Homeowner’s Insurance

During your option period you should research Homeowner’s Insurance policies. Rates vary widely among companies, so it pays to shop around. The following are some useful tips to help you find the best deal for your money:

• Decide before shopping the specific coverages & coverage amounts you need.

• Choose the highest deductible you can afford. Your deductible is the amount you must pay yourself before the insurance company will pay. Higher deductibles will lower your premium, but remember that you’ll have to pay more out of your own pocket if you have a claim.

• Because rates vary, ask several companies and agents for price quotes. When comparing rates, make sure they are for the same coverages. Texas Department of Insurance publishes a homeowner’s rate guide that can help you shop.

• When getting a price quote or applying for insurance, answer questions truthfully. Wrong information could cause you to get an incorrect price quote or could lead to a denial or cancellation of coverage.

• Consider factors other than price, including a company’s financial rating and its complaint index. Financial ratings indicate a company’s financial strength and stability, while the complaint index indicates a company’s customer service record. Buy only from licensed companies and agents. You can find out whether a company or agent is licensed and learn a company’s financial rating from an independent rating organization and its complaint index calling TDI´s Consumer Help Line 1-800-252-3439 or by visiting the TDI website www.tdi.state.tx.us

• Ask your insurance agent whether you qualify for discounts. Some discounts are required by the state, while others are optional with companies.