In Denver, Colorado, the average cost of home insurance is $1,536. Denver homeowners can identify the cheapest home insurance provider by comparing quotes from multiple insurance companies. Below are some of the factors that Denver homeowners should keep in mind before choosing the best home insurance company.
A.M. Best Rating
Financial strength is referred to as the capacity of an insurance company to grant claims of current policyholders. Denver homeowners are suggested to opt for home insurance companies with high financial strength ratings. A.M. Best rates home insurance companies based on their financial strength. Denver homeowners can use these ratings to identify home insurance companies with high financial capacity.
J.D. Power Score
J.D. Power awards ratings to home insurance companies based on the feedback collected from current policyholders. The customer satisfaction score of an insurance company is calculated using policy coverage, insurance rates, discounts, customer handling, and the speed at which a claim is processed. Denver homeowners can use the J.D. Power Score to choose insurance companies that ensure the satisfaction of policyholders.
Home insurance companies use different parameters to calculate home insurance rates. Home insurance quotes differ from one insurance company to another. Denver homeowners should receive quotes from multiple home insurance companies to choose the cheapest one. Homeowners should also consider the add-on policies offered by home insurance companies, in addition to the standard home insurance policy.
Deductibles vs. Insurance Rates
Denver homeowners can opt for high deductibles to reduce their home insurance rates. The deductibles and the corresponding reduction in home insurance rates differ from one home insurance company to another. Denver homeowners are suggested to choose the home insurance company that offers the highest discount for their deductibles. For example, Denver homeowners opting for a deductible of $2,500 and $2,000 pay $1,103 and $1,173, respectively.
Claims Processing Speed
Home insurance companies should be swift in processing the claims of homeowners. Homeowners are generally given a time period of 10 to 30 days to file a claim in case of damages. Once submitted, home insurance companies take a maximum of 40 days to review the claim and accept or deny it. Denver homeowners are suggested to choose home insurance companies that have a simple and swift claims processing system.