Monitor your Insurance Policy

We all know we need insurance. It is a part of life that you pay all this money JUST IN CASE you need it.  And each year that you don't need it, it stinks that you have just paid all sorts of money for "nothing."  But if you do need it....you will be glad you have it.

We had a home owner claim about 3 years ago.  Our very old oil tank and its associated lines failed.  Apparently one of the underground lines started leaking.  The problem was discovered when I noticed we were using ALOT of oil all of a sudden.  We ended up having to dig out the basement, replace the tank and lines, and then recement the floor.  Our policy covered $10,000 (minus our $500 deductible).  We were able to get the job done for that price, and were happy with the work and the whole process.

I was SURE that our policy was going to go up that next year, but it didn't.  *wipe brow*

But....this claim was not forgotten by my insurance company.  And now it is biting us in the behind.  We received our renewal, and the policy went up almost 60%!!!!  Are you freaking kidding me???

We called to investigate and were told that rates increased for homeowners whose homes are valued at under 250k, and then again if you had a claim in the past 5 years.  Double whammy!!!!  I find it appalling that the company is hitting those of use with lower value homes harder.  And if you are going to raise a rate because of a claim....do it right away...not way after the fact.

So we have been gathering quotes for both our auto and home policies.  While the home policies have been higher than what we were paying, they are all about the same, but still cheaper than our current policy.  The auto policies on the other hand have been all over the place!!!

So far, AllState is winning the race.  We can save over $500 on our auto policy per year, and the home policy is about $50 less expensive.  Anyone have them???

Always read your policies, and always shop around!!