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When Is the Best Time to Shop for New Homeowners Insurance?

Posted on February 6, 2019

Homeowners insurance can be a welcome relief if you experience a house fire, theft or personal injury. However, there are times when it may be best to switch insurance companies. Here are some key events that may trigger a need for a new homeowner’s insurance carrier or policy.

The Value of Your Property Changes

A significant part of the cost of your homeowners insurance is based on the value of your home. If your property value goes up or down by a significant amount, it is time to compare other insurance options.

If your home is valued at $750,000 or more, you may need an option beyond the mass market insurance companies. Many mass market insurance companies limit the amount of coverage they allow a person to purchase. Your insurance coverage should be enough to replace the structure of your home, any other structures on your property, the contents of your home and living expenses while your home is repaired or rebuilt.

Your Net Worth Exceeds $1 Million

Another key time to shop for a new insurance provider is if your net worth exceeds $1 million. If it does, you may be susceptible to people making a claim against your home if they are injured on your property. Many mass market policies limit liability coverage to $300,000. You may need to purchase additional coverage to properly insure you in case of a claim.

You Renovate Your Home

When you upgrade your kitchen, finish your basement or attic or add an extension to your home, the value of your property may increase. After you renovate your home, you should consider making changes to your insurance policy so that you are not underinsured.

You Change Other Insurance Policies

If you switched other insurance, your new company may also have competitive homeowners’ insurance rates. You may be able to bundle your insurance for a better rate.

Your Rates Go Up

If your rates have suddenly increased, it may be time to look for more favorable terms with another company, especially if there is no apparent reason for the increase. While your rates may go up after making a claim, there are other events that can cause increases, such as severe weather events, crime rates, increased business costs or factors specific to the insurance company. Ask for quotes from other insurance companies to determine if your rate is competitive or if it would make sense to switch carriers.

You Have a Life Change

Having a life change such as having a baby, a person moving out of your home or selling a major asset may impact the value of your insurance policy. Review your insurance policies and if you might be eligible for any savings or if the amount of coverage you need is lowered.

Your Insurance Policy Is Close to Renewal

If your insurance policy is near renewal time, it is a good time to review your policy and consider changing it. Review your insurance policy at least once a year.

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