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My wife and I are closing on our first home (appraised around $230k with a $180k mortgage) and the homeowners insurance quotes we’re getting are all over the place. We bundled our auto insurance hoping for savings, but the home insurance premiums still seem high. As first-time homeowners, we’re not sure what coverage to prioritize or if we’re overpaying. What steps did you take to find the right homeowners insurance and ensure you weren’t getting ripped off?
I found that using an insurance broker saved me money because they shopped around for different providers. My broker calls me once a year and often says, “You can save $xx by switching providers,” and emails the paperwork. For the past 7 years, this has taken all the hassle out of insurance for me.
When I was looking for home insurance, I told the brokers I was willing to switch my auto insurance too, and the best home insurance deal actually came with savings on my auto policy as well. This made bundling worthwhile for me, and it’s something you should definitely ask about.
Don’t just assume bundling will save you money. When I checked, going through Progressive for home insurance, even with a $20 discount on my six-month auto policy, would have cost me $300 more for home insurance compared to Allstate for the exact same coverage. So, it’s crucial to compare both bundled and separate quotes.
I learned that it really pays to shop around because the quotes can vary wildly. In my last round of shopping, the lowest yearly estimate for my small house was $732, while the highest was almost $6k for the same coverage limits. Getting quotes from as many companies as possible is worth the effort.
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