What is the last time you reviewed insurance

What is the last time you reviewed the cost of all your insurance coverage?


We haven’t done it. I suspect we’re paying too much because we’ve been with the same company for 30 years.


Some years ago we got a small reduction in our home insurance when The insurer discovered that our house was clad with asbestos shingles. Ha! Imagine that, it was cheaper because the shingles are impervious to hail and other weather beating activities.

a few years before that our insurance rates went down because we reached a magic age, was it 55? 50? I don’t really remember I just remember the reduction.

we have umbrella coverage that I suspect is more expensive than it needs to be based on some past conversations with people on the Mr. money mustache site.

I reviewed my homeowner's carefully last year, because I had a sneaking suspicion that Mistakes Had Been Made. Indeed so, they had my "replacement policy" at $200/sq.ft., and hadn't properly updated it in ages. Construction costs around here are now around $1000/sq.ft. for not-fancy construction.

Ouch.

I think I'm probably getting robbed blind on my auto insurance - I have half-a-dozen vehicles, but there's just one driver, me. I have to find a company that will structure me a rate policy that recognizes that I drive < 5,000 miles a year most years, unless on a road trip, and that recognizes that I can only drive one vehicle at a time...

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Originally Posted by bae

I reviewed my homeowner's carefully last year, because I had a sneaking suspicion that Mistakes Had Been Made. Indeed so, they had my "replacement policy" at $200/sq.ft., and hadn't properly updated it in ages. Construction costs around here are now around $1000/sq.ft. for not-fancy construction.

Ouch.

I think I'm probably getting robbed blind on my auto insurance - I have half-a-dozen vehicles, but there's just one driver, me. I have to find a company that will structure me a rate policy that recognizes that I drive < 5,000 miles a year most years, unless on a road trip, and that recognizes that I can only drive one vehicle at a time...

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yes, as a household that likes cars and has quite a lot of vehicles, I imagine our insurance is somewhat high due to that car interest.

OK, but surely you’re not paying to insure the current square footage of your house. You have a huge house. I can’t remember how big it is, but it’s big. If it burned to the ground, you would not rebuild that same square footage, right?

on a couple of our little hobby houses in the city, we had only liability insurance on them. And then some wag pointed out the problem with that which was: if somebody rammed their car into one of these houses, entirely possible because it sits right on the sidewalk, and this brick house crumbled,
the city of St. Louis would expect us to rebuild it. it is in an historic district with that requirement.

so that gave me pause, but that didn’t cause me to take out additional insurance on it.

Reviewed yearly since moving a few years ago. Now have found the most reasonable insurers.

We have reviewed and switched carriers several times since we got wise in about 2016 - 2017. We changed most recently about 2 years ago. Going forward, we will probably not be so quick to mess around with our HO policy, since our house is over 100 years old, and I'm hearing more and more about people having trouble finding insurers who will cover their older homes.

Our insurance agent contacts us every 2-3 years for a review of our insurance needs. One year the agent found a way to drop the price without dropping our coverage, another year we added coverage and she gave us a multi coverage discount. We have our car, home, and personal liability insurance through one agency. I shop around and let them know so they will give us additional coverage for no extra charge or a discount, or other perk.