D.C.-area residents have the potential to save big bucks by shopping around for their homeowners insurance, according to Consumers’ Checkbook.
“I think most homeowners don’t realize that these huge price differences exist for the same home, the same policy,” said Kevin Brasler, executive editor of Consumers’ Checkbook. “Various companies offer them dramatically different rates based on their current underwriting practices and how they calculate rates.”
Brasler said you can save anywhere from $500 to $1,500 by comparing rates. He also said you don’t have to wait until your policy expires to take advantage of the best deal.
“For one family living in Arlington, we found they could pay about $1,500 a year with three different companies, or they could stick with their current insurer and continue to pay more than $3,000 a year for coverage,” Brasler said.
Even if you had the best deal years ago, that doesn’t necessarily mean you still do today. Brasler said shopping around periodically is key.
“A big mistake most homeowners make is they stick with the same homeowner’s insurance company year after year,” he said. “We find that over even two, three years, the mix of companies and how they rank for price can change dramatically.”