Insurance shopping may not sound like a whole lot of fun, but shopping around for the right insurance is important: especially when some of the terms in your policy are expiring. But how often is too often when it comes to shopping for insurance? Well, it depends on the insurance and your circumstances.
Surprisingly, you should be shopping for this type of insurance every two to three years. Home insurance isn't a one-and-done type of shopping. Just like getting a haircut or rotating your tires, looking at your insurance for your home is something that needs to be done regularly.
Even if you're not shopping for new insurance or insurance from a new company, it's still important to review your policy every one or two years so you can be fully up to date on the terms of your insurance contract and make adjustments if needed. It's also important so you can get a better or more competitive rate.
A key point of shopping around for insurance is comparing your current rate to what other companies may offer. This can be useful for a few reasons. As just one example, comparing other rates tells you whether or not your current rate is fair based on today's market standard.
Comparing other rates also gives you some leverage if you want to negotiate your policy with your current insurance company. Many agents are happy to talk about adjusting your rate when you mention you've been shopping around because they want to keep your business.
Your policy may occasionally need adjustment, as well. Say for example you recently built another building or a shed on your property - you'll need to add any new buildings to your policy so you have the coverage you need in case of accidents. Your policy may also need adjustment if your life circumstances change, such as you are no longer married or your household added another individual to the home.
You may also need to shop around or negotiate your insurance after big events. One common time to get in touch with your insurance agent to talk about your policy is after disaster strikes, such as from a fire, flood, or natural disaster damage. It's important to keep your insurance company in the loop about what happens to your house, as that will affect your coverage and your policy terms.
While shopping for insurance for your home may not be as fun as other types of shopping, it's still necessary if you want to make sure your coverage and your policy are the right fit for your needs. Reviewing your policy every two or three years gives you the opportunity to lower your rates, make policy adjustments where needed, and stay on top of your contract terms. For more guidance on your home insurance shopping options, contact the Society Insurance Network today.