Homeowners who have resolved to save money in 2017 can try many ways to economize — energy-efficient lightbulbs, cutting the cable cord and more. However, they could be overlooking a potential source of thriftiness hiding in plain sight.
You may have lost track of your home insurance premium, seeing as how it could be rolled into escrow along with your mortgage payment and property taxes. Just because you don’t see an individual bill for it doesn’t mean it’s not there. Any policyholder can feel motivated to shop around, whether it’s about saving money, rounding out coverage, etc.
Should you find yourself in the market for a new home insurance company, for whatever reason, you’ll need to come prepared. The following tips and guidelines can help.
Things to do before you start shopping
Tips to help you prepare for your search and avoid backtracking include:
- Get your paperwork together. With a copy of your current policy in hand, you’ll be better able to compare coverages, premiums and discounts among the providers you’re considering.
- Update your home inventory. If you’ve added or subtracted personal belongings since buying your current policy, those changes can help you calculate your new contents coverage. An up-to-date home inventory will give you a better idea of how much protection you may need, whether more or less.
- Check your credit report. Depending on the provider and the regulations in your state, your credit score could have an effect on premiums. (Keeping an eye on your credit rating can help you avoid nasty surprises in general.)
- Give your current provider another chance. Your insurance agent might be willing to offer a financial incentive to stay put, such as reviewing your policy to look for additional discounts. If price is your motivation for shopping around, a call to your agent could prove worthwhile.
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