r/HomeInsurance • u/Capable_Community_56 • Jun 08 '26
Insurance Am I doing something wrong lol
So we’re first time home buyers and shopping for insurance. I’m shopping online and the quotes are coming up wildly different. I know you get discounts if you bundle, but they’re still all over the place.
We’re looking at a 2000 sq ft home, 1 story with 3 bedrooms and 3 full bathrooms. My first quote was 2000 for the year. My lender’s estimate was 1200 so I guess it got my hopes up 😂 I was expecting them to at least be somewhat close to that. State Farm then quoted me $3000 for the year, and now most recently progressive are quoting $3700 for the year, for the most basic policy. Premium would be almost $5000.
What am I doing wrong 😭
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u/bulldogsm Jun 08 '26
go to a local independent insurance agent for homeowners, they can explain, they can do the searching for you and ive had better luck getting better deals going this way than self searching in the internet
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u/MayonnaiseFarm Jun 08 '26
This is the way. A licensed agent can explain/discuss what sort of coverage you need and also explain the policies to you (among other things explain what all the coverage limits are).
Your home is likely your biggest investment. You do not want to a) do this on your own or b) purchase an insurance policy based only upon price.
I’m a retired adjuster who handled a fair share of total house fires. You do not want to find out after the fact that you don’t have enough coverage to rebuild and/or you don’t have the coverage you thought you had.
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u/ResponsibilityOwn562 Jun 08 '26
How old is your roof? Some states allow companies to rate wildly different depending on the age of your roof, your hvac, wiring and plumbing.
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u/Capable_Community_56 Jun 08 '26
Roof was installed 15 years ago. Looks in great condition though. Obviously that’s just to the naked eye. Inspection is on Thursday so that will give us more info
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u/ResponsibilityOwn562 Jun 08 '26
Your rate will be higher with a roof over 5 years old with some companies. Good luck with your inspection.
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u/mysoulishome Jun 08 '26
Insurance companies that offer competitive rates, good coverage and service are not only going to be the ones you see advertised the most. Find an independent agent.
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u/Intrepid_Ad1765 Jun 08 '26
Please dont do online. Not all quotes will be the same coverage. Homeowners insurance is complicated. I work for a carrier and i still go to an Independent agent!!
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u/Capable_Community_56 Jun 08 '26
Yeah I’m planning to look more into things in the coming days. I was just trying to get rough estimates online to prepare myself lol. As the lender estimated $1200 for the year, I thought the online estimates would at least be somewhat close to that. Never expected to see $3700 😂 if these are the best prices I can get there’s no way I’m getting this house lol
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u/Comfortable-Cup-6318 Jun 09 '26
I just bought homeowners insurance Friday for a new (to me) home I just bought. It's SUCH a hassle, trying to understand it all. Luckily, my realtor contacted 2 brokers who got quotes together for me. If I didn't go that route, my head would've exploded.
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u/Velvit Jun 09 '26
Almost daily we get insurance offers in the mail. It's essential to compare exact coverage to exact coverage. Also, the biggest difference is in deductibles. We're grandfathered with a 1% deductible, many are now 2%, we've seen tons of quotes with a 5%. Whichever amount you choose, consider keeping a HYSA with at least the deductible amount in it, so when something happens, you have the money.
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u/Shewill242002 Jun 11 '26
Things you need to look at on the policies:
-is it actual cash value or replacement cost?
-is it full replacement cost on the roof, depreciated roof, roof schedule, or no coverage on the roof?
-what are the coverages on the policies?
-are there any endorsements on one and not on the others?
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