The Price is Right

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On occasion I get complaints from my clients about the cost of homeowner insurance and they ask that I shop around for a better price. I tell them I will look into their premium but I also remind them that homeowner insurance policies are not a commodity. It is not like buying a bag of potatoes where the product is homogeneous and easily discernible.

There are many homeowner insurance companies with varying degrees of premium. if you look long enough, you will find one that is a comparative bargain -but at what price?, pardon the pun. What is behind that piece of paper that seemingly is available at an attractive cost? Are there hidden exclusions and sub limits of coverage? Is the carrier experienced in homeowner claims? Do they get a good grade from consumer reporting agencies? Will they let you use a contractor of your choosing in the event of a major fire? Will the replacement materials allowed be the same as what was lost or ones of “similar” quality?

Most people will concede that their home is their most valuable asset. it should be protected by an insurance company that is prepared to restore it properly. The premium charged should be a fair one. If you are insured by an insurance carrier known for their reliability, fairness, and attention to detail in settling claims, the price that you will pay for the policy will be the “right price”.

The author of this blog, Guy Hatfield CPCU CIC, can be reached at 203.256.5660.

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