With many in our community falling on hard times last year, the addition of a derecho sure didn’t help matters. The unprecedented land hurricane tore through the Midwest, leaving chaos in its wake — and creating a flood of insurance nightmares.
Why is insurance so important? Because it gives you and your family a financial safety net, helping you recover from catastrophic events like a tree unexpectedly smashing through your roof. But the events of last summer left countless friends and colleagues rethinking their insurance providers because they weren’t being taken care of the way they felt they should.
So, how do you know it’s time to switch?
1. Sudden rate spikes
Inflation is expected in any industry, but sudden spikes (we’re talking 10% or more) raise a big red flag. Your current company may have reevaluated how they calculate risk profiles and placed you in a higher tier. It could be time to compare the same coverage amounts with different providers.
2. Poor customer service or responsiveness
When accidents happen, frustrations run high — and waiting up to 48 hours (or longer) to hear back from your insurance company only adds to the tension. When looking for a new provider, you’ll get more bang for your buck if you find one with outstanding customer service reviews in addition to lower premiums.
3. Claim denials
Home insurance companies gain clients by promising to be there when they need it most, but if they break that (pretty important) promise, it’s time to shop around.
4. Increased customer complaints
Data from the National Association of Insurance Commissioners says 68% of all complaints deal with claim issues, like low settlement offers, slow or delayed response during the process and straight-up claim denial. If customers start leaving more negative reviews than normal, look into your options to move your policy elsewhere.
5. Life changes
Maybe there’s nothing wrong with your current provider, but you’ve recently moved, started a family or done substantial renovations to your home. That’s enough to warrant a comprehensive policy review — including shopping around to make sure you have the coverage you need at the best price point for your situation.
