Choosing An Insurer

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Get quotes from at least three different insurers. Besides the price, compare each company’s financial security and service ratings. Here are some ideas to help you begin.

• Review your insurance with your current company, updating any information that will better insure your home and possessions for their current value. This will be your baseline for comparison.
  
  
• Ask family, friends and neighbors what they like or dislike about their insurers. Customer service is important if you have a claim. You will want to select a company that treats you courteously and fairly.
  
  
• Compare rates with several other companies. You can contact most companies through their Web site, by phone or in person. Some companies only sell their brand of insurance, while independent agents sell insurance for several companies.
  
  
• Access your state’s department of insurance Web site to find out if there have been any complaints against the companies you are considering.
  
  

Check each company’s financial strength through consumer magazines or by contacting one or more of the rating agencies.

How To Get More For Your Money

• Compare premiums. Premiums can vary among companies.
  
  
• Raise your deductible. The deductible is the amount you pay before the insurance company pays for a loss. The higher your deductible the lower your premium because you are assuming more risk for lower-cost damage or theft.
  
  
• Ask about discounts for home security and fire protection devices. Many insurers give discounts for smoke detectors, burglar alarms, deadbolt locks, fire sprinkler systems and monitored fire and police security systems.
  
  
• Other discounts. Ask insurers if other discounts are available for homeowners who are age 55 or are retired and more likely to be home.
  
  
• Consider group coverage. Some employers, as well as professional, alumni and business groups, offer group coverage that may include homeowners insurance.
  
  
• Stay with the same company. Some insurance companies offer discounts for longevity. However, check rates with other companies periodically to make sure you are getting a fair price.
  
  
• Review your homeowners and other policies with your insurer annually. Just as you will want to verify you have enough coverage when you make additions and home improvements, confirm that you are not insuring the cost of your land or you could be paying too much. Check the coverages for your personal property, too.
  
  
• Consider private insurance. If you are covered by a government insurance plan and live in a high-risk location for hurricanes, wildfires or crime, contact a private insurance company or your state’s department of insurance to verify whether or not you may be able to buy insurance for less through a nongovernmental source.