Getting the best rate is just as important as securing the right coverage. Homeowners insurance rates are based on many factors and vary drastically from carrier to carrier, even in the same geographic region. Fortunately, no matter where you hang your hat, these five simple tips can help you make sure you’re getting the most comprehensive coverage at the most competitive rate.
1. Always Work with an Independent Insurance Agent
Independent agents represent many insurance carriers. This enables them to provide you with multiple product and quote options. They also do the heavy lifting for you, so you don’t have to spend your valuable time comparing options.
Unlike independent agents, captive agents (used by carriers such as State Farm and Allstate) only have access to one carrier. As a result, the range of products they offer is much more limited.
2. Avoid Any Lapses in Insurance Coverage
Many of the more competitive insurance carriers require that you maintain continuous coverage to qualify for their best rates. That means allowing no lapses in coverage. And anyway, isn’t always covered the best way to be? (We wouldn’t have named ourselves “Covered” if we didn’t think so!)
3. Pay Attention to Your Credit History
Insurance policy rates are partly based on your insurance score. Your insurance score is a rating that reflects your credit history and indicates your projected likelihood of filing a claim.
4. Don’t Submit Claims for Small Losses
Claims history is another primary rating factor for carriers. If you can pay for small claims out of pocket without creating a financial burden for your family, do it. After all, if you submit those small claims, it will affect your insurance rates for years to come.
Make sure to select an appropriate property deductible, too. If you’re able to pay a little more out of pocket, select a higher deductible. Doing so will earn you a lower premium from the get-go. This leaves more money in your pockets, helping you avoid turning in those small claims, period.
5. Perform Regular Home Maintenance
Performing routine maintenance such as tree trimming, gutter cleaning, and basic home repairs prevents many of the most common homeowners insurance claims from happening in the first place. Even better, major updates such as a new roof, updated plumbing and HVAC, and sprinklers can earn you major premium credits. On top of all that, you get to walk around feeling rather pleased with yourself. And isn’t that worth something, too?
Looking for an independent insurance agent to help you get covered? Send us a message or give us a call at (303) 302-9927. One of Covered’s expert advisors will be happy to help you find the right coverage at the right rate.