For the beginning of 2024, Progressive skyrocketed my annual home insurance premium from $1300 to $2900 in a single year. I tried to shop around renewal time, but premiums were high for every company, so it appeared Progressive knew what they were doing.
I began shopping around a quarter later in April and found a quote for $2094 from Safeco for $30k less in dwelling coverage. I changed policies on April 21.
Today, I shopped around again, and Progressive quoted me $1768 for an annual premium with similar coverage with $40k less in dwelling coverage. My question is, why did I have to switch policies in the first place for Progressive to offer this policy as an option back in January? Seems counterintuitive.
Lowered Home Insurance Annual Premium by $1100 by Switching from Progressive to Safeco and back to Progressive since Jan 2024
byu/durtymrclean inInsurance
Posted by durtymrclean
2 Comments
You’re loosing dwelling coverage that could be a reason it is cheeper along with a new customer discount
You haven’t provided enough info for us to know you’re comparing apples to apples between these policies and throwing around different coverage limits and no info on the coverages included in your policies.
When you did your latest shopping around, did you do it online only? Tell us about your house, what kind of fire protection, what kind of construction is it? What is the age? Any issues like old plumbing, roofing, electrical? Sometimes people see a rate on the internet but once correctly underwritten the premium can shoot up.
Sometimes your credit rating or older claims can fluctuate rates as well. Your post screams *need more info* to me overall.