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While people often think about car insurance rates, shopping around for home insurance isn’t as common. Home insurance often becomes a set-it-and-forget-it bill, especially if it’s paid from an escrow account as part of your mortgage.

Comparing home insurance rates regularly can make a big difference to your rates. Although renewal is a great time to compare the renewal rate with quotes from other home insurance companies, you can compare homeowners insurance quotes any time, and doing so yearly is a smart way to save money.

Key takeaways

  • Compare homeowners insurance rates once a year at your renewal to see if there’s a better deal.
  • It’s a good idea to shop for home insurance after you’ve built an addition or remodeled your home.
  • If you move, shop around for home insurance, as different companies may offer better rates in your new area.

When should you shop for home insurance?

It’s a good idea to shop for home insurance yearly at renewal. However, there are three main times you should shop for home insurance, even if your policy isn’t up for renewal.

When you are in the process of buying a home. You will need home insurance to close on the purchase of your new home. Shopping as early as possible during the process will ensure you get the right coverage at a good price.

When you have work done on your house. Whether it’s fencing in the backyard, installing new floors, or installing a swimming pool, remodeling your house will most likely affect your insurance rate. Some changes will increase your premiums, while others could lower them, such as adding hail-resistant roofing.

When you’re shopping for car insurance. When you shop for car insurance, ask each company to create a quote for your home. Most companies offer a discount for bundling home and auto insurance, and your overall insurance rate might be lower if you buy both in the same place.

What are the benefits of shopping for home insurance?

There are a lot of benefits to shopping for home insurance, but the main reason is to save money.

Insurance companies can raise or lower rates for a variety of reasons. Maybe there’s a spike or reduction in crime in your area or an increase in severe weather; there are many reasons why rates fluctuate. And not every company will have the same rate changes. If you see an increase on your renewal, it’s time to get home insurance quotes and see what other companies can do for you.

You might even be able to get better coverage for less money. Some companies include, as standard, coverages that cost extra at other companies. Look for added perks and benefits when shopping, and not just the basics of coverage.

How to shop for homeowners insurance

Shopping for home insurance can seem difficult, but it’s easier than ever, thanks to online quoting. You can start by researching options with your current home insurance company. You might be able to work with them to create a plan that works best for you or reduce your rates. 

After that, check with any other insurance companies you’re connected to, such as the companies you have for auto or life insurance.

Before you start comparing home insurance quotes, you’ll need to have a few pieces of information handy:

  • The year your house was built and the square footage
  • The replacement cost value of your home (this is calculated based on the materials used to construct your home and what it would cost to rebuild it from the ground up today)
  • Details of your current policy, including deductible amount and any endorsements
  • Any requirements your mortgage company has for the policy

It’s best to compare three to five home insurance quotes to get an accurate picture of the rate variation. Before you buy, take a moment to check the reviews of each insurance company to make sure you choose one with a solid reputation.

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