. . . . and the Antidote
My mama told me…’you better shop around’
(Shop, shop around) a-whoa-yeah
You better (uh-huh) shop around!
(Shop, shop around)
Uh-uh-uh
–lyrics, “Shop Around”; Smokey Robinson
Home Buyers-turned-mortgage borrowers know that it can pay to shop around on fees (note: stellar service and industry experience should be the other criteria).
So, too, it can pay off big-time for home owners to talk to more than one hazard insurance underwriter.
Mine had literally trebled my annual premium in less than 8 years of (largely claim-free) ownership — including a 50% jump just this year.
Who says inflation’s dead?
Tweaking Coverages
The solution was to go back to my agent at Edina Realty Insurance, Maria Tatum, who found a much better rate from a more highly-rated company.
Added bonus: my personal property coverage was set at a ridiculously high $200k.
I wish.
If I had to empty out my house tomorrow, I doubt I could get $20k for everything in it (and that includes perhaps my most valuable possession: a (now decade-old) Italian espresso maker.
Maria had the personal property coverage significantly lowered, which further reduced the premium.