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In New York, I pay about $1300 per year for a home valued at around $365k. However, premiums vary significantly depending on your location throughout the country, so what I pay might be very different from what you should expect. Not sure about California.
It’s important to be aware that filing claims, even seemingly small ones, can impact your future insurance options. Someone advised to avoid filing a claim if you can, because insurance companies can be “scummy,” and filing one might make you uninsurable in the future. For example, if you have $2000 in roof damage and a $2500 deductible, it might be better to pay for it yourself.
I’ve had three different home insurance providers, and my experience has taught me to consider more than just the lowest premium. For my small house, I saw a price range from $732 to almost $6,000 annually for the same limits. Simply defaulting to the cheapest policy might not be the best long-term strategy.
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.
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.
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