Home Insurance Quote? Read this first and get informed!

Home Insurance Quote? Read this first and get informed!

Shopping for a home insurance quote?

If you’re in the market for a home insurance quote don’t be duped by a shady agent.  Today we’re pulling back the vail on some shady insurance practices that can leave you unknowingly paying thousand more out of pocket if you find yourself in need of filing a claim.

Tell me more…

I was recently explaining to a customer, who received a home insurance quote from another insurance agent for the same property and from the same carrier, that all agents pick from the same trees.  This means that if he were to get a home insurance quote from another insurance agency for the same coverages, same deductibles and same carrier then the price should be the same as well.  This is important information for you, as a consumer, to know.

Ok, so what are they doing?

Some insurance agents, to win business based upon price, will eliminate certain coverages from the quote in an effort get a lower price.  They know that price is the most important factor when shopping for insurance.  Here’s where these agents fail – they don’t tell you they eliminated these coverages to get you a better price.  So, let’s get you prepared…. here’s some things that these agents do to get a lower price:

  1. They reduce or eliminate coverage for other structures – even if there are other structures on the property.
  2. They reduce coverage for your personal property and don’t offer replacement cost coverage – meaning you wouldn’t get enough money to purchase new items after a claim.
  3. They remove coverage for screen enclosures – even when there is clearly a screen enclosure going over the pool.
  4. They remove the common endorsements from the policy such as water backup coverage or law and ordinance coverage.
  5. And then they max out your deductible.

By making these 5 changes to the policy the premium could be reduced by 30-50%.  Now if you chose to reduce these coverages, great.  However, some insurance agents are quoting this way and they never mention to coverage reductions to you.  And if you have a claim with this type of policy, you could be paying tens of thousands of dollars out of pocket to get your home back in order.

Want more tips like this?

Click Here for an article that explains screen enclosure coverage or Here for a guide to help you shop for home insurance quotes.

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