Tips for Shopping for Home/Auto Insurance

[DollarBill]

So I've always been a big fan of having USAA for my home/auto insurance. Well until I got my latest bill with about a 20% rate increase on my home policy (Never had a claim or any tickets/accidents). I talked to them on the phone today to see what happened and they said my area had a rate increase and that they didn't see any savings if I were to change any of my deductibles. So I'm going to start hunting for a new policy.

What's the best way to go about finding a good policy besides calling each company? Could you recommend a good company? Should I also think about adding in a umbrella policy?

Would it help to post my current policy?

[Scandium]

I got a bunch of quotes from the big ones last year (online, I never call unless I have to). YMMV, but bundling my car and home through Geico was the cheapest no matter what. State farm was cheaper on home, but more expensive on auto so loosing the bundle discount with geico made it not worth it. This is the second time I've done this exercise and been disappointed I can't save anything by switching, geico is just cheapest.

[Bob W]

Look for 3 or 4 "independent Agents" in your area.   Send out a request for bids note to each of them specifying your situation.  Include the VIN numbers and your personal numbers.  (you might call one first to determine all the stuff they want)

Conversely,  do not fill out internet applications.   You will be swamped with emails and phone calls for weeks or months.

Do the highest deductibles you are comfortable with.   Be sure your home owners only covers the cost of reconstruction and demolition.  You often don't need to insure the foundation,  wells, septic,  sewer lines,  driveway etc...    Our home is valued at around 230ish but our insurance is for 180ish.  I don't anticipate replacing foundations and the basement slab.    We are not in an earthquake prone area though. 

(fires are the thing that get most homes,  so be sure your smoke detectors are up to date and ask your local fire department to do a home inspection for free) 

A typical MMM thing for auto insurance is to drive a 4K car and carry liability only.   That is fine as long as you have a high coverage and most of your funds are somewhat shielded in retirement accounts.    I would get the underinsured coverage. 

[Numbers Man]

I second the thought of getting quotes from an independent broker. You will be amazed at how much you have been over paying for insurance by employing a captive insurance agent.

[DollarBill]

Look for 3 or 4 "independent Agents" in your area.   Send out a request for bids note to each of them specifying your situation.  Include the VIN numbers and your personal numbers.  (you might call one first to determine all the stuff they want)

Conversely,  do not fill out internet applications.   You will be swamped with emails and phone calls for weeks or months.

Do the highest deductibles you are comfortable with.   Be sure your home owners only covers the cost of reconstruction and demolition.  You often don't need to insure the foundation,  wells, septic,  sewer lines,  driveway etc...    Our home is valued at around 230ish but our insurance is for 180ish.  I don't anticipate replacing foundations and the basement slab.    We are not in an earthquake prone area though. 

(fires are the thing that get most homes,  so be sure your smoke detectors are up to date and ask your local fire department to do a home inspection for free) 

A typical MMM thing for auto insurance is to drive a 4K car and carry liability only.   That is fine as long as you have a high coverage and most of your funds are somewhat shielded in retirement accounts.    I would get the underinsured coverage.

I wish I would have read this before filling out that application...oh well! I'll definitely be sending out a request for bid notes...great tip! The biggest thing that scares me is all the clauses in policies. Do you think the independent brokers have more or the same clauses?