Has anyone written bid specifications for Residential home, car, truck,…insurance? I am currently not happy with the significant increase in premium costs, and it is time to bid it out amongst a number of companies. Problem is the dollar amount coverage can be identical, but the “coverage” can vary dramatically. If someone has this in a word doc, I would like to save myself a lot of time and strike a deal.
Thanks
I too just received a substantial increase in my home owners policy. It went from $757.00 last year to $1003.00 this year with basically no changes. I have been very loyal with my insurance agent (along with the rest of my family)for a long time, but unless he can work with me on explanation to such and increase, it maybe time to put the whole shabang up for bids. We’re talking ranger 620, Lodge fish shack, 32′ motorhome, 4 wheelers, cars, house, and a bunch of other writers.
Maybe all that will give me some bargening power…LOL
Looking forward to seeing responses.
Mike, like you, I have a number of toys that they make money from. The very generic reason was “we had a large increase in claims in your area”. Insurance companies have the “odds” dialed in better than any casino.
I got two other quotes back on my home and autos. Amazing what is in the fine print????? One of the agents didn’t want me to have the “full” policy until I signed and paid?????? “Oh, you’ll get the policy documents after your signed up” – Guess most people don’t care enough to read them in advance 
Randy & Mike,
If you are unhappy with your current insurance agency, feel free to give me a call and I would be happy to run you a quick comparison for your review. I run an independent agency in the West Metro, and currently service MN, WI & IA. We offer insurance products from numerous carriers. This gives us the opportunity to quote your insurance with multiple carriers to find the right program for you, both for price and service. I’m confident that we will be able to assist.
Our farm insurance is creeping up and up. My plan ( to try to compare apples to apples ) take my current policy with me and get quotes for the same coverage.
each person is different as far as your exposures go, how much liability you need depends on the amount of assets you need to protect. To imply that someone has “specs” would be like saying every cookie is the same. not even close! Go with a agent you feel comfortable with, somebody who will do a good job asking you questions, somebody who has no problems explaining every detail in the policy, and someone who will put together a tailored package which suits your individual needs. Of couse the price has to be right, but would you feel beeter knowing you had the correct coverage or sleep better at night knowing you are saving $1.50 a day? Look at several options, independent insurance agencies will say they can quote several carriers, which is true, so initially you may find better pricing, but if you think they shop your rates with every carrier at every renewal your kidding yourself. In my opinion they are a few, but few and far between.
I think too many people, myself included, get too comfortable with an agent or a particular insurance provider and don’t shop around often enough. It’s somewhat easier to have all your insurances provided by one place, but it isn’t always the most cost effective. I find myself shopping for insurance atleast on an annual basis…you have to because every penny matters in this day and age.
I got pretty comfortable with my former agent (friend from school). I never realized my rates were higher than they needed to be. I finally decided to shop around. I worked with a neighbor of mine that works for an independent agent. As Justin pointed out, they can shop multiple carriers. I didn’t want to go to American Family, Farmers, etc. to get multiple quotes. I used my current policy as a basis for them to use to create a quote. I removed any reference to dollars I was paying. You still need to make sure they quote they prepared is apples to apples with your current policy. Like many others, we have to insure our house, cabin, vehicles, toys, etc. They switched us to WestBend and we saved around 800.00 per year and have better coverage than we had before. Good luck. 
So, to sort of side track this a bit, maybe not.
What are the key components I should be concerned with in both auto and home insurance policies?? I’ve never read my policy word for word. I know, dumb!
I guess I’ve always just carried what my agent recommends. I say here are my toys, make sure they are covered along with our home and cars. However, the 45% increase in my premium has me shopping now.
There was a post a while back about boat coverage for guides. I have our sponsor Justin insuring me.
The quote came back at almost 1/2 the price I’m paying now.
When I looked at the coverage, it was 1/2 of what I currently have. So I sent an email back asking for a quote that was at least close to the coverage I have now.
No response.
What I’ve learned so far is “cheaper” is not always better. 
Kooty – The list is kind of long for all your policies, but here’s just a few things to get you thinking about what to ask or look for:
Boat – What is covered & WHAT IS NOT
Repair cost endorsement? This saved my hind end when my boat was rear ended in a parking lot (hit & run)
How much of your actual fishing gear is covered? (rods/reels/tackle) Is the balance covered on your home-owners??? Do you need a rider for the balance?
Is your locator actually covered? Max value? Balance covered on homeowners? Same for your trolling motor….
What about other accessories? What makes some covered and not others?
Amazing how many guys don’t know that their insurance company didn’t cover there “equipment” because it can be un-bolted and removed.
A big thing to understand in homeowners:
What is NOT covered; or max values. FYI – I just talked with an agent. His company does $2,500.00 total for firearms…that’s a little short from my $15,600.-
What is the $$$$ difference between Personal Property “ON PREMISE” and Personal Property “OFF Premise” A lot of guys think that when they are on vacation, and their truck is emptied out at a hotel, that it is covered….well how much of it is actually covered?
If you do ANY side work with reportable income, what are the limitations????
What are the terms/conditions of “loss of use”. What is the defining occurrence that renders something at a “loss” or damaged” Do you get to control the repair procedure? What if the repair is greater than the items value? Can you still get it fixed? Do you get to keep it?
Quote:
each person is different as far as your exposures go, how much liability you need depends on the amount of assets you need to protect. To imply that someone has “specs” would be like saying every cookie is the same. not even close! Go with a agent you feel comfortable with, somebody who will do a good job asking you questions, somebody who has no problems explaining every detail in the policy, and someone who will put together a tailored package which suits your individual needs. Of couse the price has to be right, but would you feel beeter knowing you had the correct coverage or sleep better at night knowing you are saving $1.50 a day? Look at several options, independent insurance agencies will say they can quote several carriers, which is true, so initially you may find better pricing, but if you think they shop your rates with every carrier at every renewal your kidding yourself. In my opinion they are a few, but few and far between.
Chomps – Your right, to a certain extent. Anyone that would distribute a specification that didn’t reflect THEIR needs would be a fool. I was just looking for a template to go into and alter with my specifics….and the Lord knows, I have a lot of them. Just like when I bid out a custom home. I use the same Bid Sheet Template…but everything is detailed out specific to that individual bid.
Quote:
There was a post a while back about boat coverage for guides. I have our sponsor Justin insuring me.
The quote came back at almost 1/2 the price I’m paying now.
When I looked at the coverage, it was 1/2 of what I currently have. So I sent an email back asking for a quote that was at least close to the coverage I have now.
No response.
What I’ve learned so far is “cheaper” is not always better.
I second that. I would go a step ahead to say. Read up on the company you plan to go with. Research their claim handling history to know whether they are actually worth the low rates or are you completely wasting your money there? I have been going through AARP for insurance so unless you’re a member, this really isn’t going to help.
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