By Durand. Home Insurance. Published at Thursday, April 19th, 2018 - 09:32:32 AM.
Person A has pretty good credit and has never filed claims on her home insurance. Person B has pretty good credit and has never filed claims on her home insurance. You would think that a quote from the same company on home insurance would yield similar, if not identical, results, right? Unless they are getting a quote on the same house at the same time, their quotes will most likely be different. Why is that? Why do home insurance rates seem to be so random? Home insurance rates are actually not random at all. Each insurance company doing business in Nevada has to file their rating structure with the Nevada Department of Insurance. The DOI can reject the rating structure if they deem it to be unfair or unlawful. Once the rating system is approved, the insurance company must then apply the rating structure to all potential insureds equally.
Consider the findings reported by independent insurance agent association, Trusted Choice, in a 2009 national survey: "53 million household respondents 'admitted they are probably not taking advantage of all homeowners insurance discounts or said that they simply did not know' about policyholder discounts they likely qualify for." The survey also found that the largest percentage of respondents, about 26%, estimated they save 6-10% on their insurance premiums by using discounts. In fact, many insurance consumers could be saving significantly more-as much as 30%, according to independent insurance agencies, which often shop on behalf of consumers and help them find discounts and compare rates.
Before you buy home insurance policies, ensure you are satisfied with the terms. If the coverage benefits do not cater to your needs, your hard-earned money in the form of premiums could be a colossal waste. Read the exclusions (things not covered) thoroughly in order to understand the terms. You can read them online on the home page of the insurance brand. In general, the damage to your property caused by wear and tear are not covered. It is essential to understand that the list of exclusions can vary from company to company. Known by different names like 'Home Insurance and Home and Contents Insurance', it is a policy custom-made for persons like my colleague. By getting your home insured, you can be free of distress as the insurance plan will offer a complete protection against fire, theft, lighting, vandalism, and other unpredictable threats. Whether or not you visit your far-away house, you can sleep in peace in the other house or rented accommodation.
Back in the day, getting a home insurance quote would involve calling your existing insurance company, dealing with your agent, and taking whatever rate was offered to you. Well, it no longer has to be that way. You can get an online home insurance quote with relative ease these days. What's more, you can get multiple quotes from multiple insurers. This puts you at a significant advantage, allowing you to shop for the best available home insurance quote. And of course this can also be done for renters insurance, car insurance, or for whatever other insurance needs you may have.
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