As with everything else, you can expect to pay more for your home insurance at the next renewal. You know shopping is key to saving, but it helps to know what to ask for. We explain how much more you can expect to pay and how to get the best quotes.
We work to help you save money in every way possible and home insurance is something many of us need.
Question: When an insurance broker asks to see the current insurance documents, should I give it to them?
Answer: Yes, it is common for a broker to ask to see your current rates. Going to an insurance broker to allow them to shop around with several companies for the best rate is a good way to see your options. Jessica Fuentes with Brazos Insurance Agency in Richmond says people often think it’s a trick when she asks for a copy of their current insurance. They think she just wants to see what they are currently paying so she can give you a rate just below. But she says that’s not what brokers do at all. She wants to see your current policy to make sure she’s looking for comparable coverage.
“And that way I manage my coverage options, apples to apples with what you’re currently carrying. And when I show you the lowest quote, it’s actually the lowest quote, comparable to what that you currently have,” Fuentes said.
Check the quote line by line
This is important – because a broker may remove certain hedges to lower your quote, so you think you’re getting a better deal.
Shop with multiple insurance brokers
Different brokers work with different insurance agencies, so it’s a good idea to ask more than one for quotes.
Expect to pay more for your insurance bill, even with discounts
And when it comes to home insurance, you should expect to pay more. When shopping, you are simply trying to find the lowest increase possible.
“I would say normal is probably 10-15%. Is this crazy? And it’s? Yeah. But if it’s less if you have an increase of less than 10% right now, I would say that you are doing very well,” Fuentes said.
Learn more about Jessica in the Ask Amy podcast. This week it’s episode four! We also have tips for reducing your auto insurance bill.
Note on renter’s insurance: If you live in an apartment complex, your apartment may require you to purchase insurance. It’s not required by law, but many landlords require it. I covered what you need to know about renter’s insurance in a previous Ask Amy.
If you have a question for me, I’d be happy to help! Email AskAmy@kprc.com and I’ll try to find answers for you.
Copyright 2022 by KPRC Click2Houston – All Rights Reserved.