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Have you ever wondered whether or not you are being overcharged on your home insurance policy?  This is a common question many people ask themselves considering how complex the insurance industry really is.  There are a few things to keep in mind when you are searching around this year for the best and most affordable homeowner’s insurance policy to suit you and your family.

One thing that you should do when searching for the right home insurance policy for you and your family is shop around.  This is one area where independent agencies are able to gain a huge competitive advantage over captive agencies.  Many people want the ability to have options when purchasing their policy and independent agencies are the ones who are ideally positioned to fulfill these customer needs.  Independent agencies have the ability to write policies with a wide variety of carriers giving their customers the variety and key options they are looking for.

Yes, shopping insurance with more than one agent or company is a good idea.  However, be careful shopping for insurance every year.  It doesn’t always payoff to switch insurance companies just to save a few dollars.  Several carriers give discounts for loyalty.  Also, don’t always choose a company based solely on premium.  Certainly everyone wants a quality product at a reasonable price, but also choose an agent that is knowledgeable and consider the strength of the company.  If a policy cost less, have your agent explain if it is because of better rates or are there coverages or options that you are missing.  Finally, don’t forget your time is valuable.  Take the time to discuss your risks with an experience agent and consider letting that agent insure your home, car, boat, etc.  Let them see the big picture to help find any gaps of insurance needed.   

Another thing that you should always keep in mind when searching for the right homeowner’s policy is the cost it would take to rebuild your home.  Many people are set on getting a homeowner’s policy that coincides directly with what they paid for the house.  This is often not the case and can in turn drastically increase your premium if not addressed early enough.  There are many times were you may have paid 300,000 for your home and lot but  it would only cost a total of 250,000 to rebuild it from scratch.  If you were to raise your coverage from 250,000 to 300,000 when it wouldn’t even cost that much to rebuild than you would in turn be paying a much higher premium for unnecessary coverage.  An insurance company will not write you a check for $300,000 if it takes less than that to rebuild it.  On the other hand, you want to make sure you do have enough coverage in case of a total loss.  A licensed and experienced agent can assist you in determination.  

Another way to lower your annual premium and ensure the most reasonable rate is by raising your deductible.  More clients are choosing higher deductibles now.  To many it makes sense to insure yourself against large losses.  Filing a small claim is not a huge deal, but two or more will likely increase your premium or even cause your insurance carrier to non-renew your policy.  You should also consider how much you can or are willing to pay out of pocket in the event of a claim, when choosing your deductible limit.   

One way to provide more security and reliability to your homeowner’s policy is by bundling it with your auto or commercial policies carrier.  These are all some of the great ways that independent insurance agencies such as Davis & Massey are able to specifically help you meet your own personal needs.

Making sure that you have the proper and most affordable coverages for you and your family is extremely important.  Not having the right coverages can cause you and your family the hassle of switching your insurance carrier and even paying for unnecessary coverages.  This is a problem that many insureds are having these days.  For a quick and easy fix to your problems just give your local Davis & Massey Insurance Agency a call for a quote.

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