Community› The Bump Local Boards› Cincinnati Babies
Cincinnati Babies
New Discussion

Reasons to shop around for home insurance...

teacherjessteacherjess member
in Cincinnati Babies

Now that we're looking for home insurance, I just called the same place that holds our auto insurance. When the quote seemed high, I shopped around.

Holy crap. 

The price difference between the highest quote and the lowest quote we received was a difference of $750 a year. And those are for the same exact policies with the same deductible. I am in sticker shock. Even worse, those highest/lowest quotes were both within the same company, but different agents. Home insurance has gone up, but jeez...shop around, ladies! In the end, we've ended up with what I feel is a very reasonable policy, but I can't imagine if we had gone with the first one we got...

Warning No formatter is installed for the format bbhtml
Report Reply to Post

Re: Reasons to shop around for home insurance...

  • linzpinz14linzpinz14

    Hmm... ours is in with our auto insurance and seems super low, but maybe I should relook at our policy.  That is crazy so thanks for the PSA!

    And your house looks sweet!  I peeked at your FB photos during naptime!  I am jealous of that playset and you should definitely do the veggie garden!  It's really not hard to maintain!

    Report Reply
  • Loading the player...
  • hav2runhav2run
    And check on it every year or two.  The company who is lowest right now might not be in a year or so.  They bank on you being comfy with their low rate up front, and hope you won't shop them in a few years.  We have changed twice in 4 years.  Great advice, and great post!  Wishing you many happy years in your new home!  It is very pretty.  I love the photos you posted. 
    Image and video hosting by TinyPic

    Lilypie Fourth Birthday tickers
    Report Reply
  • kel716kel716 member

    imagehav2run:
    And check on it every year or two.  The company who is lowest right now might not be in a year or so.  They bank on you being comfy with their low rate up front, and hope you won't shop them in a few years.  We have changed twice in 4 years.  Great advice, and great post!  Wishing you many happy years in your new home!  It is very pretty.  I love the photos you posted. 

    Ditto this.  Ours has creeped up the last few years...  it took a phone call to "fix" it.  I think they count on you not paying attention because it's escrowed. 

    Report Reply
  • teacherjessteacherjess member
    Yes, I will definitely be keeping an eye on it! I love the convenience of it being escrowed, but we dealt with American Family raising it incrementally every year. I'm hoping for different this time!
    Warning No formatter is installed for the format bbhtml
    Report Reply
  • KittahMamaKittahMama

    I sold insurance (albeit commercial, but worked with the same companies that do homeowners).

    You may think it is the same policy- but it won't be.  Different companies have different "bells and whistle" packages.

    Just a few small examples:
    Some companies offer an additional 25% increase on your limits if you put replacement cost on a home.  Replacement cost does not equal the cost of buying your home.  It is the cost to rebuild the home exactly the same if it.. say, burned to the ground.

    Some companies will also cover additional expenditures for ordinance changes. Say your house was built in the 1960's- like my home was.  The building ordinances were different then and it could be much more costly to build your home today because you have to rebuild to current code.  If you don't have that coverage you are out of pocket those expenses.

    Some companies will cover you if you are out of your home for acts of god or damage.  THis was a big one in Louisville a couple of years ago because your homeowners would cover you to stay in a hotel when the ice storm hit.  My DH and I were without power for over a week.  Thankfully we had my parents, who had power- but without it hotels were charging $200 a night for a room because they could!  Our homeowners would have covered it.

    Definitely shop around, but be weary of the highest and lowest prices.  Sometimes with insurance you do get what you pay for in some respects.  Also, get quotes for various deductibles.  You'd be SHOCKED at how much you can save going from a $1,000 deductible to a $2,500 deductible.  And almost no one turns in claims under $2,500 because you don't want your rates to increase due to a claim.

    Bundling offers a typical 10-25% discount as well.  So having your auto and homeowners quoted together is always a good idea.

    I'm happy to help anytime with insurance.  I actually loved it and miss it!  Such a dork, I know!

    image Momma to Ms. C age 16 months and Mr. C age 3 months!
    Report Reply
  • teacherjessteacherjess member
    imageKittahMama:

    I sold insurance (albeit commercial, but worked with the same companies that do homeowners).

    You may think it is the same policy- but it won't be.  Different companies have different "bells and whistle" packages.

    Just a few small examples:
    Some companies offer an additional 25% increase on your limits if you put replacement cost on a home.  Replacement cost does not equal the cost of buying your home.  It is the cost to rebuild the home exactly the same if it.. say, burned to the ground.

    Some companies will also cover additional expenditures for ordinance changes. Say your house was built in the 1960's- like my home was.  The building ordinances were different then and it could be much more costly to build your home today because you have to rebuild to current code.  If you don't have that coverage you are out of pocket those expenses.

    Some companies will cover you if you are out of your home for acts of god or damage.  THis was a big one in Louisville a couple of years ago because your homeowners would cover you to stay in a hotel when the ice storm hit.  My DH and I were without power for over a week.  Thankfully we had my parents, who had power- but without it hotels were charging $200 a night for a room because they could!  Our homeowners would have covered it.

    Definitely shop around, but be weary of the highest and lowest prices.  Sometimes with insurance you do get what you pay for in some respects.  Also, get quotes for various deductibles.  You'd be SHOCKED at how much you can save going from a $1,000 deductible to a $2,500 deductible.  And almost no one turns in claims under $2,500 because you don't want your rates to increase due to a claim.

    Bundling offers a typical 10-25% discount as well.  So having your auto and homeowners quoted together is always a good idea.

    I'm happy to help anytime with insurance.  I actually loved it and miss it!  Such a dork, I know!

    This does help a lot. I went back last night to check on some of the bells and whistles, as well. One of the problems we had with our last house was that it was in a historic district, which meant that the replacement cost was nowhere near what it would actually cost to replace the same house with the custom woodwork, etc. I tried to be more careful about that this time and get something more accurate. I am hesitant to take out a 2500 deductible, though, although the cost savings are significant. I know we'll probably never need it...but I'd hate to have to cough up 2500 if something happened.

    Warning No formatter is installed for the format bbhtml
    Report Reply
This discussion has been closed.
Choose Another Board
Search Boards
"
"