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Cutting back on home insurance

November 21st, 2008 at 09:46 pm



I received my home owners insurance bill today. $818 Ugh. As always American Family bumps up all my values by $5000, just because they can even though the amount of my mortgage goes down. Every year I have to call and have them bump the numbers back down and even still I've seen the premium somehow climb up from around $550 in just a matter of few years.

Since you're always advised not to file any small claims for the risk of driving premiums even higher, I just want a barebones policy with a high deductible that covers the big-item essentials.

Doing a little research looks like both Allstate and Western Mutual can offer similar policies as AmFam without all the extras for around $400. I can't believe I didn't shop around sooner!

2 Responses to “Cutting back on home insurance”

  1. onesexylady Says:

    I work for Allstate and our homeowner's rates are awesome we beat a lot of companies with there rates. I'm an agent and never advise a customer to take no less than a $1,000 deductible on there homeowner's policy. Also combing your home and auto gives you a savings on both ends both the home and auto. But please DO NOT skimp on coverages for a cheap premium.Many people will ask to insure there home at $100,000 when it cost $250,000 to rebuild and if the house burns to the ground they screw them selves where the insurance company pays out the whopping $100,000 and there scrambling to find a loan to pay the other $150,000 Also do keep in mind that Allstate gives an additional 120% replacement cost on top of your dewelling if you home is under 35 years old I think. So please ask about replacement cost when shopping around it makes a difference in determining the dwelling amount to cover you for. A lot of companies try to cover your home for the land as well you do not own the land therefore the insurance company is only going to pay for the structure of your home. If you have any questions please feel free to ask.

  2. fern Says:

    Shoot. You're making me feel guilty, becus my annual premium was due end of this month and I MEANT to shop around becus my policy went up to $856 this year (after 13 years, no claims). But i got lazy and felt i was running out of time and hell, i just paid the damn thing. I am definitely going to have to remember to check out Allstate. I already have a high deducitble, i believe $2,000, and i combine the verey expensive homeowners with a very cheap car insurance policy, with MetLife.

    But i don't think the premium you're paying has anything to do with your remaining balance owed. It all relates to what it would cost to rebuild in case of fire or whatever.

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