So I have two questions on insurance here. I have plenty of cash/taxable investments to pay for most catastrophes that could come up.
First question: How do I decide what deductible to pick for my condo owner's insurance? I have a $1,000 deductible on my car and I think that's a reasonable spot. But what about the condo insurance?
I have a few options:
* $500 deductible, annual premium is $X
* $750 deductible, annual premium is $X - $12
* $1,000 deductible, annual premium is $X - $28
* $1,500 deductible, annual premium is $X - $37
Which one would you pick and why?
Second question: At what point would you switch insurance companies? My current annual cost for auto, condo, and umbrella insurance is $2,000. I turned 25 recently and my (third party) agent sent me a quote for another company that would be about $1,500 total for the same coverage across all three. I am reasonably sure that one of my (current) policies will go down by $80 at the next renewal and my auto policy, which is the big one, is up for renewal in < 4 months. I called my current insurance company to see if there was anything they can do to lower my rate right now and they said that all I can really do is increase the deductible on the condo policy (see first question). I kind of want to wait and see what things look like when my auto policy is up for renewal later this year and then re-evaluate switching. I've had pretty good customer service with this insurance company and I'm not sure that I want to switch. I've been with them for almost 3 years now and I know nothing about the potential new company.
Thanks in advance for the help.