I know it has been said time and time again that home owners should check around and compare rates before their home owners insurance renewal comes up. This is something that should not be taken lightly.
Recently we were looking at a renewal and saw that it was going to go up 28% year over year! When this was discussed with the insurance company we found that the facts that they had about the home were inaccurate in their system. This was inflating the rebuild cost of the home and causing the rate to go up excessively. Upon correcting their information on their end we saw the rate was going to increase by roughly 8% instead. Had we not been paying attention and had it just automatically coming out of an account this would have been a big miss.
There will still be a comparison between companies to see what the price can get to for the same coverage and service. When someone switches companies sometimes they get an introductory rate or discount which goes away once you have been with them for awhile. This is similar to what some might see with cable companies and satellite providers when switching, or like cell phone prices for new customers vs existing customers has been in the past. All I am trying to say is, it pays to shop and compare your insurance, especially when it seems like it is going up excessively.
Korey Rowlson
Associate Broker
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