Have you noticed the premiums for homeowner’s and automobile insurance continue to rise? The cost seemingly has become outrageous! As retirees with a fixed income and no opportunity to make extra on the side, something had to change! When one’s homeowner’s insurance premiums exceed a mortgage payment, one knows something is not right.
Beginning two or three months before the current policy is to expire will save some hassle in the long run. It was disappointing to learn that my current insurance company was unable to quote me a lower premium without significantly changing the coverage. Additionally, I was surprised to learn how long and how much effort it took to change companies. Even though I began early, everything was finalized just before my current policy was to expire.
My process was this. I went online to request quotes. I was surprised by the few responses I received. In my “research” I discovered one needs to be mindful of the sites you are using to request quotes. The safest choice is to go to actual insurance companies’ sites; not a generic “we will find you multiple quotes” sites, which often are scams.
Exploring options with the companies that responded, I was thrilled to learn my premium would be considerably less than what I was currently paying. Bundling homeowner’s with automobile and personal liability insurance saves money, also.
Importantly, I did my homework before making a final decision. The reviews on the new company were very positive, including a high rating with J.D. Powers.
I did learn from this experience, that even though it is not time to renew, one can still change companies. Once your new insurance is finalized and in place, remember to cancel the old. They are required to refund any prepaid yet unused premiums.
I am relieved to have this activity behind me … at least for another year. Staying on top of each and all expenditures helps a retired woman sleep better at night.
Silver Sage Sisters 