5 Steps to Accurately Compare Denver Home Insurance Quotes

Wednesday, 22 December 2021 12:43

Homeowners insurance offers you peace of mind about the protection of your property. However, finding the right policy isn't always an easy process. Once you've searched Denver for home insurance quotes and gathered some options, you might base your decision solely on the cost. But home insurance is a little more complicated than that.

To make sure you find the right policy for your needs, follow these 5 steps when searching for and comparing homeowners' insurance policies. Believe us, you'll be glad later that you took the time to carefully evaluate your quotes now.

How To Weigh Your Options for Denver Home Insurance

Whether you're buying coverage for your home, car, or recreational vehicles, it's best to get at least 3 quotes from different insurance carriers (Nerd Wallet). Once you've gathered those quotes, you can start to compare them in more detail with these key steps.

1. Take a Closer Look at Each Insurer

Your homeowner's policy will come in handy in many situations, such as emergency home repairs and liability issues. That means you'll want to make sure your insurance provider is legitimate, credible, and worthy of your business.

To evaluate a given insurer, take a few minutes to visit the Colorado Division of Insurance. On that website, you can view ratings for each home insurance company that's licensed to operate in the state. You can also lookup consumer complaints lodged against a given insurer.

Along a similar line of thinking, it's worthwhile to conduct a "health check" of each company you're considering. What do we mean by that? Simply put, you'll want to make sure a given insurance carrier is reputable, prioritizes customer service, and has the financial strength to pay out claims.

To examine these traits, visit credit agencies like Moody's and A.M. Best. Other organizations, like the National Association of Insurance Commissioners, are also worth visiting. Those sites track tons of valuable data that are indicative of a company's current health.

2. Consider the Claims Response

Your home policy is in place to lessen the burden of out-of-pocket costs for home repairs. Unfortunately, many insurance companies these days are outsourcing the handling of claims.

This can lead to longer wait times for reimbursement, which could place your family in a frustrating and difficult financial position. That's why it's important to look into how each company handles claims.

Will your insurer use a licensed adjuster to handle your claim? Or will you be redirected to third-party call centers?

Will they provide a fair and timely settlement? Or will they leverage holdback provisions during the claim response (e.g., holding a portion of the payment until you prove repairs have started)?

It's best to find a provider who is transparent, honest, and has a reliable track record of timely reimbursements.

3. Weigh Deductibles and Limits

It's important to know what your premiums will cost each year. However, it's equally critical to look into the policy deductibles and be aware of your coverage limits.

Your policy's deductible is the amount you'll need to pay out-of-pocket before your insurer will begin paying your claim. It's true that a higher deductible will lower your premium for homeowner's insurance in Denver. However, that higher deductible will have a more significant impact on your wallet when you need to file a claim.

As you compare policies, make sure the deductibles are consistent with your needs.

It's also important to be aware of differences in your coverage limits. Each insurance policy is different, and your limits will affect the overall cost of your policy. So, if one policy has a lower price point, double-check the coverage limits are the same as the others before signing the dotted line.

4. Evaluate Policyholder Retention

Everything might look good on paper, but what's it like for the average policyholder? What is the insurer's retention rate? How many policyholders renew each year?

A reliable insurance company will likely maintain a high retention rate between 80% to 90%. When speaking with a company rep, ask about their retention rates and whether you can speak with a current policyholder. This can shed light on the type of customer experience you can expect at a given company.

It's also worthwhile to check out online reviews on third-party platforms. Those testimonials can provide even further clarity for your decision process.

5. Consider Available Discounts

Just about every insurance company offers a range of discounts for home policies. These may include things like:

  • Multi-policy discounts (bundle and save)
  • Mature homeowners' discounts
  • Home security discounts
  • And more

Those can make a significant difference for you in the long run.

Request Your Quote for Denver Home Insurance

Are you rounding up quotes for home policies today? Then start with Adler Insurance.

Our licensed insurance agents can generate an accurate quote for you in minutes. We'll work closely with you to maximize your custom coverage while minimizing your total insurance cost. We'll leverage our extensive industry experience to ensure your homeowner's policy meets all of your needs.

Contact Adler Insurance Group today to get your accurate quote in Denver for home insurance.