Am I being taken for a ride?
We’re reviewing our home insurance due to our tight budget. We purchased our house three years ago, and we’ve noticed that our current policy costs $3,500 a month with a $10,500 deductible. We reside in Northern Arkansas and are exploring other options, but we won’t get responses until Friday. I’m hoping to gauge whether our current rate is reasonable or excessively high. Any insights?
It sounds like you’re right to shop around for home insurance, especially if you’re feeling that the current rate might be too high. A monthly premium of $3,500 and a deductible of $10,500 seems quite steep, even for comprehensive coverage. For reference, the average home insurance premium in Arkansas is typically much lower, often in the range of a few hundred dollars per year, depending on factors like the value of your home, its location, and your coverage needs.
A good step is to gather quotes from different insurers and compare not just the premiums but also the coverage limits and deductibles. Don’t forget to ask about any discounts you might be eligible for, such as bundling with auto insurance or having a security system in place. It might also be worth reviewing your coverage to ensure you’re not over-insured or paying for features you don’t need.
In the meantime, do some online research or consult with local insurance agents to get a better picture of what’s typical for your area and situation. It can be invaluable to gain insights from others who live nearby and might have similar insurance needs. Good luck with your search!