In our last post, we talked about some reasons that you may want to switch insurance companies for your homeowner’s insurance. A lot of times, we make decisions because they’re best for us at the time, but then we forget to adjust our arrangements based on how our lives have changed. Different changes in your life and in your home may allow you to qualify for cheaper rates if you change your insurance policy provider.
Your premiums will usually be affected if you make major structural changes to your home. If you have a patio on your house, and you convert it into a sun room, that adds value to your home. With an increased value, you’ll need to make sure you’ve increased your dwelling coverage, so that everything you have is insured. Dwelling coverage is the amount it would cost to rebuild your house if it were destroyed.
Not all renovations will necessarily increase your premiums, though. Some may even qualify you for discounts. If you put a new roof on your house, it’s likely that you may qualify for lower premiums because the new roof will make your house stronger against the elements. Increasing the safety and structural integrity of your home will often qualify for discounts, because it decreases the likelihood that you’d need to file a claim. All of these changes should factor into your decision of whether or not to switch insurance companies.
Have you seen a ton of television commercials about all these different home insurance discounts, but aren’t getting any or all of them yourself? It can certainly be frustrating if you know there are discounts out there that you’re not getting, which is a reason many people switch insurance companies.
The simplest answer to why you may not be getting the discounts you see advertised in the media is that the provider you’re using doesn’t offer those discounts, or at least not in your area. By getting quotes for different insurance providers, you’ll be able to compare the different discounts for which you’ll qualify before committing to a particular plan. Ask about deadbolt locks, monitored security systems, and non-smoker discounts when asking about a provider’s different discount options.