Should You Change Home Insurers in 2023?

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Is it worth the time and effort to find a new home insurer? 

Property owners need to have a homeowners insurance policy in place. A home is most people’s most valuable asset, and a homeowners policy protects it. The right policy also protects against liability and pays to replace possessions that are stolen or damaged by a covered loss. Lenders also require coverage, so even those who may not want it should have it.

Many people buy a homeowners insurance policy once and then stick with the same coverage for years — or even for the entire time they own their home. While this can sometimes make sense, it’s not always the best approach. In fact, it may be worth changing insurers this year. To help you decide, here are a few key questions.

Is the current policy the most affordable?

Home insurance premiums can cost hundreds or even thousands of dollars every year. But there can be a wide range in premium costs from one home insurer to the next.

Homeowners who do not shop around may miss out on the chance to get more affordable coverage from a different insurer. It’s actually a good idea to compare price quotes even just once per year to make sure that the best coverage is being purchased for the right price.

Getting home insurance quotes online is quick and simple, and every property owner should move forward with comparing costs at the start of each year. Those who find a cheaper home insurance option from a trusted and reliable insurance provider should switch policies in 2023 so they can spend less on protecting their home and other assets.

Are there better coverage options out there?

Different homeowners insurance companies offer different kinds of coverage. For example, some may offer better protections, like more reimbursement for additional living expenses if a home is destroyed by a covered loss and the homeowners need to move out temporarily.

Since new insurers come onto the market periodically and offer different products, it’s worth checking to see if there is better and more comprehensive coverage available for the same cost. By comparing what’s available each year, homeowners can make sure they always have the best plan for their needs.

Any homeowner who finds they can get better protection from a competitor to their current insurer should make a switch ASAP.

Does the current insurer offer good customer service?

While price matters when it comes to homeowners insurance, it is absolutely not the only issue. If something happens to a property, homeowners do not want to have to struggle to make a claim and get the compensation they need to rebuild their home and move on with their lives.

Unfortunately, some homeowners insurers are not as reliable as others. It’s a good idea for property owners to check the reputation of their insurer — especially if a lot of recent claims have been made due to disasters like a hurricane or flood. If their insurer has given policyholders a hard time, then they may want to switch before they end up needing to file a claim and end up facing struggles of their own.

It’s possible to check for complaints with the National Association of Insurance Commissioners, as well as the JD Power ratings for customer service, in order to find out about an insurer’s reputation.

The good news is, any homeowner who does decide to change coverage can usually do so quickly and easily over the internet, so there’s no excuse not to make a switch if there are better options out there.

Our picks for best homeowners insurance companies

There are many homeowners insurance companies to choose from. We’ve researched dozens of options and short-listed our favorites here. Looking for a green build discount or easy bundle policies? Want an easy-to-use interface? Read our free expert review and get a quote today.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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