How many homeowners insurance quotes do I need to save money?
Homeowners insurance quotes can vary in how much they cost you based on a variety of factors, many of which you can control. Of course, there are some variables that are common among all home insurance policies. They include the size of your home in total square footage, construction costs in the area where your property resides, the materials used to build your home, the amount of crime in and around your neighborhood, and the condition of your plumbing, heating, and electrical wiring. Do you live in an area that has numerous natural disasters such as fires, floods, or tornadoes? If so, they can add to the insurance costs.
There are numerous ways to mitigate the cost of your insurance even before you decide to get homeowners insurance quotes. They include raising your deductible, buying from the same insurance company that currently provides you with auto insurance, discounts for safety devices, and making your home more disaster resistant. However, the most important way to lower your overall cost is to get multiple homeowners insurance quotes.
The question that often arises in the minds of consumers is how many quotes are needed to make a decision. The truth is, it could be as low as one quote if you’re comfortable with that first initial quote. As a homeowner, I can tell you that I prefer to have at least three different homeowners insurance quotes from different providers, with five or more correct quotes.
Before the internet came along this can have been very slow and frustrating. Now it can be as simple as visiting one of the many websites that deal with home insurance, entering some information, and waiting to see how many quotes you are provided with. You can do this with five different insurance companies and receive over fifteen or more homeowners insurance quotes quickly and easily.
After receiving all of your free insurance quotes, you should use the following four criteria to choose the right policy for you.
Price – Your internet research really pays off in this area, as you’ll be able to quickly see how much the coverage you need from a number of different providers will cost. Remember that while the lowest cost is your goal, it is not always the best policy.
Stability: A low-cost insurance policy doesn’t do you any good if the company offering the policy goes out of business when you need it most. Look for a company that is financially stable so you know they will be available to pay any claim.
Service – Make no mistake, customer service can be extremely important, especially if you call your insurance provider right after a hurricane has demolished your home. Your prospective insurance company and its representatives must answer your questions and handle your claims fairly, efficiently, and quickly.
Convenience: Probably one of the most important factors when it comes to finding the best home insurance policy. No matter how many homeowners insurance quotes you receive, if you are not comfortable with any of the provider’s policies, procedures or insurance agents, then the cost savings will not matter. You want an agent or company to be easy to contact if you have questions or need to file a claim.
As you can see, a general rule of thumb is that at least three homeowners insurance quotes should be enough to help you find the best possible policy for your situation. My feeling is that five dates may be more beneficial. Anything more than that may be overkill, but you never know you might find that home insurance quote that was hidden from everyone else.