If you want to find the cheapest home insurance, you’ll need to spend a small amount of time getting estimates. Fortunately, you can now go online and make this process easy. Here are some tips.
Maybe you’re looking for the type of low home insurance that won’t break your budget, but you’re not sure if that exists. Just consider this: Home owner insurance rates are different between companies for a variety of reasons.
So you really need to get quotes from a variety of insurers to find the best rate for your situation. In fact, this could lower your home owner insurance costs by hundreds. Three or more quotes from competing companies are needed to get a good picture. This can be pretty easy, thanks to the Internet.
First, get home insurance at an insurance comparison Web site. Comparison sites usually do not represent one company. Instead, you complete one online form and receive quotes back from several companies or independent insurance agents, all competing for your business.
You may enjoy the added convenience of a site like this because you only have one form to complete. This is also important as it allows you to get an accurate comparison because you’ve supplied the same information about coverage amounts and deductibles.
Your current home owner policy declarations page can provide this information. You can also estimate the coverage amount for your dwelling by multiplying the square footage of your home by the cost-per-square-foot it would take to rebuild your home with similar materials at today’s prices. If you’re not sure, see if a local realtor or home construction association has this information for your area. You probably shouldn’t use the cost you paid for the home, as that may include the land value which isn’t part of home insurance.
As far as personal possessions, this is usually calculated as a percentage of the dwelling coverage. This is often enough, but you may want to increase this amount or get additional riders for special high-ticket items like jewelry or electronic equipment.
Finally, when getting a home insurance online quote, keep in mind that your deductible amount can affect your premium. For instance, designating a $1,000 deductible can result in a lower premium than a $500 deductible.