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Home Insurance Cost versus Coverage versus Service

When purchasing home insurance, there are three very important elements that need to be considered. Home insurance can be thought of as a "three-legged" stool, with Price, Coverage, and Service being the pillars that build the ultimate policy.

Price. Saving money could never be more important - especially in this rough economy. There are many strategies in the various articles found throughout this website about how to save money on your home insurance, but the simplest and easiest way to really find the price point you are searching for is to let companies do the bidding for you. By filling out a quote with Insurance Education Group, you are allowing top insurance companies local in your area compete for your business. There is no better way to get a competitive price.

Coverage. There are two important elements to consider when deciding how much coverage is right for you. The first is the type of policy you want. As discussed in other articles, there are four different home policies you can choose from ranging from very basic protection (HO8), to near bullet-proof protection (HO5). The second important element is what amount of insurance you need for you home. The best way to figure this out is to a) do your own calculation based on many coverage factors or b) fill out an online quote and talk with local agents about what replacement cost estimators say about proper insurance coverage on your home.

Service. This is probably the most difficult one to track. There are three things we recommend.

  1. Look at the company's AM Best Rating. AM Best tries to rank insurance companies based on many different financial factors.
  2. Check the Better Business Bureau. Typically you can get a good idea about how many complaints a company has and how good they are at rectifying a complaint situation.
  3. Do a Google or Yahoo! search of the company. Remember that in today's climate, anyone can post just about anything on the internet about a company, so this should be done after the first two steps and should be taken with a grain of salt. However, if there are complaint trends, you should check into them.

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Last modified: Mon Jan 27 10:57:10 MST 2014