Why Weighing Insurance Premium When Shopping For Insurance Policy Is A Bad Idea

Hey guys, Jason here with 303 Insurance Brokers, and I wanted to share another great insurance tip with you. A lot of times, a first-time home buyer, somebody buying a new property, they’re going to get multiple insurance quotes. Even though I can provide a client with multiple insurance quotes for my agency alone, many people are comfortable, whether they’re looking at their own insurance company or looking at a couple of different options, finding the best Insurance Premium available.

How To Find The Best Insurance Premium

I like to talk to people about a scenario that it’s great to price shop. If you have the time to go out and look at multiple things, multiple carriers, I can’t do everything. I don’t have that ability. I don’t have access to every Insurance Carriers in the marketplace.

Things To Consider When Shopping For Insurance Policies

I would want to talk to people about looking past the Insurance Premium too many times. When we look at auto insurance and home insurance, we focus on the premium as the golden ticket you want. That’s the driving factor in making a decision.

I always like to tell people, especially in the home buying process, that we want to slow down. We want to look beyond the premium. 

1. We want to look at things like, what is the dwelling coverage? How much insurance are we putting into the actual house itself? If we have to do a complete rebuild, we want to look at the wind and hail deductible.
2. You would want to know much if they will be out of pocket if they have a winter hail claim, which right now in Colorado is the most likely claim you will have as a homeowner.
3. The third one is looking at options and endorsements, those optional coverages. So you can load up a policy with those optional coverages that could come into play that could save you thousands of dollars down the line.

If you have coverage, things like building ordinance coverage, extended dwelling costs, service line coverage, water and sewer backup. There are some great endorsements out there.

Look Beyond The Price

I encourage all my clients to have or strongly consider as part of their policy. So remember, when we’re looking and choosing and comparing policies, we want to look just beyond the price.

We want to look at the value of the entire policy, and I’m happy to do that here with 303 Insurance Brokers.