The other day I received a renewal notice for my homeowners insurance and guess what? It went up by $110 dollars! Needless to say, I was not happy at that so I immediately called the insurance company and asked why. Their response really wasn’t a response at all or shall I say; it was a cop out response at best. The customer service agent told me that claims, in my state had risen over 100% in the last year and as a result that $110 increase was my share of the burden….then he said, “that’s how insurance works”.
I was not amused. 🙁
The increase only resulted in a hike of about $9/month on my mortgage. I guess when you look at the big picture, it’s not that bad….it’s the principle…the goal is to save money not shell out more, however, some things are beyond our control.
Luckily the customer service agent suggested that I get an auto insurance quote through them which could result in lower homeowner’s insurance. This is called bundling policies. So basically, instead of my homeowner’s insurance going up $110, it would only go up $35…that’s a savings of $75. I didn’t know if it would work but it was worth a try.
Well to my surprise…it did work! Not only did I save $75 dollars on my homeowner’s insurance, but my car insurance went down by $25/month! That’s unbelievable. All this time, I could have saved a ton on car insurance (I sound like a commercial) by switching and bundling. In a year’s time I will save a whopping $300 dollars in car insurance which will more than cover that $35 hike in homeowner’s insurance.
So take a lesson from me….bundle your policies (car, mortgage and life, etc.) with one company, or at least do the numbers by getting a quote to see where you stand and then make an informed decision.
Unfortunately, I’d been lazy and never thought about bundling my insurance policies. Now, I’m thinking of switching my life insurance to this same company or at least getting a quote just to see if I can save more money. Every little bit helps…right?
Here are some tips to go by when bundling policies:
Continue reading How I Saved Money on my Car and Homeowner’s Insurance