MM Win to Start Off May!!! $296 Homeowner's Insurance Savings!!

bmo88 · May 2015

I am so excited because I just locked in a $296 savings for the year!!!!!!

We just built our home last year and the best rate we could get for homeowner's insurance at the time was $817 for the year. It didn't help there were a lot of wildfires and hail storms in our area, so policies were higher than normal. Well, they just sent our renewal policy about a week ago and wanted to raise it to $917. When I called them, they claimed it was "normal" to raise the rate by 10-15% a year. I don't know if that is true, but I was pretty irritated and informed them that I would be shopping around for a better rate.

Well, I called Progressive today because we already have a great auto insurance policy with them (have had them for 8 years). For the same coverage levels and comparable policies, they came back at $681.94!!! Plus, we would get a 5% discount on our auto policies, saving us another $61 for the year. Bringing our total savings to $296.06 a year! Apparently the company has been lowering policy rates in our area for the past few months in order to be more competitive.

DH was impressed, but not nearly as happy as I was about the savings, so I figured I would share it on here. That means we can use that money to put towards our debt repayments and speed up our pay off date.

Lesson learned: When policies come around to renew, be sure to review your coverage and shop around first!!

noffgurl · May 2015

That's awesome!

lifeonthehill · May 2015

That is a huge savings! Congratulations!

Xstatic3333 · May 2015

That's great! Well done! Shopping around is easy to avoid but such a good idea.

blondie42107 · May 2015

That's great!

Last year we contacted our insurance agent and told him we were shopping around. He re-ran our home insurance - same policy - and it was $200 lower! It had been about 5 years since we last had it ran. We also saved quite a bit on auto when we told him we were actively looking for better rates.

JoanE2012 · May 2015

Wow, great savings!

vlagrl29 · May 2015

yeah - that's more than the normal annual raise. I'm glad you shopped around. we did the same thing a few years ago when our home owners was over $1100 a year - went to state farm and it down to $800 per year. I believe that every few years or so you should shop around on all your insurance policies including health if you buy your own.

als1982 · May 2015

Congratulations, and thanks for this post! you've inspired me to call our agent to see what we can do to get ours lowered - right now it's over $1,200/yr!!