Best Time to Start Shopping for Insurance – Part 2
Shopping for Other Types of Insurance
On our last blog, we offered a simple guide on when you should start shopping for auto or home insurance in a variety of circumstances. But what if you need a different type of insurance? Although, some of the same principles apply, here’s a little more detail to help you identify when to start shopping for other additional insurance policies.
Umbrella insurance is one type of coverage you don’t need to worry so much about when to get it. There is never a wrong time to get an umbrella insurance policy. It will give you an extra layer of liability protection and provide you with peace of mind.
Even if you’re not in an area prone to floods, it is recommended that you purchase a flood insurance policy along with your home insurance policy. You never know when a pipe could burst, or when your washing machine might stop working and cause a flood in your home. There is always a risk of flooding.
Boat, RV or Motorcycle Insurance
These policies are slightly different because they are seasonal items. The coverage could change throughout the year. However, the same thing that applies to your home and car applies in this scenario. If you’re getting a brand new motorcycle, RV, or boat, you should insure it before you start using it. That way, you can rest assured knowing that you’re covered when ready to take it out for the summer.
You can opt to reduce coverage for the winter, but that means you’ll need to shop around again for another policy with better coverage before summer comes back.
Much like homeowners insurance, you should get your renters insurance before you move in. Although it might not be required by law, it is likely that your landlord will require it.
Wrong Time to Switch Your Insurance
Of all the times when you could switch your insurance, immediately after making a claim is not one of them. If you made a significant claim, it is best to stick with that same insurance company until your policy expires; otherwise, you could increase premium costs.
Another thing that can happen when you switch right after making a significant claim is that insurers might consider you a risk, which is not favorable for you. You may also have extremely high cancellation fees, which is not worth paying unless you are having a horrible time with your insurance company.
Be sure to sit down and talk with your insurance agent to get quotes and first-hand information about all the insurance products in Colorado available. That can help you decide on the best fit for you.