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Money is tight for our family now and we just received the statement from the Mortgage company that they paid the insurance and now added it to the escrow. Its a total of $ 1,983 from State Farm and even though it can be spread out from 12-36 months its going to be hard to shell out more every month. One option the mortgage company agent said over the phone was to look around for a new premium. So I going to do that but what I want to know is, will every agent have a different quote even if they are from the same company? For example there are 25 Allstate agents in town so would it be as waste to get quotes from a few of those agents because I’ll just get the same result since their with allstate? Any other companies or ideas you can think of? Insurance is a must since we live along the coast and a Hurricane in June and Trop. Storm a few days ago just missed us by 200 miles. I hope i make sense im in still in college but had to grow up fast due to the loss of my dad, and now im try my best to learn the ends and outs of home ownership. thanks
I did contact him last week, he couldn’t really do anything for me. If the amount was brought down I would receive less coverage say on a flood or fire. He basically told me that state farm appraises the value of my house if they think its worth $ 150,000 that’s what they go with even thought the county has it appraised at $ 120,000. If a tornado or something was to completely blow the entire house down they would send a check of $ 150,000.

4 Thoughts on Question on home insurance quotes from agents?
  1. Reply
    StephenWeinstein
    July 13, 2011 at 7:47 pm

    The prices quoted by different Allstate agents may be the same as each other, but they will probably all be less than the price that the mortgage company is paying. Forced placement coverage is usually the most expensive.

    If you want to pay as little as possible, you should also get quotes from agents who represent other companies.

  2. Reply
    Ginger
    July 13, 2011 at 7:56 pm

    You stated the coverage is from State Farm. Why don’t you contact your State Farm agent and discuss the premium. There are options on every policy with every company that will allow you to lower your rates. You can change your coverage amounts, raise your deductible, dicuss discounts that will offset your rate.

    You didn’t mention the amount of coverage you are carrying, so I have no idea if that premium of 1983.00 is in line with what coverage you have. You need to call YOUR agent. No reason to shop around until that is done.

  3. Reply
    mbrcatz
    July 13, 2011 at 8:21 pm

    It can’t be spread out for 36 months, that premium needs to be paid Every Year.

    You can only get one quote from Allstate, even if you call 25 agents. What you PROBABLY need to do, is “shop it out” with a local, INDEPENDENT agent who writes insurance for LOTS of companies.

    You do NOT want to ‘underinsure’ your house. That’s a VERY bad idea. You NEED to insure for the cost to rebuild. HOWEVER. There ARE ways to cut your premium down – starting with increasing your deductible – maybe a LOT – and checking for a quote with the same company that writes your car insurance. That companion credit can save you as much as 25%.

    So yes. Start calling around, but check with independent agents as well as the captives (Allstate and State Farm). You can find a local independent agent at http://www.iiaba.net using the agent locator tab and punching in your zip code.

  4. Reply
    car253
    July 13, 2011 at 9:10 pm

    Something sounds fishy. Did you speak to a State Farm agent or someone else?

    Usually forced insurance does not get placed with a regular insurance company. And, insurance companies do not appraise a home. Insurance companies do estimates on rebuilding costs.
    And, State Farm does not spread out payments 12-36 months. Nothing about this situation sounds right. Who were you speaking to? Did you get a State Farm policy in the mail? Check their website and give your agent a call, if you have one.

    You should put your car insurance and homeowners insurance with the same company to get discounts on both policies.

    Ask for a $ 5,000 or $ 10,000 deductible to lower your payments. Something sounds fishy to me.

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