Are you thinking about switching your home insurance? If yes, you are far from alone. An estimated 3 in 5 households change providers each year, with most switching to enjoy a better deal.
If you want to save money on your home insurance but don’t know where to begin, the guide below is just what you need. Discover everything you need to do to switch your home insurance and get the best price for the coverage you need.
Table of Contents
Find Your Existing Policy
If you want to find a better deal, you need to know exactly what your current policy covers you for. If you can’t seem to find your insurance documents, try searching through your emails for “home insurance policy” or give your current provider a quick call.
Once you have your policy in your hands, take note of the basics including how much you are paying monthly and what you are covered for.
Gather Any Additional Information
When trying to lower the monthly cost of your home insurance, you need to make sure you are armed with all the necessary information about your property. For example, you need to know when it was built, how long you have owned it, and what the walls are made from.
If you have recently installed any new locks or security systems, this may be able to help you negotiate a better deal, so make note of any home improvements like this.
Check When Your Existing Policy Ends
If your current policy is ending soon, check what dates you are covered until, as the last thing you want is to be left with no coverage during the switching process. On the other hand, if you are still in the middle of a contract with your existing provider, you need to contact them to see if there are any exit fees you will have to pay if you leave early.
It is worth knowing that your current provider may try to tempt you to stay with a better offer once they find out you are considering switching.
Collate Different Quotes
You should never accept the first quote that you are offered, even if it seems like a great deal. Instead, take the time to gather a handful of different quotes to see which provider can offer you the best price.
Online comparison sites can be useful, but it is also a good idea to contact an independent local insurance agency as they often offer great deals, and their customer service tends to be better.
Read Customer Reviews
Before you sign on the dotted line, you should always check out a company’s customer reviews, as these can give you a real insight into what they are like. Don’t rely purely on customer testimonials that are provided on their website, as these can be biased. Instead, look to trusted, third-party review sites.
Although one or two bad reviews are not the end of the world, if many reviews complain about the same issues, this is a red flag.