Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am looking for homeowner's insurance and got about 10 quotes from the bigger name companies.
One of the quotes was significantly lower than the rest which were all in the same ballpark. It is almost 1/2 of the rate of the other quotes!
I am looking at the quote and it seems to have the same coverage as the others. What am I missing? Why would this company be so much lower than the others?! Am I being tricked by the agent somehow?!
Um, have you asked the agent why his quote is so much lower? Is it an introductory price? Do you have lots of other policies with that insurer so they're giving you lots of discounts?
I worked for a major casualty insurer for almost 25 years and there are several things that could be going on. Make sure you are getting all of the discounts you are entitled to. Find out if there is or has been a rate change in effect for your state or particular area when the quote was done. Factor in various deductibles and check the quote then. Are you being quoted for items you do not need such as earthquake coverage, etc. Is your home in a flood plain? Have you filed homeowner losses previously? Have a vicious dog or trampoline on your property? How far from the fire department? Is it a volunteer department or a subscription department? What is the home protection class assigned by the state for your home location? Do you live in a higher crime rate area??? .....these are only some factors that may impact the rate. I would suggest approaching an independent agent who can quote you with several different companies and help you determine which and how much coverage you need. Shop around and get what you need and remember agents work on commission so if they can sell you more coverage (even if you don't need it) they make more $$$. The only stupid questions are the ones not asked. Good luck to you...
Might be worth checking the replacement cost calculation. I had a situation where a family member was paying twice as much for coverage for their smaller house in the same neighborhood. Tweaking the value *upward* actually lowered the rates. I think the cutoff at the time was about $120k replacement value. Lower replacent cost actually cost more to insure. Even surprised the insurance guy.
Fwiw, there are some great companies out there for insurance that don't have much public name recognition because they don't advertise as much. I never heard of my current insurer before, but they have a great rep within the industry. And they're way cheaper than the bigger names.
With any insurance its important to check quotes as to the exact coverage because they can differ alot.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
