Twice a week, our CEO and resident money guru Jean Chatzky tackles your burning questions in the HerMoney newsletter. We’ve pulled some of the best to feature on our website — and this one made the cut! Got a question for Jean? Send it her way right here.
Q: Today’s question comes from Judy. She writes: “I’m selling/buying a house and my late husband used to take care of our insurance arrangements. I know everyone has gone way higher, but what’s the easiest way for me to comparison shop?”
A: You’re right about that. According to a new survey, 71% of U.S. homeowners have seen their insurance premiums rise in recent years. Among them, 42% report that costs have gone up “a lot”.
So, comparison shopping is the order of the day. And there are a few ways to go about it. One of the easiest ways to start is to get an idea of what you’ll pay to insure your new home using an online tool like this one.
You can also contact insurance companies directly and get a quote for the policies you need. Or, you can find an independent broker who can help you shop around. I say independent broker because they represent not just one insurer but will help you survey the marketplace and find the best rates. Calling and getting a quote from an insurer yourself is about a 15-to-30-minute endeavor. And you should probably get quotes from at least 3 companies.
While you’re at it, you should ask about benefits for bundling your home and auto insurance (which can be significant), discounts if you’re retired and home more as well as driving less than you used to, and if you have safety features (like an alarm system), point that out as well.
This process is more time-consuming than difficult. Once you’ve gone through it a single time, shopping around every year or two will be a no-brainer. But it’s definitely something you should put on your calendar. Continuing to shop typically means continuing to save.
MORE ON HERMONEY:
- Ask Jean: How Do Reverse Mortgages Work?
- 3 Steps To Lower The Cost Of Your Homeowners Insurance Premiums Right Now
- 13 Women On Where They Keep Their Emergency Funds (and Why They Love HYSAs)
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