When you buy a new home (and, you know, when you get anything that needs insurance), you have to call your insurance company to either switch your current policy to a new one or just update it. I know it's very important, and it's something you simply can't buy a house without. Today was that day for me. We had found a great home insurance company for the house I am currently in, and even the other house I was going to get, because they were both smaller. When it turned out that I had to buy the larger home (because it would appraise for the asking price), it was imperative that I have an insurance policy lined up to go with the escrow. That's been my fun for the day.
Farmers was the company I was going with for the current home, as well as the first new home. For just over 1320 sf, one of the houses was $2300 while the other was $2210. The differences are minute, but the biggest difference is their location. The more expensive policy was for the house that was a few feet smaller and in the urban area. Now, because I'm buying a larger home, the same company couldn't get me anything remotely close to that price. The house is 2150 sf, so it makes sense that it would be more expensive, but $3890 was just too high for me to consider. I decided to look outside the standard big-box companies.
I went with a company called Kin. Though it's a very young company, founded in 2016, it is reputable and stable. It provides insurance in a slew of locations, and they even insure homes in risky areas as well as simple suburban living spaces like mine. They have an A+ rating, which, if you know anything about insurance, is a good thing. They have a lower-than-average customer complaint rating, which is good, and they have a good response rate. There is a big difference in price -that was the most important thing to me, and it's the most important thing to just about everyone.
For my new house, I am paying $2817, not $3890. It's the exact same coverage down to the last feature on the declaration page. Literally every line item is the same. It just makes me question why Farmers is $1073 more. I know why - advertising. Well, I couldn't care less if my insurance company has a mascot, a funny jingle, or a catchy commercial presence. I want good insurance from a good company at a lower rate. I chose Kin. My guy is Alexander Vega. You can find him at 855-717-0022. Tell him I sent you. He'll love that.
I will be so happy when all of the selling and buying part of this is over, and I can just be inside my new house with all my stuff, and I don't have to worry about jumping through hoops anymore. I've been waiting to close for nearly nine months. First, it was on the house I'm currently living in. When that fell through, we put a contract on a house only to find out the seller wanted more than it would appraise for, and I'm not willing to just throw money away - too many houses to choose from. Now, with the new house, I have three weeks before we actually move - so the packing has started, and I'm ready for it to be over.
At least now I know that when I do move, the insurance will be in place. Next year, when I can control things a bit more, I can lower the rate by increasing my deductible and paying the whole thing upfront. It will take about $240 a month off my mortgage, and I'll have the coverage I want, rather than the coverage they tell me I have to have to close. I'm just so tired of everyone else telling me what I need or have to do - when it's all over, I swear, I won't move again. Nope. This is it! Done!
Photo Credit: Kin.com
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