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When we purchased our new home I called both of our insurance companies and received quotes for a new homeowner's policy. With some much going on since we have been married I never got a chance to start consolidating our insurance policies, and I decided now wasn't the time as the home purchase kept my hands full.
However, I did get referred to an independant insurance agent to get a 3rd quote for our policy.
Here are the results for equivalent policies:
State Farm: $649 $1,500 deductible
Farm Bureau: $589 $1,500 deductible
Erie Insurance: $461 $1,000 deductible + $70 for separate liability policy to make equivalent.
Erie had by far a much better offering with a fuller homeowners policy coverage and I jumped on it. I had never heard of the company before, but I checked on the NC Department of Insurance agency's web site and found their 2007 complant ratios. I confirmed they had a large share of the homeowners insurance market in NC (top 10) and their complaint ratio was reasonable. So far so good! I will have to remember if the rates on our homeowners coverage rise significantly I could revert back to the more stripped down homeowner's policy that should be cheaper.
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Comments (5)
I'm surprised that you only checked out three. When I was looking for renter's insurance, I checked out about 10 different places and made a big chart so I could easily see which one was the better deal and why. I'm weird like that, though.
Does Erie offer any bundle discounts? Many insurance companies will give you a discount if you do home and auto together. I don't know if you looked at that with the other two, but it is an option.
Glad you found an decent option, though. Insurance premiums are getting ridiculous these days!
Posted by Kristy @ Master Your Card | March 18, 2009 6:54 PM
My wife and I have had Erie Insurance for our two cars and home for over 12 years, and we have been extremely pleased. We have had two claims over the year, one for hail damage to our roof and one for a broken water heater that destroyed some wood flooring, and Erie basically cut us a check on the spot with little to no affect on our premiums. Also, I paid our entire year of car insurance at the beginning of March, and last week I received a check back from them for a prepayment discount that I was not aware we were even eligible for. Erie has been great, and I think you will be very pleased with your decision...we are!
Posted by Golfer65 | March 18, 2009 9:21 PM
I have Erie as well in the triangle...your price seems low. What is in your policy? Did you not get full replacement cost on your belongings? (or whatever they call it...can't remember the exact terminology...i pay more, for a smaller house...seems odd). You will find Erie to just be a straight % off of the "value" of your house. So, it will go up every year - as mine has every year (even though the value of the home remains the same...once again, seems like fuzzy math to me...but it was my cheapest option) - unless you up the deductable or find a way to tell them your house is worth less. Good luck. Erie does bundle discounts also...i have not used them, but they try and talk you into it.
Posted by Anonymous | March 18, 2009 9:52 PM
i'min CT and was able to lower my premium to $750 after increasing deductible to $2,000. My homeowners is already coupled with car insurance (Met Life insures both.) So you're doing WELL.
Posted by fern | March 19, 2009 10:40 AM
We wish our premium is as low as yours. (We are in CT.) By the way, which insurance company do you use for your rental properties? I thought most of the fire insurance policies for the rental properties require you to have your primary home insurance with them as well. In your case, Erie covers the rental properties as well?
Posted by Octopus | March 19, 2009 10:54 PM