POLL: For those under $20/month/$100k: What Insurance Comp?

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For those under $20/month/$100k home value, what insurance company do you use?

State Farm
7
13%
Allstate
3
6%
Farmers Insurance Group
0
No votes
Liberty Mutual
2
4%
USAA Group
3
6%
Travelers Group
3
6%
Nationwide Group
2
4%
Chubb Group
1
2%
Citizens Property
0
No votes
American Family
1
2%
Hartford Insurance Group
0
No votes
Auto-Owners Insurance Group
0
No votes
MetLife Personal Lines Group
1
2%
Erie Insurance Group
0
No votes
American International Group
0
No votes
California State Auto Group
0
No votes
Country Financial Property Casualty Group
0
No votes
Amica Mutual Group
4
8%
Other, not listed above
9
17%
I pay more than this amount, show me the results.
17
32%
 
Total votes: 53

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Blue
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POLL: For those under $20/month/$100k: What Insurance Comp?

Post by Blue » Sun Jan 11, 2015 9:10 pm

This is a follow-up poll from the poll asking cost $/month of homeowners insurance per $100k home value.

If you answered $20 or below per month per $100,000 house value, you are in the most favorable 30% of the initial 51 entries.

If you fit this select group, what insurance company do you use? The poll options are ~ the top 20 largest home insurance companies by market share from Insure.com/courtesy of AM Best Rankings with a bit of tweaking by me. Unfortunately, the poll function limits to 20 options, so I was unable to include a few insurance companies that I hoped to include. I am hopeful that people will write in names that are not included in the poll options.

Feel free to post additional comments/details. For example, where you set your deductible, whether you used an independent insurance agent, other insurance group not listed in the poll, etc.
Last edited by Blue on Sun Jan 11, 2015 10:21 pm, edited 1 time in total.

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prudent
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Re: POLL: For those under $20/month/$100k: What Insurance Co

Post by prudent » Sun Jan 11, 2015 9:24 pm

Liberty Mutual, with a home, auto and umbrella bundle, home deductible is $1K. Before I bundled the other policies with LM, they only had our home policy and the premium was double what we're paying now - the savings more than pays for our umbrella policy. Dealt with the LM agent.

Factors the agent said were very favorable to us (discovered when everything got re-evaluated to requote) - very close to fire hydrant, close to fire dept, roof is only 4 years old, high credit score, and zero claims history on the house over decades. Also get a small discount as our college alumni association has a deal with LM.

Alan S.
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Location: Prescott, AZ

Re: POLL: For those under $20/month/$100k: What Insurance Co

Post by Alan S. » Sun Jan 11, 2015 9:31 pm

Written with Travelers direct. Deductible 2,500. Not in a major damage area (no EQ, hurricane or tornado exposure). In fact, the premium would likely be less than 20/month per 100k with any of the leading writers in this area if a higher deductible applied. The ones charging more would not have any business.

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Blue
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Re: POLL: For those under $20/month/$100k: What Insurance Co

Post by Blue » Sun Jan 11, 2015 10:23 pm

I edited the poll adding an option for those paying more than this amount to more readily view the results.

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cheese_breath
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Re: POLL: For those under $20/month/$100k: What Insurance Co

Post by cheese_breath » Mon Jan 12, 2015 8:43 am

Safeco for home, auto and umbrella.
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ResearchMed
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Re: POLL: For those under $20/month/$100k: What Insurance Co

Post by ResearchMed » Mon Jan 12, 2015 10:30 am

If this poll is to help identify "lower cost insurers", then it won't take into account differences in policy limits, deductibles, and past insurance claims (and credit scores in some cases?). plus additional riders (although those are often priced separately).

And there are other factors that aren't discretionary, as mentioned above, such as distance from a fire hydrant, geographical location, or type of structure.

There are also sometimes economies of scale, including bundling car and auto.

RM
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winterescape
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Location: Upstate NY

Re: POLL: For those under $20/month/$100k: What Insurance Co

Post by winterescape » Mon Jan 12, 2015 11:19 am

AAA insurance ( The auto club) underwritten by ACA insurance company Oakland CA

rec7
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Re: POLL: For those under $20/month/$100k: What Insurance Co

Post by rec7 » Mon Jan 12, 2015 1:23 pm

Thanks for posting this I think it will be helpful to others.

Magruder
Posts: 76
Joined: Sun Mar 04, 2007 1:30 am
Location: White Mtns of NH

Re: POLL: For those under $20/month/$100k: What Insurance Co

Post by Magruder » Mon Jan 12, 2015 2:48 pm

MMG Ins. Co. (Formerly Maine Mutual General Ins. Co.). I believe they only write policies in Maine & New Hampshire.

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heartwood
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Re: POLL: For those under $20/month/$100k: What Insurance Co

Post by heartwood » Mon Jan 12, 2015 2:57 pm

The amount of your deductible can be significant. My quotes added $6.25/month/$100k to go from $5000 deductible to $1000 deductible. That's almost a third of your poll threshold.

At $5k deductible I'm at $16.67; at $1K deductible I'm at $22.30

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Blue
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Re: POLL: For those under $20/month/$100k: What Insurance Co

Post by Blue » Mon Jan 12, 2015 10:25 pm

Admittedly, this is an imperfect survey subject to a number of confounding factors. At the same time, when I searched through past threads and other sites on pricing & shopping homeowners insurance, there seemed to be little guidance in terms of reasonable cost expectations or even a strong consensus on which companies to shop. For those of us who simply would like to have a sense of whether we're getting a fair shake or not, perhaps the results of the other poll surveying rates per month/$100k value and using the state of insurance info below can be a starting point to guesstimate the potential gains in further shopping homeowners carriers.

This ValuePenguin Article provides an estimate of rates you can expect for your state relative to the national average. Notably it ranges from Florida being 98% higher than the national average to Idaho, Oregon, Utah and Wisconsin being 40+% below the national average.

The above survey results of the under $20/month/$100k value are interesting. I compared the the results of the above poll to the percent of national homeowners market share by company from insure.com

A few notable points, State Farm has 21.1% of the national homeowners market, and 21.9% of the poll participants under $20/month/$100k value selected State Farm.

Similar results hold true for Allstate, Liberty Mutual, USAA Group, Travelers Group, Nationwide, Chubb, American Family and Metlife. The numbers are very small - but very roughly these insurance companies are represented as expected based on national market share but with a slight nod to Travelers.

One standout is Amica with 0.68% national market share but representing 9.4% of the participants under <$20/month/$100k value. Safeco also was mentioned by a couple of posters (6.4%) but did not make the top 25 insurers by market share at minimum market share of 0.64%.

With all the typical caveats, my initial interpretation is that both Amica and Safeco seem like good starting points for those seeking "boglehead" type quotes. Seems like if one rounded out with quotes from State Farm and Travelers, (together representing 1/3 of the under $20<month group) then these four are as good of a starting point as any for those bidding out homeowners?

Curious to read additional data, thoughts, comments -

523HRR
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Re: POLL: For those under $20/month/$100k: What Insurance Co

Post by 523HRR » Mon Jan 12, 2015 11:15 pm

Electric Insurance for home, auto and umbrella liability. <$10 per $100K for home insurance.

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