’s job to ensure you understand every aspect of your policy. If you don’t understand something and your company refuses or is unwilling to clarify any confusion, you should start shopping for a company that will be happy to do so. You should always take a close look at your policy and make sure there are no surprises with your claims handling, deductible, base limits, or exclusions before something happens, and you run into trouble.
A rapid spike in the number of complaints about any insurance company is troubling. This is especially true if the complaints refer to how the company handles any claims it gets. Take a few minutes and check your company’s listing in Google to see what customers have to say. AM Best and Demotech are two reputable sites that display both good and bad reviews with the date of the review. If there are a lot of bad reviews coming in, it could be a good indicator you need to shop around. Top rated home insurance companies will show far fewer complaints than more dubious companies.
Maybe you added an extension or want to build a detached garage, and your insurance company doesn’t have coverage for it. You want everything on your property to have insurance, and you may have no choice but to shop around if your current company doesn’t have anything available. Reviewing your policy on an annual basis is a good way to ensure you have the coverage you need.
Any big life change is usually enough to trigger taking another look at your insurance. Things like a change in your contents, car purchase, retirement, new child, renovations, moving, marriage, or a second home purchase can all impact your current insurance policy. If you can get better rates else wear or more comprehensive coverage to suit your new situation, make the switch.
Avoiding high insurance premiums on this type of insurance usually involves discounts. Your insurance company should reward you for your risk management practices like winterizing your pipes or installing a home security system. If they don’t, this could be a good incentive to start looking around. Other companies offer things like loyalty tiers for staying with them for a certain number of years. Top rated home insurance companies
If you’re ready to shop around and you’d like quotes on your insurance options, Nsure can help. We will help you find the best insurance policy to cover your home and give you greater peace of mind. Compare today and watch the savings stack up.