How You Can Save Money on Homeowners Insurance With Progressive
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This is a sponsored conversation written by me on behalf of Progressive. The opinions and text are all mine.
Buying a house is an exciting time. I think back to the two house purchases we’ve made as a family. We were excited to start a new chapter in our lives and make our new house a home. Thinking about buying homeowners insurance doesn’t exactly elicit the same type of excitement, but it’s a vital part of the home buying process.
With each house purchase, our decision involved calling numerous insurers to see what they could offer us. Chances are good that if you’ve bought a home, you’ve likely encountered a similar situation. The new HomeQuote Explorer from Progressive makes that process much simpler so you can focus on the fun part of moving into your new home.
Buying A House is Expensive
If you’ve bought, or are looking to buy a house you know it can get expensive quickly. Many think the asking price is the only number to watch for when buying a house. The true cost of a buying a house, however, is far more than the asking price.
Not only must you consider the interest rate, closing costs and down payment you need, you also need to keep one-time costs in mind, like inspection fees or costs associated with repairing items. It’s easy for costs to get out of hand quickly if you don’t have a budget in mind.
Buying homeowners insurance is one more cost to keep in mind. It’s easy to view it as one more thing you need to get done and out of the way. Buying your homeowners insurance too quickly or flippantly however, can cost you money in the long run.
Using HomeQuote Explorer to Simplify Your Buying Process
The one thing that has always bothered me about buying homeowners insurance is what it takes to track down and gather the information you need to make a good decision.
If you want to compare rates and coverage from multiple places, you have to call individual insurers, answer all their questions and hope they can provide you with a good quote. Or, visit multiple insurers’ websites, fill out a form multiple times to receive a quote. The latter approach isn’t much better, since it requires going to an actual insurance salesperson to do the same thing, which also costs you time.
HomeQuote Explorer from Progressive simplifies the entire process, allowing you to compare multiple rates and coverage options from the convenience of your phone or computer. This is great for both time and cost savings, so you get to kill two birds with one stone.
Here’s how it works. You simply go to the HomeQuote Explorer site and input your address. Progressive takes your address and automatically answers many of the questions pulling from public records. They then walk you through the rest of the application quickly – providing pictures of roof types, countertop types, etc. to customize the quote to your home’s exact specifications without you or I having to be an expert in any of those areas.
The result is a customized homeowners insurance policy that requires little effort from you. Plus, Progressive uses this information to provide you multiple quotes from different companies so you can compare prices and coverages to pick the best provider for your needs.
Progressive is the only insurance provider that provides a tool like this, one that allows you to instantly compare rates and coverages from multiple insurers side-by-side.
Savings is the Main Goal
Homeowners insurance is just one additional cost homeowners face. Owning a home is expensive enough as it is, so it’s important to take advantage of possible savings opportunities.
For example, homeowners insurance can vary widely in price depending on your particular situation. The Federal Reserve provides basic guidance on how to estimate your cost, by dividing the value of your home by 1,000, then multiplying that result by $3.50 – but there can be significant variance to keep in mind. There are various factors that can impact the cost of homeowners insurance, such as:
- Where you live
- Your credit score and age
- The estimated cost to rebuild your house
- Risk of natural disaster
- Age and condition of the home
- Claim history in your area
Insurers can and will view each factor differently, thus influencing their quote. Using a tool like HomeQuote Explorer from Progressive is a great way to wade through the possibilities and compare quotes from multiple insurers at once to save you money, not to mention time.
Do you already own a home and wonder if you’re missing out on savings? You can use HomeQuote Explorer for that as well. In reality, you should compare prices annually to make sure you have the best coverage available, at the best rate possible.
To get more information on HomeQuote Explorer, check out this quick video.
How often do you comparison shop for homeowners insurance to make sure you’re not overpaying? How simple did you find buying homeowners insurance the last time you bought a house? How much time did it take for you to find your homeowners insurance?
John is the founder of Frugal Rules, a dad, husband and veteran of the financial services industry whose writing has been featured in Forbes, CNBC, Yahoo Finance and more.
Passionate about helping people learn from his mistakes, John shares financial tools and tips to help you enjoy the freedom that comes from living frugally. One of his favorite tools is Personal Capital , which he used to plan for retirement and keep track of his finances in less than 15 minutes each month.
Another one of John's passions is helping people save $80 per month by axing their expensive cable subscriptions and replacing them with more affordable ones, like Hulu with Live TV.