It seems like everything in our life is turning into an online purchase. We live in a world where you can get everything from groceries to Medicare insurance policies online. Is someone trying to keep us from leaving the house altogether?
While I am probably going too far with my conspiracy theory, the truth is that purchasing online is getting more comfortable, faster and much more convenient.
The same can be said about homeowners insurance, and in this post today I will go over why you should be shopping for it online.
1. 73% Of Us Aren’t Shopping At All
This might seem a bit drastic, but according to a recent study, almost 75% of us do absolutely no shopping around or comparisons when it comes to our homeowners insurance.
This means that we aren’t customizing the plan to fit the things our specific home may need.
If you have a strong jewelry collection or a nice gun collection, or maybe you even collect stamps, not having the right homeowners policy could mean those things don’t get covered.
As a baby boomer, you definitely shouldn’t accept out of the box homeowners policies because you need to make sure you know what your limits are and how the home insurance policy will act if you make changes to your home.
Let’s start shopping and let’s just stop accepting anything that is the only way to save more and understand our coverage better.
2. More Research
Like all things, when it comes to online shopping, you are able to do much more research on a product before you purchase it.
A recent study showed that 82% of us in fact, research something before we consider buying it.
The best thing about researching a home insurance policy is understanding everything it will cover, and how each policy will work for you.
There is no reason to go into buying a policy and not understanding the different types of coverage such as dwelling coverage, personal property coverage, loss of use coverage and so on.
Not only should you know how your home insurance policy might work, but you also need to know which options and coverage amounts will best fit your needs.
3. Online Reviews
The best thing the internet has given us all are reviews, I mean you can find a review on anything, and that is great for everyone.
It is shown that over 45% of us will read a review like this before we buy anything. As I stated above, being able to do more research is paramount and online reviews should be part of that research.
When it comes to insurance products, a good review will tell you who the company is, how long they have been in business, their financial strength and then talk about how the product works as well as give you an idea of costs.
If you aren’t sure where to start, an online review should always be your first option.
4. Much Lower Rates
When you actually start shopping for your home insurance policy, you will realize quickly that you can find coverage with much lower rates and much higher benefit amounts.
There are even some companies that can save you up to 25% more in annual premiums and allow you to add the coverage to your loan if you are in the process of buying a home.
I think that it is important to note because some people believe that they will have to pay out of pocket if they shop around while trying to obtain a loan.
If you shop around for coverage, not only will you become more educated on how home insurance works, you probably have much lower rates than your neighbors.
5. Faster Approval Process
It seems like the older we get, the better technology becomes, as baby boomers, my parents didn’t grow up with cell phones and Tv’s in every room.
As a millennial, I remember when no one could even afford a cell phone or a laptop, but things have changed drastically.
The same can be said about the purchasing and approval process for homeowners insurance.
Some companies can give you a quote in less than 60 seconds and approve and issue a home insurance policy in under 5 minutes.
This means that once you do your research, you don’t have to wait weeks to have coverage or be afraid you won’t get the coverage in time to close on your loan.
Buying coverage online is the best and easiest option when it comes to home insurance.
6. You Can Find Better Coverage
Homeowners insurance is one of the few insurance products that don’t care about your age or your health, so you don’t have to worry about being stuck with a specific policy.
Since most of us didn’t shop for homeowners insurance when we first purchased our home, we might have a policy that doesn’t fit our everyday needs.
When you shop online, you get the ability to find much better coverage and more than likely more affordable coverage.
There are hundreds of insurance companies out there, there is no reason to set it and forget it when it comes to your home insurance plan.
Finding the best coverage will really save you heartache in the long run.
Sa El is the Co-Founder of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 10 years of experience in the industry. He is an Entrepreneur, Insurance Educator, and Field Underwriter.