Most people don’t give a second thought about their home insurance until it’s time to file a claim or renew the policy. When the time comes to renew, you might find yourself faced with the following dilemma: should I stay with my current home insurance provider or should I shop around in an effort to secure a better rate?
The truth is: there are pros to both of these options. Before you decide, compare the following benefits of continuing with your current home insurance company with those of requoting.
Benefits of renewing with your current home insurance provider
Contrary to popular belief, shopping around for insurance isn’t the only way to ensure that you get the best rate on your home insurance. Renewing with your existing insurance provider has its perks, too.
- Loyalty discount: If you’ve been with the same home insurance provider for several years, there’s a good chance you might be receiving a loyalty discount on your premiums. Sometimes, these loyalty discounts make renewing more enticing than requoting.
- Bundling discount: If you have your auto insurance bundled with the same provider as your home insurance, you’re probably receiving a decent discount. If you decide to take your home insurance elsewhere, however, that discount will disappear. So think twice before leaving your current home insurance provider if you are enjoying that bundling discount. It might be worth sticking around for.
- Coverage and claims experience: Depending on your home insurance coverage and previous experience filing a claim, you might feel it’d be silly to switch. If your insurance provider offers extensive coverage for a reasonable rate, and your past claims were approved without hassle, then that might be all the reason you need to renew.
Benefits of shopping around for a new home insurance quote
While renewing your home insurance policy with the same provider can be a great option, it also pays to compare home insurance plans and rates each year.
- Potentially better rates: One of the most obvious benefits of shopping around is that you might find a much cheaper rate elsewhere. We partner with more than 75 providers, which means you’ll have lots of choice if you decide to compare home insurance rates. You could save up to 30% just by entering your property details and personal information along with your coverage requirements.
- More coverage options: If you’re remodelling your bedroom, starting a home-based business, or renting out a portion of your home to a tenant, it could lead to a sharp rise in your insurance rates. Instead of just taking the price increase you’re dealt, you could always hunt for better rates online that provide coverage for the changes you make to your home or the way you use it.
- Zero commitment: One of the best parts about comparing home insurance rates online is that you’re not required to sign up with the provider offering the lowest rate. It’s entirely up to you if you want to proceed with speaking to a broker. But you’ll be armed with the knowledge of what you can get at what price somewhere else.
If you’re still on the fence about whether to stay or go, here are a few pointers to make the decision-making process a little easier:
- Contact your home insurance provider for a requote at least two months prior to your policy renewal.
- If all negotiations fall through with your current insurance company, start looking around for better deals online using a rate comparison website like ours.
Compare rates and coverages provided by other home insurance providers with any discounts you might currently be getting with your current home insurance provider.