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Even without making any claims, my homeowners insurance premium has steadily increased over the past few years. It went from $7XX when I bought my house in 2021 (appraised at $117K) to $1,119 this year, even though my coverage is for $239K. These unexplained increases are frustrating.
I decided to try a local independent insurance agent, and they managed to find me a deal that was between $700 and $800 cheaper per year compared to the quotes I had found on my own. Sometimes, smaller, local agencies can offer better rates than the big national companies.
I learned the hard way that you shouldn’t always go for the absolute lowest premium. A really cheap policy might have hidden issues, especially when it comes to actually paying out on a claim. It’s often said that “you get what you pay for” in insurance.
My insurance agent strongly recommended ensuring my policy included replacement cost coverage and opting for at least 50% extended replacement cost. With the way inflation and building material costs are going, this extra coverage acts as an important safety net if there’s a total loss.
After having Travelers for 15 years with no issues and even a good experience with a hurricane claim, they refused to insure my new home simply because I had filed a previous claim, even though it was not my fault. This policy of dropping long-term customers after one claim, regardless of fault, was shocking to me.
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