Insurance Comparisons Needed
I’m currently under contract on a new home, and if all goes smoothly with the sale of my current property, I should close in about four weeks.
I’ve been exploring bundled homeowner and auto insurance options. My current provider is Allstate, but their quotes for the new home haven’t been competitive at all.
Here are the details of my new place:
– 4,300 sq. ft. with HVAC
– 3 bedrooms, 2.5 bathrooms on the main level, and a partially finished basement
– Located on 0.9 acres with an inground pool
– Situated just half a mile outside the city limits of a town with a population of about 15,000
– In a small subdivision with 18-20 homes, city water (with fire hydrants), and a volunteer fire department located just 3 miles away
For my vehicles, I have:
– Two cars with full coverage
– One liability-only vehicle (my work beater)
– A 20’ utility trailer
– Notably, I’ve had one minor at-fault accident, and my wife has one ticket that will drop off in May
Most of the coverage limits and deductibles across different providers are similar:
– House replacement cost of around $600k to $615k
– 1% deductible
– $300k liability
– $350k personal property coverage, etc.
I’m not just looking for the absolute lowest price, but it’s definitely a consideration.
Here are some options I’ve received (rounded figures):
- State Farm: $3,300/year for home, $170/month for auto
- Alfa (a leading insurer in Alabama, second only to State Farm): $3,150 for home, $296 for auto
- AAA: $2,650 for home, $253 for auto (this drops to $220 after my wife’s ticket expires in May)
For comparison, Allstate quoted me $4,800 for the home, while Progressive came in at $6,800.
I’ve been with Allstate, but they’ve raised my rates by 125% over the past four years despite having no claims. Any advice or recommendations would be appreciated!
It sounds like you’re doing a thorough job comparing your options for insurance, which is definitely the right approach, especially with a new home that has specific features like an inground pool.
Based on the quotes you’ve received, AAA seems to be the most competitive, especially considering it drops further once your wife’s ticket falls off. Here are a few points to consider as you finalize your decision:
Coverage and Service: While price is important, consider the level of customer service and claims support each company offers. Reading reviews and checking customer satisfaction ratings can help you get a sense of their reputation.
Discounts: Inquire about any additional discounts you might qualify for—these can sometimes make a significant difference in your overall premium.
Policy Features: Take a careful look at the specifics of each policy. For example, what are their limits on personal property, liability coverage, and any additional living expenses in case of a claim? If you have particular concerns or assets (like the pool), ensure they are adequately covered.
Bundling Benefits: With your auto and home insurance, bundling can typically offer savings. Make sure to consider how bundling with each company impacts the overall cost.
When to Switch: Since you’re currently with Allstate, consider how a switch might affect your current premiums or coverage in the short term. Sometimes, they might match or provide a better deal to retain you as a customer.
Overall, it might be worth leaning towards AAA, given its competitive pricing and potential future savings, but also weighing the customer service and reliability factor. Good luck with your new home and your insurance decision!