- This topic has 12 replies, 13 voices, and was last updated 5 days ago by
.
-
Posts
-
I had a terrible experience with Mercury Insurance after a flood in my condo. I went for their low quote initially, but I ended up living with massive holes in my ceiling and missing walls for almost 5 MONTHS because they were so unresponsive. Sometimes the cheapest option comes with significant downsides.
Even without making any claims, my homeowners insurance premium has steadily increased over the past few years. It went from $7XX when I bought my house in 2021 (appraised at $117K) to $1,119 this year, even though my coverage is for $239K. These unexplained increases are frustrating.
I decided to try a local independent insurance agent, and they managed to find me a deal that was between $700 and $800 cheaper per year compared to the quotes I had found on my own. Sometimes, smaller, local agencies can offer better rates than the big national companies.
I learned the hard way that you shouldn’t always go for the absolute lowest premium. A really cheap policy might have hidden issues, especially when it comes to actually paying out on a claim. It’s often said that “you get what you pay for” in insurance.
My insurance agent strongly recommended ensuring my policy included replacement cost coverage and opting for at least 50% extended replacement cost. With the way inflation and building material costs are going, this extra coverage acts as an important safety net if there’s a total loss.
- You must be logged in to reply to this topic.