We shopped around for property insurance when we first purchased our home, and ended up going with GEICO/Travelers since we already had an auto insurance policy with them, and they offered a discount for having multiple policies. I can’t recall if they were actually the least expensive, but I remember feeling comfortable going with them.
When I began to look at the possibility of switching to another insurance provider, I first talked with State Farm. The agent pointed out that we were over-insured for our home — in fact, GEICO actually had insured us for approximately what we had paid for the house. The State Farm agent noted that we only needed to be insured for the amount that it would cost to rebuild the home, which makes sense. Overall, the State Farm agent demonstrated how they could save us money on both auto and property insurance.
I also spoke with Allstate, but State Farm made the most attractive offer.
In the end it was worthwhile for us to reconsider our property insurance. We were able to save $20.79 per month. We also saved on our auto insurance premium.
Obviously, YMMV here. But if you’re looking to save money and you are a homeowner, I would highly recommend reconsidering your property insurance provider.
This post is part of the How to Save on Your Existing Mortgage Series: