Home insurance recommendations....

Short version, I'm now getting dinged for home insurance on a monthly basis instead of it being rolled into the mortgage payment. I need to rate shop. Any recommendations/waveoffs?

Talk to an independent broker. This is what they do, and they know about companies you've never heard of because those companies don't buy Superbowl commercials.

Keith Tanner wrote: Talk to an independent broker. This is what they do, and they know about companies you've never heard of because those companies don't buy Superbowl commercials.

This. My broker(also my mom in the interest of full disclosure and other legal Mumbo Jumbo) runs my info through the companies she handles to get a good rate. I have had my car and home owners with Encompass for years and they've been among the lowest she's checked and the claims I have put in have all gone smoothly.

When you get your quotes, make sure they are quoting on the same coverage limits. I have found this happens when they ask what you are paying now, and quote to beat that price, but do so by lowering limits. Does not happen all the time, but often enough to watch for.

We shop insurance companies on a regular basis and end up changing every couple of years. At the moment, State Farm is the cheapest and we have everything with them. Rates drop a fair amount if the companies get to handle all your coverage.

If you are eligible (or have a family member who gets eligibility) check out USAA. I have home, car, life coverages with them.

I've had State Farm since I got my license 29 years ago, and by the time we insured the fleet & put our property there with them, I've yet to find anyone who can come close. I tried the one independent agent in town, but it was obvious his only concern was padding his bottom line.

State Farm doesn't write homeowners policies down in MS, so I went to an independent agent. She did an incredible and thorough job helping me work out the details of our coverages, limits and carriers. I'd also contacted another independent agent first, but he very much had the used-car salesman vibe going on, so I passed on him.

So don't be afraid to shop agents, even if it's with the same carriers.

Berkeley. I'm already with State Farm.

Bundle it with your auto insurance. Saves a little.

I'm with Farmers Insurance and have been satisfied with them.

stroker wrote: Berkeley. I'm already with State Farm.

It doesn't hurt to shop around. What is lowest for one person may not be for everyone. My wife was with State Farm when we got married and her agent didn't want to add me to her policy because I drive a bus in a big dangerous city so I was probably an irresponsible person and a high risk.

We had State Farm when we got married, and my wife's car was also on State Farm while mine were elsewhere. Took it to my favorite broker and saved huge - I think we basically got the house insurance for free along with lower prices on all the vehicles. State Farm couldn't come close. And yes, I'm comparing apples to apples, this was not at the same time as a change in marital status or anything else that would have caused a change.

I'm with EMC, I think.

Insurance laws vary widely state to state and as a result so do the rates. Also, different companies target different demographics -- State Farm is a fairly conservative company and charges through the nose for higher risk drivers. When I was 22, State Farm's auto insurance rates were literally three times those of AAA. Now that I'm twice that old, State Farm undercuts AAA by quite a bit, even before the discounts for having all of my other insurance with them. You also get loyalty discounts from the big companies like State Farm, so if you've been there for 20 years, you may well have a better rate than you could get just by switching. Since you also get discounts for having all of your insurance business (home, car, life, personal property, umbrella, etc) with the same company, your precise policy needs can easily result in one company being cheaper for one person, but the other one for the other.

Ultimately, the only answer is to shop around and price compare your specific insurance needs. This is what agents are for -- make a list of what you need (limits, deductibles, etc), send it to the agent, and ask him for a quote.

There are also other "sticky" aspects to insurance. For term life (the only kind of life insurance worth buying, IMHO), you're buying a policy for 20+ years with one company. Umbrella policies sit on top of auto and home policies, and typically require that all three policies come from the same company.

When I shop my coverages around every three years, I give all who are quoting the same sheet of exactly what coverages per item (house, umbrella, car 1, car 2, etc) I specifically want quoted. Put all pertinent supporting info (VIN's, etc.) on that request for quote sheet. If you minimize the agencies wirk, they will in turn get you the full quote faster. Also, this makes it real easy to compare quotes after you get them.

Monthly? I just pay the premium once a year. Not a small bill to pay, but at least it's one-and-done (I have Nationwide for everything). I think I have the option of paying quarterly or monthly, but it costs more.

lrrs wrote: When you get your quotes, make sure they are quoting on the same coverage limits. I have found this happens when they ask what you are paying now, and quote to beat that price, but do so by lowering limits. Does not happen all the time, but often enough to watch for.

Well they aren't going to quote you less than the required state minimums.

And some companies offer different limits on jewelry, computers, guns, cash, etc. But there is a base minimum they have to offer to be able to sell insurance in the state.

einy wrote: When I shop my coverages around every three years, I give all who are quoting the same sheet of exactly what coverages per item (house, umbrella, car 1, car 2, etc) I specifically want quoted. Put all pertinent supporting info (VIN's, etc.) on that request for quote sheet. If you minimize the agencies wirk, they will in turn get you the full quote faster. Also, this makes it real easy to compare quotes after you get them.

What does it do to you credit rating having this many pings on your credit?

We had farmers but they left this area after some bad damages to alot of property in 2012. We now have state farm, its a bit more but the coverage is close too the same.

Funniest part of the switch was reading the paperwork. My house is not covered if destroyed in an act of war or if i set off a nuclear weapon.

spitfirebill wrote:

einy wrote: When I shop my coverages around every three years, I give all who are quoting the same sheet of exactly what coverages per item (house, umbrella, car 1, car 2, etc) I specifically want quoted. Put all pertinent supporting info (VIN's, etc.) on that request for quote sheet. If you minimize the agencies wirk, they will in turn get you the full quote faster. Also, this makes it real easy to compare quotes after you get them.

What does it do to you credit rating having this many pings on your credit?

Those should be soft enquiries (the same your credit card providers do every month) and shouldn't be reflected in your score. Only hard enquiries like applications for credit are.

We switched from State Farm to Farmers last year after the SF rates had been going up inexplicably every six months, despite a complete lack of claims. That was after being with SF for at least 4 years IIRC. While I don't mind paying a little extra for good service, once I can get the same or better coverage somewhere else and pay at least 25% less, it's hard to stick with your existing provider.

Ian F wrote: Monthly? I just pay the premium once a year. Not a small bill to pay, but at least it's one-and-done (I have Nationwide for everything). I think I have the option of paying quarterly or monthly, but it costs more.

Yep. Paying all at once usually saves about a month of coverage, at least in my case.

dropstep wrote: Funniest part of the switch was reading the paperwork. My house is not covered if destroyed in an act of war or if i set off a nuclear weapon.

If YOU set off a nuclear weapon? I guess anyone ELSE setting off a nuclear weapon would BE an act of war.