Home Insurance Coverage, Price, and Service – The Three Most Important Elements


Author Suggests Getting at Least Three Quotes

By: Lincoln Stevens

When evaluating home insurance companies, there are three extremely important criteria you need to consider: price, coverage, and service. These three criteria can be referred to as the “three-legged insurance stool,” because the stool (or your insurance policy) can’t stand unless all three elements are present in your policy. A complete home insurance policy is one that has a great price, excellent coverage, and fantastic service.

Price. Price is extremely important when evaluating your home insurance. In today’s economic climate, everyone is looking to save a buck or two. Many companies will use their reputable name and catchy slogans to make people feel like they have the best prices. The best way to know for certain you are getting a reasonable price is to shop your insurance coverage around. Get quotes from at least three different companies to ensure that the prices you are getting quoted are reasonable and comparable to other insurance companies in the area.

Coverage. Home insurance coverage comes in many shapes and sizes. From extremely poor coverage (an HO1 policy) to excellent, near bullet-proof coverage (an HO5 policy), you have many options. One mistake you need to make sure not to make is to assume that all home insurance policies are one and the same. If you don’t know the different policy types available, you might end up with a policy that doesn’t cover important perils like water damage or falling objects. This could ultimately end up costing you hundreds to thousands of dollars! In this case, knowledge truly is power. If you don’t know too much about the different home insurance policy types, at the very least ask your agent what is and isn’t covered with the policy he’s giving you.

Service. The final leg of the “three-legged insurance stool” is service. You can have the best price and excellent coverage, but if you don’t have quality service to go along with it, you will probably end up disappointed with your insurance provider. If you need to file a claim, how important is it to have your claim taken care of quickly and efficiently? If you answered “very important,” then service should be an important element that you evaluate before you switch insurance companies. The best way to evaluate service quality is to talk to family and friends (who have preferably filed a claim) that have the same insurance carrier and love it. If you don’t know anyone who has your potential insurance provider, checking the AM Best rating, the Better Business Bureau, JD Power ratings, and your state’s insurance site are great ways to do your due diligence.

Good luck!

Lincoln Stevens is Director of Marketing for Insurance Education Group, a web-based company aimed at helping people obtain the best house insurance they possibly can. Are you looking for a better rate on your home insurance? We can help! In five minutes or less you can fill out our online quote form and receive multiple quotes from multiple companies. Insurance Education Group not only has the best and quickest online quote forms on the web, but also a library of insurance information free to all those who visit the site! Become a well-informed consumer and field multiple free insurance quotes all at Insurance Education Group!