understanding your insurance policy

Should You Keep Your Same Home Insurance Policy Or Look For A New One?

5 June 2018 by Tuĝba Van Den Heijkant

You've had home insurance for some time now, and maybe it feels comfortable. Or perhaps it feels slightly uncomfortable. You are wondering if you stand to lose or gain if you switch policies.

Reasons to Keep your Current Policy

First, it's important to know that you do not switch policies for the sake of it. If you are getting the coverage that you need, at a fair price, then you could keep your current policy.

Also, note that you may get significant discounts if you stay with your current home insurance.

Reasons to Switch Policies

Better Deals

If you've shopped around, looked at other policies, their prices, and coverage, and found a better deal, by all means, go ahead and change your policy.

Also, if you notice that your premium keeps going up, you may need to review your policy. Most insurers will automatically increase premiums year after year. Unless you question such increases, you may find that you are paying far more than you should.

Better Coverage

Your current policy may not be in a position to give you the coverage you want. In such a case, changing your insurer is quite in order.

If you have recently bought or acquired valuable items, you may need to get extra cover. If on the other hand, you have disposed of your valuables, you may want to reduce your cover.

Remodeling

If you have recently remodeled your homemade structural additions or changes, the value of your home and the cost of repair will change as well. As a result, you'll need to change your policy.

Poor Services

Do not put up with poor services. If you are not satisfied with the services offered or by the way your insurer handles you, feel free to change policies.

Change in Life's Circumstances

Your insurance policy is pegged on the number of people living in your home. You may have gotten children, got divorced, or your adult children may have moved out since your last renewal.

You need to inform your insurer of such changes as soon as possible.

Your home insurance policy is not cast in stone. You only keep it as long as it works for you. You need to review it often to find out if it's still meeting your needs and offering the best value for money.

If it doesn't, you are free to change the policy or even your insurer. Be careful to inform your insurer of any changes in your home or life. For more information, contact a company like State Farm Insurance: Kurt Riehl.

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