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How do I find the best homeowners insurance?

by Jane Bryant Quinn

Compare prices! In any city, the most expensive insurer may charge 50 percent more than the least expensive for the very same policy. Many consumers don’t realize this or don’t take it seriously. You might waste hundreds of dollars if you can’t be bothered to shop around.

There are four sources of homeowners insurance:

• Companies that sell only by phone or e-mail — such as Amica, in Providence, R.I., specializing in better risks; Geico, in Washington, D.C.; and AARP (for members only). Anyone associated with the U.S. military should call USAA in San Antonio, Texas.
• Companies that sell exclusively through their own agents or their own Web sites, such as Allstate, State Farm, and Progressive.
• Companies available through general Web sites such as Insure.com, InsWeb.com, esurance.com, and InsureOne.com.

Companies that sell through independent agents. These agents work with several carriers, although they usually specialize in two or three. Prices vary depending on your circumstances and where you live, so the same company may not be the cheapest for everyone. Amica and some other insurers pay a dividend at the end of the year, so their true cost is lower than it seems (although dividends aren’t guaranteed).

I like checking Web sites because you can get so many quotes. Be sure you give each company the same information, so that the quotes will be comparable. Quotes should come to your e-mail. Sometimes an agent will call; tell him or her that you’re gathering quotes and will return the call if you’re interested. Price shopping on the Web takes a little time but gives you a good look at the competition.

It’s also a reality check on what an agent might tell you. Both agents and Web sites will check your credit report before proffering a quote, but that won’t affect your credit score. The scorekeepers ignore all insurance-related inquiries.

Price isn’t everything, of course. You also want your claims handled promptly, fairly, and without any hassle. Ask your friends how they like their own insurers. Some states publish data on customer complaints.

Excerpted from Making the Most of Your Money Now by Jane Bryant Quinn

Copyright 1991, 1997, 2009, by Berrybrook Publishing, Inc. Reprinted by permission of Simon & Schuster, Inc

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