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Why is My Home Insurance Premium So Different From My Neighbor's?



Have you ever wondered why your neighbor's insurance premium seems vastly different from yours, even though you both live on the same street and have similar homes? The truth is, not all insurance policies are created equal.


While a lower premium might seem enticing, it could signal a lack of comprehensive coverage or hidden pitfalls like higher deductibles disguised as percentages. Your neighbor, with a seemingly cheaper policy, might benefit from questioning why their insurance costs so much less compared to yours. Often, the difference lies in the level of protection and peace of mind that comes with a well-crafted, personalized policy.


With our current economic climate and the rising costs everywhere, it's probable that you are talking to your neighbors and friends about how much your rates have increased over the past couple of years. It can be easy - especially with those living in your same area or neighborhood - to wonder why your premium is so different from theirs. There are many reasons this may be so - home insurance is not a "cookie cutter" solution, it is customized to every home and every homeowner. A few things that vary from policy to policy, affecting your rates, may include:   


  • Variations in personal property limits (i.e. furniture, clothing, electronics, kitchenware)

  • Whether flood insurance is added

  • Age of roof

  • Age of home

  • Claim coverage limits

  • Loss history of the home OR applicant (ex: even if you filed a claim on a different house in a different state, it may still be part of the insurance equation unless it is tied to an "Act of God," a natural event caused without human intervention).


All Insurance Agents understand how a lower premium might seem enticing, but it can also signal a lack of comprehensive coverage or hidden pitfalls like higher deductibles disguised as percentages. Your neighbor, with a seemingly cheaper policy, might benefit from questioning why their insurance costs so much less compared to yours. Often, the difference lies in the level of protection and peace of mind that comes with a well-crafted, personalized policy.


At Coomer Insurance, we believe in providing personalized service to our clients. When you choose us as your insurance provider, we take the time to understand your unique situation and craft a policy that meets your specific needs. Here's how we do it:


  1. Customized Coverage Limits: Instead of offering one-size-fits-all coverage, we work with you to determine the appropriate coverage limits for your home, personal property, and liability protection. This ensures that you're not overpaying for coverage you don't need or underinsured in case of a claim.

  2. Specialized Add-Ons: Depending on your lifestyle and assets, we can add specialized coverage options to your policy. This might include coverage for home offices, high-value items like artwork or antiques, or even coverage for identity theft and cyber liability.

  3. Discounts and Savings: We also help you take advantage of discounts and savings opportunities. For example, bundling your home and auto insurance with us can often result in lower overall premiums. We also offer discounts for safety features in your home, such as smoke alarms, security systems, and more.


In conclusion, we recommend working with an Insurance Agency that will prioritize transparency, policy education, and provide superior service. Yo



reach out. Together, we'll create a customized insurance solution that's as unique as you are.

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