By Nancy Black
I thought I had the best of the best. I was part of an elite crowd. I would always be protected. Now, I feel ignorant, befuddled and really disappointed, mostly in myself.
It turns out, the insurance company I have been a member of for more than 32 years has been charging me THREE TIMES as much as any other insurance carrier would have been. I found out this harsh reality last week, when I needed to update my homeowner’s coverage.
The quote I got for the yearly premium was more than $4,400 per year. Please know, I do not live in a multi-million-dollar mansion. Though I, evidently, have been shopping at the Neiman Marcus of insurance companies.
I was shocked. So, I reached out to members of the Greater East Dallas Chamber of Commerce who are insurance agents (Community Counts! Keep it Local!). They all came back with quotes from multiple companies, showing the exact same coverage, with prices between $1,200 and $1,700 per year.
Really? Why? How could my cherished insurance company be so much more expensive than everyone else’s? I called to find out. Sweet Jennifer, my customer service representative, worked very hard to explain the high rates. Unfortunately, she had to admit toward the end of our call that there was no good reason for the higher cost, except to say, “We work really hard to make sure all of our members are well covered in case of disaster.”
“But it is the same coverage,” I said.
“I know,” she admitted. “What day would you like your cancellation date to go into effect?”
My long-time devotion to one company cost me, well, I’m not going to depress myself by adding up how much I could have been saving all these years. But the amount would be a lot of money, which I absolutely could have used for other things. At least, going forward, I know I am well covered AND paying a fair price for my insurance coverage.
Can you say the same? Maybe it is time to revisit your coverage and carriers. Visit eastdallaschamber.com to find a local insurance agent who can run the numbers with you, too. A penny saved is a penny earned!