Expensive Homeowner's Insurance

mqt4n6 | Sep 28, 2017 | 16 posts since 2015

How often do you look for a better price for your Homeowner's Insurance? First of all I am not an insurance agent, but I recently had an eye opener, for me anyway. I had insurance from large, well known company for our primary home and our vacation home for 40 years. When I noticed increases in the annual premium, I decided to compare our insurance rates with other companies. It was actually very easy to get quotes and change to another company. I was amazed how much I was being over charged, and my new policy has much better coverage! I had close to a 50% reduction in my annual premium.

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Ally6770 | Oct 14, 2017 | 4,294 posts since 2010

We have used State Farm since 1961. My insurance was $529 for a year of insurance this summer with $500 deductible. The house is 6 years old and over 2,000 square feet with a walkout basement and 3 car garage. How is your community rated for water availability and how is your fire department rated for training and how far is it from your home? You also have a rating on your insurance notice that rates the insurability of your home. Also if you have your car insurance through the same company it it cheaper. Also read Consumer Reports. They rate all auto and home insurance companies. Actually there are only 3 companies that have the top rating for every category for home insurance.

mqt4n6 | Oct 15, 2017 | 16 posts since 2015

Congrats on your low insurance premium. I don't think you could do better.

carly | Oct 13, 2017 | 43 posts since 2011

Have you looked at the claim satisfaction reviews for the new lower priced company? I'm very happy with the company I currently have--one claim, I emailed them a photo and they mailed a check the next day.

But I've been getting a lot of excellent quotes this year from another company--that I used to have a long time ago--showing a premium savings of nearly 50%. The one claim that I filed with them back then was an absolute nightmare and when my next renewal came up, they doubled my premium.

mqt4n6 | Oct 14, 2017 | 16 posts since 2015

My experience was ok with the 2 claims in the 40 years I had with State Farm , but I was paying a much higher premium and deductible. I am now saving close to $1400 a year with a lower deductible and better coverage with Auto Owners. I was just curious about how often readers of this forum, who are very in tune with getting the best interest earning deals, re-evaluate the cost of their homeowners insurance. I thought I had missed the boat in this regard, but maybe I'm not alone.

paoli2 | Oct 14, 2017 | 2,641 posts since 2011

Auto Owners?? I have never heard of them. Do they sell in every state? Thanks!

mqt4n6 | Oct 15, 2017 | 16 posts since 2015

I think they only sell in 26 states. It is sold by independent insurance agents. But I am only curious about whether or not readers of this forum shop around for home owners insurance periodically or just buy and hold forever. Of course one would have to be satisfied with more than just the cost savings before a switch. Auto Owners is good, but I'm not trying to sell it. State Farm is also good, but very expensive, maybe because it covers nationwide natural disasters.

dave9354 | Oct 15, 2017 | 58 posts since 2010

I have been shopping for insurance every time I get a large increase in premiums. Just purchased a new policy for auto and homeowners insurance. Saving about 500.00 with new quote and have better coverage. It pays to shop every year for insurance. Most companies figure you will just pay the increase. Not me!

Anon456 | Oct 15, 2017 | 249 posts since 2011

My only two cents are from experience here in Texas. First off, rates are WAY different from State to State, and I guess also from city to city.. But insurance rates can be 50% cheaper outside of Texas. Anyway, biggest difference in quotes here is IF you bundle home and car with the same company.

mqt4n6 | Oct 15, 2017 | 16 posts since 2015

I understand and agree. But there still may be a difference in premiums for insurance offered by different companies for the same property. The difference may be from whether or not the company insures nationwide. From the response to my initial question, it appears that most of us just assume that the policy we got many years ago is still the best and never question the gradually increasing premium. I just found a Bankrate article about shopping for homeowners insurance that is worth reading: http://www.bankrate.com/finance/insurance/shop-for-home-insurance-quotes.aspx

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