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Why it Makes Sense to Compare Homeowner’s Insurance Rates

By Jamie Richardson | August 7, 2018

One of the types of insurance that you must be diligent about maintaining, is that which provides coverage for your residence. If you have a home mortgage loan, your lender absolutely demands that this coverage be in place. Indeed, there are mortgage loan agreements in which the premium is included in the monthly payment to ensure that homeowners insurance coverage is in place. If you are fortunate enough to have paid off your mortgage loan, the need for maintaining homeowner’s insurance is no less vital. Odds are that your home is your most significant investment and it must have suitable protection. There can be situations and milestones when reexamining what you have in the way of insurance is important. This includes instances when it makes sense to compare home insurance.

When You Buy Your Home

A prime point in time when you should compare home insurance options is when you purchase your home in the first instance. Interestingly, this proves to be one juncture in time when many people actual don't do much when it comes to comparing home insurance. What happens with significant regularity is that some party involved in the real estate sales transaction makes a recommendation and a homebuyer follows it. What also occurs oftentimes is that the home mortgage lender announces what company will provide homeowners insurance coverage. The reality is that you have a say in the home insurance selection process at the time you close on the sale of your new home. Even when there is a mortgage on the property, you have a primary interest in the insurance that will be put in place on the property. By taking the time to compare home insurance at this juncture, you place yourself in the best possible position to obtain the most suitable coverage for the best price. You can compare policies offered by different companies that meet the minimum requirements established by the home mortgage lender.

Annual Insurance Review

Another juncture at which you will want to seriously consider comparing home insurance is at a regular, annual, comprehensive insurance review. A wise individual schedules an annual, ubiquitous review of all insurance he or she maintains. You will want to look at all of your basic coverages, including health, home, auto, and any other policies you maintain. Comparing home insurance is precisely what an annual policy review is all about. A part of that review is making sure you have an appropriate level of coverage for your home and its contents. Moreover, the review means comparing your existing policy with what may be available from other insurers to make certain you do have the best option.

Major Life Event or Change

If you experience a major life event or significant change in your status, you also need to take a look at your homeowner’s insurance coverage. This process should include a comparison of policies available from not only your current insurer, but other insurance companies as well. For example, if you've had a child, you might want to consider the type of liability coverage that is available via your existing homeowners policy and what might be available from another insurance carrier.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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