There may be many reasons why you want to switch home insurance policies. Maybe the price is more than you want to pay, or the coverage is not high enough to include your new jewelry pieces. Whatever the reason, it is not a process you should approach without doing a little bit of analysis.
You need to approach the task exactly like you should when getting your first home and contents insurance; take your time and ensure that the policy you go for is perfect for your specific circumstances.
Before actually signing on the dotted line or in the box online, there are some questions to ask before you switch your home insurance. Let’s take a look at them so you can go into the process with your eyes open and your stress levels down.
- Have You Made Any Big Changes? – If you have had any changes to your home, such as an addition or renovation, you need to have your home inspected by a professional who can give you an updated value.
- Have You Made Any Big Purchases? – If you have added any new items to your home that need to be covered, they should be added to your itemized list. If it raises the total value over the amount you already have set up, you need to increase the coverage amounts.
- Did You Purchase A Pool, Spa, Or Trampoline? – All three of these items make a huge difference in the safety rating of the home, which means that your premiums will go up for coverage on your liability insurance. It may seem like a good idea to skip making an update, but be warned now if you do and end up having to file a claim due to one of these items, you will be denied. This will leave you entirely responsible for any medical or pain-and-suffering fees.
- Did You Compare Some Options? – You need to take the time to compare insurance home and content policies. Go to a comparison site online and let them do most of the work. They will take some information and send you offers from their partner sites. All you will have to do is go through them and pick the one that matches your needs the best.
- Did You Start, Or End, A Home Business? – This could raise or decrease the premiums for liability insurance. You do not want to avoid reporting this because if anything happens and you file a claim, it will be denied if the insurance agent finds that you neglected to disclose the change.
- Are You Renting Out Any Part Of Your Property? – A common way for people to be able to make their mortgage payments is to rent out some part of the property, such as an apartment or pasture. This is fine if you are doing it, but you need to increase your liability insurance to cover anything that could happen, as well as tell your insurance agent, so they have it on file.
Most of the answers to these questions will increase the premiums you will have to pay, but that is better than being denied when you try and file a claim. The insurance carrier must know everything about your circumstances because it ensures that you are completely covered no matter what happens. Plus, fully divulging your specific needs and requirements makes the carrier happy because they do not have to worry about fraudulent activities from you. That is not a position you want to find yourself in, even if it was not on purpose. The best option is to be honest and take the time to compare all the offers that you receive, which will give you the perfect policy for a reasonable price.
