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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?
My home insurance rate just went up to $1,119 this year from $921 last year, and it was $7XX the year before that, even though I haven’t made any claims since buying my house in 2021 for $117K (now covered for $239K). Rate increases can happen even without any claims on your part, so it’s good to keep an eye on it.
I highly recommend finding an independent insurance agent. When I bought my first house in 2020, the quote I got through a risk management agency (which is a type of broker) was at least $300 cheaper than the cheapest of the 8 or 9 quotes I found on my own, and it had far better coverage.
I decided that claims processing reputation is a top priority for me, even if it means paying a bit more. While Amica wasn’t the cheapest option, I chose them because they are well-regarded and I believe they will pay out for a reasonable claim in a timely manner without punishing me for it. The peace of mind is worth the extra cost to me.
While online comparison tools like policygenius can be good for getting an idea of prices without spam, they might not be as helpful as a “real” agent in guiding you through the tradeoffs in coverage. They are better if you already know what you want and just need someone to compare prices.
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