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Comparing Homeowners Insurance Rates

The best way to selecting a home insurance policy is by investigating the different companies and their policies and then comparing prices to see which one is the best deal for your profile. Here are a few tips to get the best insurance policy for your needs:

1. Shop and compare policies for your home to get the best deal for the best price. Independent agents represent many companies so include them in your shopping. Compare prices, but don’t just go in for cheapest policy you can lay your hands on. If you are offered cover for a high-risk, non-standard company, find out why your home is considered high risk.
2. Ensure that the prices you compare are for the policies that offer similar coverage. Enquire whether a company is offering you its lowest rate. Ask your agent:
   About how you can get a better rate, if you can qualify for discounts, what covers and discounts the quote includes and what are the payment plans on offer.
3. Homeowners’ policies in Mississippi carry a basic deductible of $250. However, there are companies offering higher deductibles, which can keep your insurance premiums low. Note however, that you will fall short of money up front if you do have a loss. Ascertain that you can afford the larger out-of-pocket expense if you have a claim in such a case.
4. Buy adequate coverage and only that which is needed. The amount of insurance coverage that you have on your home and its contents should not exceed the replacement cost which might be incurred in case of damage. Some people suggest you only buy insurance to cover 80 percent of value. Others recommend that you buy insurance to cover the cost of replacing your home and belongings if they are totally destroyed.
5. Install burglar alarms on your property to qualify for a discount. Burglar alarms, deadbolt locks, and smoke/fire alarms, sprinklers may all help you avail premium discounts. You also should ask the company about optional discounts for:
   • The age of your home, claims history, companion policies, and property insured to full replacement cost
   • Senior citizens, if they live with you
6. Enquire about endorsements in addition to the basic homeowners policies. Choose your policies according to your needs and profile. You may want to inquire about special types of coverage such as flood insurance – even if you live in an area that does not require it – as well as comprehensive coverage for valuable collections such as jewelry, electronic equipment, art, or firearms.
7. Itemize your possessions and keep a list of your belongings handy. This will enable you to estimate the replacement value of the contents of your home in case of damage or loss. Ensure that you have the necessary counterfoils and receipts showing the year of purchase and the cost. Keep copies of your inventory in a safe deposit box or with a friend.