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How to Choose the Best Home Insurance Provider

 


Picking an insurer can prove challenging if you don`t know what to look for or where to start. When shopping for a home insurance provider, here`s a checklist of things you should do. 

 Get multiple quotes: Requesting multiple quotes is important when shopping for any type of insurance, but it`s especially important for homeowner`s insurance since coverage needs can vary so much. Getting three to five quotes will give you a good sense of what people are offering, and will provide leverage in negotiations. 

 Do company health checks: Do a little digging into home insurance companies you`re considering by looking at the National Association of Insurance Commissioners website and websites of top credit agencies, including A.M. Best, Moody`s, J.D. Power, and Standard & Poor`s. These sites track data related to consumer complaints, the processing of claims, and the financial health of companies. “Does it have the financial wherewithal to sustain the market place long term and have the means to pay out claims?,” says Gregg. You also want to find an insurer with a track record of fair and timely settlements. 

 Figure out the company`s claims process: Before purchasing a policy, find out how each company handles claims. Can you file claims online, through the phone, or through an agent? Do you have to speak to a thirdparty company or partner to process the claim? The answers to those questions may affect your decision.  Research customer satisfaction: Ask your agent or a company representative the insurer`s retention rate — that is, what percentage of policyholders renew each year. You can also find customers satisfaction data and ratings in annual reports, online reviews, and firsthand experiences from people you know. “Look at Google reviews to see what others are saying about the company they`re dealing with,” says Gregg. 

 Beyond the Price: The price you pay for homeowners insurance is important, but it shouldn't be the only factor in your decision. You should also compare coverage and limits. “Make sure you have the appropriate coverage and limits for your needs,” Gregg says.

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