Its hard to compare insurance rates on anything, if not impossible.
First there is location and the risk factor to the insurance company, second is your credit score (this is huge) next is if you had claims in the past (this is huge)
Then there is structure type, construction materials ect. and your "options"
Best bet is to start doing your research by getting at least 4 quotes online from any insurance companies that will allow on line quotes.
I do this every time any insurance company tries to raise my rates on anything.
I know, for my area, I pay $500 to $700 less per year for my size home. Forget cost of the home, its a 3000 sq ft home with 10 to 16 foot ceilings if it had to be rebuilt, never mind demolition costs ect.
Cost of the home are standard construction costs across the country, there is a little variation but not as much as some people think. They are mixing up what the value of the home and land is worth.
So someone in a 850,000 house might have the same construction cost of a 300,000 house, to the insurance company they are both the same. The land doesnt burn down or get robbed. The house does, the land is what makes the house price different both homes to rebuild might cost the insurance company $270,000.
Insurance company only cares about the house, sq ft, construction materials, age, roof, ect ect, not the land that it is on.
Anyway, in 14 years I must have switched companies about 6 times. Its no big deal to switch, get a good quote, make the payment and cancel your other policy, other policy will send you a refund check. Also if you have a mortgage, call the mortgage company and let them know the new company.
With all the above said, We now have Travelers Homeowner insurance, possibly the longest I ever had the same company, going on 3 years now. I am paying maybe $100 more a year from three years ago but still a great price, and I keep searching all the time, low price wins, each and every time.
I suspect Homeowners Ins companies are high profit products, people just get used to paying their mortgage with the mortgage company paying their insurance and whatever it costs they pay. (if there is a mortgage) For some, they may think it is hard to switch. It really isnt, if you find a better price, which you will, buy the policy and cancel your current policy, that simple.
Then call your mortgage company (if you have one) and tell them the new ins company.
You can do this any time of the year and switch companies at any point, you do not have to wait for renewal time. You can search all year, find a better price? Buy it and cancel your other, the other will mail you a refund for the unused time in the policy that it left.
One thing to watch out for, some Homeowners insurance will stipulate that the quote you have is not yet final, make sure it is final before you cancel your other ins.
Dont over think it, buying insurance is no different then buying milk in the supermarket. If your price goes up, switch, even if you get a new company and 1 year later it goes up, then switch. No rocket science required, just switch to the best price.
First there is location and the risk factor to the insurance company, second is your credit score (this is huge) next is if you had claims in the past (this is huge)
Then there is structure type, construction materials ect. and your "options"
Best bet is to start doing your research by getting at least 4 quotes online from any insurance companies that will allow on line quotes.
I do this every time any insurance company tries to raise my rates on anything.
I know, for my area, I pay $500 to $700 less per year for my size home. Forget cost of the home, its a 3000 sq ft home with 10 to 16 foot ceilings if it had to be rebuilt, never mind demolition costs ect.
Cost of the home are standard construction costs across the country, there is a little variation but not as much as some people think. They are mixing up what the value of the home and land is worth.
So someone in a 850,000 house might have the same construction cost of a 300,000 house, to the insurance company they are both the same. The land doesnt burn down or get robbed. The house does, the land is what makes the house price different both homes to rebuild might cost the insurance company $270,000.
Insurance company only cares about the house, sq ft, construction materials, age, roof, ect ect, not the land that it is on.
Anyway, in 14 years I must have switched companies about 6 times. Its no big deal to switch, get a good quote, make the payment and cancel your other policy, other policy will send you a refund check. Also if you have a mortgage, call the mortgage company and let them know the new company.
With all the above said, We now have Travelers Homeowner insurance, possibly the longest I ever had the same company, going on 3 years now. I am paying maybe $100 more a year from three years ago but still a great price, and I keep searching all the time, low price wins, each and every time.
I suspect Homeowners Ins companies are high profit products, people just get used to paying their mortgage with the mortgage company paying their insurance and whatever it costs they pay. (if there is a mortgage) For some, they may think it is hard to switch. It really isnt, if you find a better price, which you will, buy the policy and cancel your current policy, that simple.
Then call your mortgage company (if you have one) and tell them the new ins company.
You can do this any time of the year and switch companies at any point, you do not have to wait for renewal time. You can search all year, find a better price? Buy it and cancel your other, the other will mail you a refund for the unused time in the policy that it left.
One thing to watch out for, some Homeowners insurance will stipulate that the quote you have is not yet final, make sure it is final before you cancel your other ins.
Dont over think it, buying insurance is no different then buying milk in the supermarket. If your price goes up, switch, even if you get a new company and 1 year later it goes up, then switch. No rocket science required, just switch to the best price.
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