That was all it took for me to start looking for a new insurance carrier!
For a disclaimer, I’m not associated with any of the companies I’m going to mention, other than I am a customer or former customer of theirs.
I began looking at the coverage amounts on our homeowner’s policy:
We were way over-insured… a high deductible of $2500 and an occurrence level of only $100,000.
After researching current new construction building rates and realizing under $100 a sq. ft. I decided to decrease our structure coverage to something more in line with what we needed (if the entire house were to be blown down in a tornado.)
The extra structure value is about 10% of the house structure and contents are about 45%, so that put us in line with replacement cost, structural replacement, etc. These values are based off of the value placed on your house and other dynamics the insurance company imposes, so pay attention!
For the house: We got the values in line with the premium, we were looking at a $400 dollar a year increase with a high premium and over valued property price.
We ultimately got the replacement value in line, decreased the monthly premium from $120 to $83/mth. We got in return a lower deductible… from $2500 to $500 and increased our personal occurrence from $100,000 to $300,000.
I added the vehicles and saved an additional %15 but also dropped the premium for the very same coverage by $50 a month.
Overall our total premium for vehicles and house went from $238 a month down to $151 and we experienced an increase in coverage on the house coverage.
Shop around. Don’t become complacent.