When was the last time you shopped for home insurance?

As lawmakers debate what to do about rising home insurance costs, read on for steps to take when you shop rates.

HOW TO COMPARE

Consumers can shop anytime. They don’t have to wait for a renewal period if they decide to switch companies.

Start by reading up on the coverage you have and what you pay. The first page or two of the policy, the declarations page, summarizes coverage and deductibles. Try to make an apples-to-apples comparison to determine if you’re getting the best value. For example, you may receive a quote for a lower premium, but a new company may offer less coverage.

When you look at deductibles, understand if your out-of-pocket cost is higher for certain types of perils like wind or hail.

Look for the terms: “actual cash value” or “replacement cost value.” If insurance pays to repair or replace something, actual cash value because it factors in wear and tear.

The state has a comparison tool at . It asks about your property location, claim history, credit score and the estimated cost to rebuild your home. It searches sample policies along with company ratings. Consumers would still have to contact the specific insurer to get an exact quote.

is separate. Consumers typically purchase a National Flood Insurance Program policy, overseen by FEMA. Mortgage lenders may require flood insurance in some places. However, flash flooding could happen anywhere.

When shopping for home insurance, ask about available discounts. There may be discounts for members of the military, your employer or alumni group. Combining home and auto coverage with the same insurer may be cheaper, but consumers can compare and confirm.

If you buy a new policy, cancel your old one and request a refund of the unused premium. Make sure the insurance change is communicated to your mortgage lender.

BUNDLING

Texas lawmakers are considering a bill this legislative session to ban what’s known as “forced bundling.” State Senator Royce West of Dallas filed Senate Bill 213 that would prohibit insurers from requiring the purchase of home and auto policies from the same company as a condition of coverage.

In December, 온라인카지노사이트 5 Responds told you about an insurance company notifying customers they would have to add an auto policy, or bundle, to renew a home policy. A consumer in Azle said she crunched the numbers and determined bundling wouldn’t have been a better deal for her.

The insurance company for that consumer, Farmers, later told 온라인카지노사이트 5 it revised the guideline in December. Thursday, Farmers said it remains the case that it does not require home insurance customers to purchase a companion auto policy. It noted the legislation, considered in Texas, would not apply to its current guidelines.

During an insurance committee hearing in the Texas House last week, Ware Wendell of , testified in favor of Senate Bill 213. He told lawmakers that any required bundling by an insurer would limit consumer choice while shopping around.

“You may want to bundle with a company if you like that company, but that’s your choice. Your hands shouldn’t be tied,” Wendell said.

We asked the , a group that represents many insurers in Texas, about the proposed legislation.

“Whatever the outcome is, companies are going to comply with it,” said ICT Spokesperson Rich Johnson.

Johnson said required bundling isn’t common among carriers, “It’s not a practice that we see overwhelmingly, that makes it a requirement.”

The Texas Department of Insurance has also proposed a to ban “tying arrangements.”

The bill and the proposed rule would continue to allow insurance companies to offer bundling as an option to consumers.

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