How to Change Home Insurance

Home insurance protects your most important asset, your home.

Finding homeowners insurance should not be difficult, as there are many insurance companies to choose from. Although you can receive rate quotes online and apply there, many people prefer to use an insurance agent. This is someone you can contact about insurance questions and other matters. Discounts are often available for getting your homeowners insurance and car insurance through the same company.

Instructions

1. Check to see if you qualify for any discounts through specific insurance companies. Often employers, college alumni associations and professional associations will offer a discount on insurance through a specific company. You can save money simply by checking to see if you qualify.

2. Get rate quotes online to find out which company offers the best rates. You should have enough insurance to pay off your mortgage and help you with rebuilding costs. You can also get insurance that will protect you in case someone sues you. Most people have a limit of around $300,000 on that portion of their policy.

3. Contact an independent insurance agent and have him find several homeowners insurance policies for you. An independent agent does not work for a specific company and can look up different plans to find the one that best suits your needs. Additionally, he can help you figure out the right amount of coverage for your situation.

4. Apply for the insurance policy that best fits your needs and has the best premium available. You can fill out the application online, over the phone or with a local insurance agent. The company may send someone out to inspect your home and property before approving you.

5. Pay your first premium to begin insurance coverage.

Tips & Warnings

• You can save money by paying your premium annually instead of monthly.

• Most homeowners insurance policies do not cover flooding. If you live in an area prone to flooding, you should consider getting flood insurance in addition to your homeowners policy.

• If you have a lot of assets, you may want to consider getting umbrella insurance. This insurance will cover you if you are sued and will take over if the amount is more than what is covered on your home or car insurance policies. This insurance will help protect your assets.

References

• CNN Money: Getting Homeowners Insurance
• MSN Money: 15 Ways to Save on Homeowners Insurance

Resources

• Consumer Action: Home Insurance Basics