Having home insurance is a must, but you might have noticed little things here and there about your current carrier that have been rubbing you the wrong way. Whether you rushed into a policy, or have noticed things changing over time, you might want to re-evaluate your carrier and coverage.
The good news is that home insurance policies are not a life-long commitment. If your current provider isn’t giving you what you need, you might want to move on.
Here are 5 reasons you might want to cut your current provider off and look to a new carrier.
1. Ridiculously High Premiums
When you shop around for a home insurance provider, one of the first things you should be looking at is the premium cost. Obviously, lower premiums are much more attractive, as long as you’re getting the coverage you need. But even if the premium you start out at may be affordable, you might not realize that the premiums are creeping up over time without you even noticing.
Whether you started off paying too much for your premiums, or the price has risen over time, you might want to say ‘sayonara’ to your current insurance provider. To make sure you aren’t being sacked with sky-high premiums, consider shopping around for policies on a yearly basis.
2. Insufficient Coverage
There’s no point in paying for an insurance policy that’s not giving you the coverage you need. As if paying premiums isn’t annoying enough, it could be really irritating to find out that your claim for your lost jewelry or stolen electronics is denied after paying through the nose for your policy.
Not all home insurance policies are the same, and many companies offer very few coverage options. Find out exactly what your home insurance policy covers you for. If it’s not as far-reaching as you think it should be, start looking elsewhere.
3. Lame Customer Support
Your first point of contact with your insurance company is the customer service. If the company makes it hard for you to reach a live person, or the claim process seems to take eons to complete, you might want to kick them to the curb.
But before you make the move, make sure you do a little homework in the customer service department with different carriers. The next guy might be just as bad – if not worse – than the firm you’re with right now. Look for a carrier that offers ‘round-the-clock claims processes, and doesn’t make you press a million buttons to speak with someone other than a recording.
4. Things Have Changed in Your Life
Any time you make a major move or change in your life, you should re-examine your insurance coverage and requirements. Maybe you’ve moved to a different state, got married, bought another vehicle, or even equipped your home with state-of-the-art stereo equipment. Whatever the case may be, it’s essential to make sure that your current policy covers you adequately.
It might sound like a hassle to cut off your current provider in favor of another, but if your current home insurance provider isn’t giving you what you need, it might be time to make the switch. Just make sure that you do your homework before signing on with a new carrier. And if you do decide to move on, consider waiting until you near your policy expiration date, since most carriers will charge cancellation fees to break the contract before the end of the policy.