Just got the paperwork for this year's insurance premiums and I was shocked. I live in a very small city, three year old house, 3 bedrooms 3-1/2 baths, second tier lake lot, one acre, 3500 sq foot house with attached two car garage. Last year's premium for $423K in coverage was $1061. This year it increased to $1613. Four automobiles, three are 20+ years old and one is ten years old. Last year's premiums for liability only was $1237 while this year it jumped to $1811. This is through Safeco.
Have you all seen similar increases in premiums? As you can see my expenditures for insurance went from $2300/year to $3424/year, a 33% increase. Plus my wife and I have credit scores of 800+. Should this be happening or is the insurance black hats just wanting to wring every dime out of me?
I'd be very appreciative if you could give me the names of insurers who are good with their coverage and cheaper with their premiums, thus I could go and ask for their quotes. Thanks.
I'd recommend that you find a good independent agent (or broker) and get an array of quotes. The advantage of this approach is that you may run across a company or companies that are regional, and may provide a better value because they are prudent in regards to who and what they write. As for me, I would second the recommendation for Erie, if they write policies where you are at. I have been with them for over 30 years. shop my policies every two years, and have yet to beat them by any significant amount.
Thanks for the reply. I looked online to see if Erie services my area, yet they don't. Bummer.