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I suggest also check into replacement value coverage. Meaning if you DO need to make a claim, they will reimburse you the current rate to replace your possessions. Without it you get the depreciated value for your losses and it will NOT likely cover the cost of buying a new one.
I am a first time homeowner. My wife and I are both in our mid to late 20's are going to close on a 3 bedroom, 2 bathroom house that is about 1900 square foot. We have our car insurance and our current renter's insurance with GEICO, but the quote that we received for our Homeowner's insurance seems quite high at $716 annually under Travellers for approximately $205k worth of property in the state of PA.
Who should I go with?
Whats a good rate?
You need to do your research and ignore the people on CD from other states who are telling you $716 is expensive or $716 is cheap. Insurance is VERY dependent on location due to vast differences in risk and cost of construction. Plus you didn't tell us anything about the coverage and deductibles. In some places $716 would be very reasonable, in other places $716 is downright cheap. How the heck can someone here say $716 is a good deal or not when they know nothing about his coverage, deductible, and exact location?
You didn't mention getting a quote from Geico.
When getting quotes make sure you are comparing apples with apples, property coverage limits, fire, theft, storm, replacement cost, etc. Include liability limits in your comparison too.
Most policies don't cover "flood damage", and insurance companies like to play semantics when it comes to their definition of "flood damage", you need to get a rider or buy a policy from the Government's Flood Insurance program, too many find out the hard way they don't have coverage.
I would suggest you check into the differences between the two quotes. The policy with the higher premium may include more coverage with a lower deductible versus the lower quote having less coverage with a higher deductible. I just went through this earlier this year myself. It will drive you crazy if you let it. Oh and yes, my homeowner's insurance premium here in Tampa exceeds the total of your two quotes for a similar size home.
Don't know if it's available in your area, but we like Guide One for over 12 years. The premiums are low, mostly because they insure more responsible people. I have only made one claim (falling tree on car) but it was handled promptly, courteously.
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