There are 3 basic areas to compare. Premium, coverage and financial strength of the insurance company. Premium Can be compared by obtaining quotes from several companies. Give each company the same limits of coverage to quote for you for comparison. Second is Coverage limits. Use your current policy coverage limits to request quotes and make sure that the policy forms used are similar. The most common form used is HO-3. 3rd is the financial stability of the carrier insuring your home. You can research the carrier's financials condition through a couple of independent rating companies. AMBest and Fitch are recognized by the industry as leaders in this field. There is a 4th part to your comparison, an agent to help you research and for service after you purchase a policyThee here are captive agents and independent agents. The captive agent only represent one company, the independent agent represents several carrier's. A spreadsheet is a good medium to organize your information and help you evaluate all the information you'll receive.
Vice President/Agent, Best Rates Insurance Inc, Kalispell Montana
The first thing you need to do is look at your coverage. Part "A" is your dwelling coverage which means your home. Make sure that your home is valued correctly. Some carriers use replacement cost so you need to make sure that you are no over insured or under insured. Also make sure that they have the correct property address.
I had a client come in who had a policy on a home that was very high and after looking at the papers the carrier had been insuring the wrong home for 6 years
Many times a Mutual carrier will be less depending on the type of home and the area you live in. In many cases they are less because they are no affected by natural disasters from other states which can affect everyone premium. In some cases this year alone I have seen Rates double with some carriers that had many claims from other states and here in Montana the mutual companies are less because they are all Montana based only.
Shop around and most important is to make sure that you are covered properly. In the even of a total loss being insured for the wrong value can be a HUGE problem
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I had a client come in who had a policy on a home that was very high and after looking at the papers the carrier had been insuring the wrong home for 6 years
Many times a Mutual carrier will be less depending on the type of home and the area you live in. In many cases they are less because they are no affected by natural disasters from other states which can affect everyone premium. In some cases this year alone I have seen Rates double with some carriers that had many claims from other states and here in Montana the mutual companies are less because they are all Montana based only.
Shop around and most important is to make sure that you are covered properly. In the even of a total loss being insured for the wrong value can be a HUGE problem