Real Estate – Shop for Insurance!

If you own a home, you should be well familiar with property insurance and what it covers. If not, you will want to make a priority to review your policy and determine if there are areas of coverage that should be increased. Our needs change over time and with that our insurance should follow.

Coverage aside, it is also important to review your annual insurance premium. Over the last few years we have seen a drastic rise in costs relating to repairs, materials, contractors; etc. Many insurance companies have passed these increases on to the consumer (us!!). So, what may have been a $2,000 annual premium may now be $3,000. You will want to take a close look at this and ask your agent pertinent questions that will help you understand the increase. Maybe even negotiate 😉

The good news, home insurance prices can vary wildly. I see it often in Boston due to age/nature of the homes. For example, if you use a company that does not work much in Boston they may charge much more than a company that specializes in the area. This is often related to the company’s fear of building age, shared walls between single families, no fire-walls between buildings, shared foundation, old wiring, old insulation; etc. They see this as higher risk, whereas a company that frequently works with these property-types may have a better understanding and/or a different business model. This can result in less money out of your pocket for the same coverage.

So, my suggestion is to ALWAYS shop insurance rates. I have seen/worked with hundreds insurance companies over the years and I can tell you for certain… They are not all the same. If you are interested in who I use personally, don’t hesitate to reach out!