Why Should You Switch Your Home Insurance Provider?

As a homeowner, finding the best home insurance company for you is a challenge. Moreover, you might think you have to wait until your home insurance policy expires, so you can transfer it to another insurance provider. For a better understanding of why you should change your insurance company, read on.

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6 Reasons You Should Switch Your Home Insurance Company

There might be several reasons why you want to change your home insurance provider. Although, if you are not happy with your existing insurer, you do not need to wait for your policy to expire before finding a new insurer.

Changing the current home insurer allows you to enjoy the benefits of maximum coverage and an enhanced customer experience. Here are 6 common reasons for switching your home insurance company-

  1. Higher Home Insurance Premiums

    If you are paying higher premiums to your existing insurer, it is now high time to start comparing home insurance quotes online from several insurers. Even if you have not raised a lot of claims, you might find that your insurer keeps on increasing the premium rates across the board.

    One of the best ways to find the best home insurance company is to start researching on the internet before purchasing a new plan. Moreover, you should look for other options and shop around at the time of policy renewal.

    You can also ask for an NCB or No claim discount if you have not raised a claim in the policy period. In case, you are not satisfied with your current plan, you can switch to another insurer in between the policy period. Therefore, it is not mandatory to stick to the same insurer if you are paying higher premiums or feel dissatisfied with your existing insurance company.

  2. Insufficient Home Insurance Coverage

    If you find that your existing home insurance policy lacks coverage benefits, you can switch to a new insurer.

    For example, if your home garage gets destroyed during the cyclone and now you discover that your current insurer does not cover the other structures under your policy.

    Therefore, it is important to know the coverage scope of your home insurance policy. If you are not aware of what you need and need insurance-related assistance, you can visit Policybazaar.com and connect with our home insurance advisors. Moreover, you can also compare multiple home insurance plans and choose the best plan that offers sufficient protection at the most affordable premiums.

  3. Poor Customer Service

    Generally, homeowners have to connect with their insurers to get assistance. Is your insurer easily reachable? Do they assist you seamlessly and answer all your questions? Do they offer you a fast claim settlement service? Do they help you in finding the right coverage at the most affordable premium rates? Do they understand your requirements and assist you 24X7 in case of any mishap?

    Well, it is important to have an insurance company that assists you throughout the process from finding the best plan to getting your claim settled quickly. An ideal homeowner insurance company is easily reachable, does not subject you to wait for long hours, finds time to understand all your queries, spontaneous response, and offers you an extraordinary customer service experience as a whole.

  4. Higher Compulsory Deductibles

    The higher your home insurance deductibles, the lower your premiums are meant to be. But do you know that some insurance companies have set compulsory deductibles too high than what they should be? If your insurer is charging a high deductible, you might consider changing your Insurer.

    In such situations, you must start looking for other companies on the internet and compare different plans according to the deductibles they are charging.

  5. No Bundled Discount

    It is one of the most common practices performed by home insurance companies. They offer you a discount on purchasing more than one type of plan from their company.

    For example- if you already have motor insurance from company A, you can ask for a bundle discount at the time of buying a home insurance policy.

    If your insurer denies you for giving this benefit, this makes no sense in sticking to the same company. Home insurance is considered to be a huge investment, therefore, it is important to find a company that gives you immense satisfaction with its products and services.

  6. Significant Life Event

    Another common reason to switch to another home insurance company can be a significant change in your life. Several life events might change your decisions, such as marriage, moving house, home renovation, retirement, additional home purchase, home content change, etc.

    If you are a part of any significant life events, you must start looking for another insurer. Moreover, it becomes crucial if you are moving, the location and home contents play a vital role in deciding your premium rates.

Final Words

It is now clear that you can choose and switch home insurers at any time. Switching can help you in enhancing your coverage and control over your plan. Therefore, if you are not satisfied with your existing home insurance company, you can easily switch to another at a better price, enhanced coverage, more discounts, and great customer service support. For more details, you can email us at care@policybazaar.com or call us at 1800-208-8787.

Written By: PolicyBazaar - Updated: 16 May 2022
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