Can I add or remove coverages in the middle of my policy?

One of the most amazing things about being human is that you will not be the same person that you were last year. Humans are constantly adapting and evolving so it makes sense that your homeowners insurance would do the same to match your needs wherever you find yourself in life.

Insurance companies understand that a lot can happen outside of their business hours which is why most companies offer 24-hour access to your policy via a customer service line or through a mobile app so you can remove or purchase additional coverage insurance at any time of day.

Of course, if your main goal is to buy affordable home insurance, don’t add or remove coverages simply for a lower monthly rate. Your home needs to have proper protection so you can keep yourself and your loved ones safe if something disastrous were ever to happen to your home. But there’s no need to be disheartened because there are ways to get the coverage you need at the rates you want.

For example, if you shop for home insurance quotes online, get a few quotes at once. This way, you can be sure you’re comparing like products with similar coverage rather than being thrown off by seemingly lower rates when one company cuts key coverages. Easy online calculators that ask you basic questions like your address, the amount of personal property coverage you want, etc. make the process much simpler in many ways. A licensed insurance agent can also run quotes for you while making sure you’re not missing out on important coverages that will protect your home and family.

Enter your ZIP code for free insurance quotes so you can add or remove coverages to find the best policy for you.

When should homeowners update their insurance policies?

When you experience a major life event, you should update your insurance policy. A major life event may not always feel drastic, but if you’re about to experience any of the events listed below, you should review and update your insurance policy:

• Getting married
• Buying a new home
• Having a friend move in with you
• Starting a home business
• Adding an extension to your home

All of these events should be considered major as the previous coverage limits you had may not be enough to protect your home in its current state. Of course, with such events, typically you’ll need to increase the coverage limits on your policy rather than reduce it. In the event of even a moderately sized claim, though, it could save you hundreds of thousands of dollars out of pocket or in straight losses.

Now, all homeowners should be sure that they are educated on what coverages are actually contained within their policies, like additional coverages vs. coverage extensions, and should be knowledgeable of what those coverages offer them before making any drastic changes to their policies.

So what are additional coverages?

When you have additional coverage on your policy, there is coverage for indirect losses that wouldn’t have been covered in the original write-up of your policy. Coverage extensions, on the other hand, offer additional coverage to items that are already protected by your policy.

How much do homeowners pay for insurance?

What you need to know about homeowner insurance policies is that no two policies will cost the same. For example, if you and your neighbor both have the same style of cape cod home, but then you have some additional coverage of property removed because you have given away some heirloom furniture that you no longer need coverage for, your rates would not match your neighbor’s. Anything from square footage and age of your roof to the distance between your home and the nearest fire hydrant can affect your rates.

This begs the question: How much does home insurance typically cost? If you’re interested in purchasing a home and want to have some sort of idea of what you may be paying for your insurance policy, you can use this chart as a reference to find the average rate of home insurance in the state where you live.

As you can see, location plays a large factor in your insurance rates, but your address isn’t the only piece of information that insurance companies require to calculate an accurate insurance rate for you. Let’s take a closer look at how insurance companies determine your rates so you can be better prepared when shopping for insurance online.

How Insurance Companies Calculate Homeowner Insurance Rates

Insurance companies need applicants to go through an underwriting process that involves a complicated formula that uses your personal information to determine how much you will pay for your insurance. So when you apply for an insurance quote, you must be prepared to share your:

• Full Name
• Marital status
• Gender
• Age
• Building’s construction style
• Claims history
• Credit score
• Preferred coverage limits
• Personal items that need to be covered

When you’re shopping online for insurance, make sure that you are thorough when comparing quotes from different companies. In order to see how drastically home insurance rates vary, add or remove coverages on your quotes so you can find the company that best suits your needs.

When can homeowners switch to a new insurance company?