Have you just noticed on your home insurance documents that it is time to renew your policy? Then again, you may have received a reminder email or something in the mail to notify you that another year has already passed by and if you want your home to be insured for the upcoming year, you need to sort your insurance renewal.
Of course, when it comes to renewing anything in life, your home insurance included, you want to make sure that you are getting the best deal possible. What can help you in your quest? We hope that the ideas we outline below will give you a good head start in getting yourself the best value for money when it comes to renewing your policy.
Check The Renewal Amount Against Your Previous Policy Amount
The first thing that you should do is check whether you are being offered the same price, a higher price or a lower price than what you have been paying for the current year. It’s easy to check these figures. On your home insurance documents, you should be able to find the annual amount that you have paid, and the renewal documents should give the proposal for the upcoming year. Normally, on the renewal notice, you will also find the amount you paid last year.
If the figure is the same or higher than what you have just paid it is time to take action. Remember, insurance companies do have some flexibility about the amount they offer and the amount they are actually willing to go down to. Think about it; if an insurance company offered every one of their clients a renewal amount which was the rock bottom price they could go to, they wouldn’t be in business for very long! Rather, if they send out a higher renewal notice there is every chance that a large number of people, due to the stress and hectic lifestyle that most lead, will simply go with it. Do not let yourself be one of those people!
It’s simply a matter of calling the company and asking them whether this is their absolute best price. Mention that you are going to be contacting a number of companies and negotiating the lowest price from each of them, and that, of course, you are going to go with the company that can offer the best policy for the cheapest price. You will likely be surprised at how quickly the insurance company is willing to lower their offer.
Before you make such a phone call you need to ensure that you have all the details needed in front of you. Otherwise, you will come across inefficient which may not go in your favor. Have your current home insurance documents, as well as your renewal notice with you when you make the call. These will also include reference numbers which will make it quicker and easier for a member of customer services to identify who you are and what they can do for you.
Contact Other Companies
Of course, you do not need to stay with the company who you are with this year. If they do not seem very willing to budge on a high price, or if you have been dissatisfied in some way with their service in the current year, it may be time for a change.
There are many insurance companies available and all of them are vying for your business. Since there is a significant amount of competition in the world of insurance it is easy to get yourself competitive quotes.
However, before you start making contact with various companies be sure to understand exactly what you need. Check your current policy for the outline of what you are currently receiving and if the upcoming year reflects the same needs, use this policy as a reference. Of course, you may find that you have been paying for insurance services which you did not require so if this is the case make sure that they are not included as an extra in any new policy which you take you.
Once you have your checklist in place, make contact with various companies, outline your needs and ask them for the rock bottom price. Again, don’t forget to mention that you are contacting a number of companies as this will go a long way in bringing the quoted figure down a notch or two.
Use An Insurance Comparison Site
Nowadays you can do pretty much everything online and comparing insurance quotes certainly is not an exception. There are various reputable websites which allow you to complete your details and requirements, the site will then compare these to a variety of insurance companies and list the price, as well as what is offered.
if you are feeling overwhelmed by how many insurance companies exist and do not know where to start, using a comparison website can be very useful. If nothing else, it can outline a number of reputable and popular insurance companies which you can then take the time to contact and acquire a definite quote.
Of course, whilst our online world is a useful one, don’t forget about the benefit of using old-fashioned methods like word of mouth to find out what you need to know. Let friends, relatives, neighbors an so forth, know that you are on the lookout for a new home insurance policy. You may be surprised at how quickly good recommendations come rolling in.
Indeed, if you have just discovered that your home insurance documents indicate you are in need of a new policy you may be feeling rather stressed at the task that awaits you. Remember, getting yourself insured for the upcoming year doesn’t need to be a mission impossible. By ensuring that you have the lowest price from the company you are with, as well as contacting other options and even using comparison websites, you should be well in your way to making a choice that will save you time, money and stress.